D.E. Shaw & Co. reduced its Nio Inc. holdings by 52.5% during the second quarter. The investment firm sold 20.1 million American depositary shares. This transaction lowered its total stake from 38.3 million to 18.2 million shares.
D.E. Shaw fell from Nio’s largest institutional shareholder to the fourth largest. Regulatory filings disclosed these ownership changes by the August 14 deadline. The news is currently impacting investor sentiment despite the sales occurring earlier this year.
The firm also reduced its options positions alongside the equity sale. D.E. Shaw maintained its existing holdings of Nio’s convertible bonds.