NIO is worth $2.95 — 17.6% below the $3.58 price — Scroll All 10 Exhibits

I went through NIO's HKEX filings so you don't have to. 10 exhibits, every number tagged. Here's the damage: 74.6% of the "cash pile" is pledged as collateral or restricted. Of RMB 45.9B headline cash, only RMB 11.66B is actually free. The rest secures notes payable and guarantees. https://preview.redd.it/gxdhgdkxp3vh1.png?width=1080&format=png&auto=webp&s=f37f1574ead4c4a4ff2f7c4245a0e33bd1fdd2c4 https://preview.redd.it/9hwsdph0q3vh1.png?width=1080&format=png&auto=w

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