Singapore Fund Pursues Damages From China Carmaker NIO in U.S. Suit

Singapore sovereign-wealth fund GIC filed a U.S. lawsuit seeking damages from NIO, alleging the Chinese electric-vehicle maker inflated the value of its securities.

- BY P.R. VENKAT

The lawsuit, filed Aug. 28 in the U.S. District Court for the Southern District of New York, named NIO Chief Executive Bin Li and former Chief Financial Officer Wei Feng as defendants, according to court documents.