Why is Nio stock price crashing?

On October 8, widespread selling occurred in Chinese stock markets, leading the Hong Kong Hang Seng Index to close 9.41% lower than the previous day — its worst daily performance since 2008.Although most stocks were hit hard — with Michael Burry favorites such as Alibaba Group (HKG: 9988) and JD.com (HKG: 9618) shedding 8.81% and 11.94%, respectively, the worst hit Chinese company was Nio (HKG: 9866), which saw a 14.51% reduction in share price, while its Singaporean component (SGX: NIO) lost 13.89%.NIO sto ...