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Chinese electric vehicle maker Nio closes 10 per cent up in New York IPO debut

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In one of the year’s largest Chinese public offerings in the US, Nio, an electric-vehicle maker backed by the Chinese technology giant Tencent, debuted on the New York Stock Exchange Wednesday and closed up nearly 10 per cent.
Nio stock opened below range at US$6 a share, and had a mixed reception on a day when the Dow Jones Industrial Average was flat. After dropping to a low of US$5.35, however, shares recovered to close up at US$6.58.

Nio raised US$1 billion and has a goal to turn profitable within three to four years.

Founded by Chinese entrepreneur William Li in 2014 and based in Shanghai, Nio is regarded as China’s answer to Tesla, with its ES8 pure-electric, seven-seat sport-utility vehicle being compared to Tesla’s Model X.

Like Tesla, Nio continues to report a loss, posting a net loss of US$502.6 million in the first six months of 2018 on revenue of US$6.95 million, according to the company. Nio which is still at the outset of production, has sold 2,100 vehicles so far.

“We are aiming to turn a profit within three to four years by focusing on the Chinese market before going global,” Nio Chief Financial Officer Louis Hsieh told the South China Morning Post on Wednesday. “China accounts for about 60 per cent of the electric vehicle market in the world.”

The IPO comes as China continues to push into the electric-vehicle market. About 375,000 vehicles were manufactured by China in 2016, counting for about 43 per cent of total production globally, according to McKinsey & Company.

Nio, formerly known as NextEV, is backed by Tencent Holdings, along with other high-profile corporate investors including the tech giant Baidu, private equity firm Hillhouse Capital and Temasek, a holding company owned by the government of Singapore.

All the early investors have kept their stakes in the company at the time of the IPO, said Hsieh, indicating their faith in Nio’s prospects.

In the immediate future, however, uncertainty is building as trade disputes between the US and China continue to escalate.

“Tariffs currently help us for now because they make US cars more expensive,” Hsieh said. “But this is something we are monitoring closely as situations evolve.”
While acknowledging the comparison between Nio and Tesla, he said that Nio regards other high-end brands such as Mercedes and Audi as competitors as well.

“We are catering to the premium car buyers in China who want bigger cars like SUVs and that is how we design the cars,” said Hsieh said.

Source: https://www.scmp.com/news/china/article/2163970/chinese-electric-carmaker-nio-slumps-us-debut

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9-year-old genius to graduate university

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Laurent Simons

(CNN) – A child prodigy from Belgium is on course to gain a bachelor’s degree at the tender age of 9.

Laurent Simons is studying electrical engineering at the Eindhoven University of Technology (TUE) — a tough course even for students of an average graduate age.

Described by staff as “simply extraordinary,” Laurent is on course to finish his degree in December.

He then plans to embark on a PhD program in electrical engineering while also studying for a medicine degree, his father told CNN.

His parents, Lydia and Alexander Simons, said they thought Laurent’s grandparents were exaggerating when they said he had a gift, but his teachers soon concurred.

“They noticed something very special about Laurent,” said Lydia.

Laurent was given test after test as teachers tried to work out the extent of his talents. “They told us he is like a sponge,” said Alexander.

While Laurent comes from a family of doctors, his parents have so far not received any explanation as to why their child prodigy is capable of learning so quickly.

But Lydia has her own theory.

“I ate a lot of fish during the pregnancy,” she joked.

The TUE has allowed Laurent to complete his course faster than other students.

“That is not unusual,” said Sjoerd Hulshof, education director of the TUE bachelor’s degree in electrical engineering, in a statement.

“Special students that have good reasons for doing so can arrange an adjusted schedule. In much the same way we help students who participate in top sport.”

Hulshof said Laurent is “simply extraordinary” and praised the youngster.

“Laurent is the fastest student we have ever had here,” he said. “Not only is he hyper intelligent but also a very sympathetic boy.”

Laurent told CNN his favorite subject is electrical engineering and he’s also “going to study a bit of medicine.”

His progress has not gone unnoticed and he is already being sought out by prestigious universities around the world, although Laurent’s family wouldn’t be drawn on naming which of them he is considering for his PhD.

“The absorption of information is no problem for Laurent,” said his father.

“I think the focus will be on research and applying the knowledge to discover new things.”

While Laurent is evidently able to learn faster than most, his parents are being careful to let him enjoy himself too.

“We don’t want him to get too serious. He does whatever he likes,” said Alexander. “We need to find a balance between being a child and his talents.”

Laurent said he enjoys playing with his dog Sammy and playing on his phone, like many young people.

However, unlike most 9-year-olds, he has already worked out what he wants to do with his life: develop artificial organs.

In the meantime, Laurent has to finish his bachelor’s degree and choose which academic institution will play host to the next stage in his remarkable journey.

Before that, he plans on taking a vacation to Japan for an undoubtedly well-deserved break.

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New award to honor arts and activism named after Lena Horne

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Gang members slam BMW into rival and his 8-year-old son in Harlem

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Gang members slam BMW into rival and his 8-year-old son in Harlem

Two gangbangers aimed their BMW like a missile at a father and his 8-year-old son on a Harlem sidewalk in a horrifying incident captured by video distributed by police Thursday.

The BMW — driven by a man police believe is a member of the Gorilla Stone Bloods Gang — was zeroed in on the father, a rival gang member, said cops.

Around 3:45 p.m. Nov. 6, the boy and his father were walking on W. 112th St. by Adam Clayton Powell Jr. Blvd. when the BMW jumped the sidewalk and slammed into them both, said cops.

Father and son were both knocked through a gate.

The BMW driver then backed up — and its driver and passenger, also believed to be a gang member, jumped out of the car and ran toward the father and the son.

One of the attackers slashed the father, identified by sources as 32-year-old Brian McIntosh, who’s served prison time for robbery and bail jumping.

McIntosh and his son went to Harlem Hospital. Miraculously, the boy escaped serious harm.

McIntosh was so adamant about refusing to help police catch his attackers that the young boy’s mother had to file a police report alleging he was the victim of a crime, police sources said.

Cops released video of the attack, and ask anyone with information about the suspects to call Crime Stoppers at (800) 577-TIPS.

Source nydailynews.com/

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