NIO Stock Tracks Worst Month In 2026: EV Maker Pursues Hong Kong Primary Listing Upgrade To Expand Investor Base

• The EV maker is seeking to convert its Hong Kong listing from secondary to primary status.
• Xpeng and Li Auto already qualify for Stock Connect through dual-primary Hong Kong listings.
• Nio is doubling down on battery swapping in China through Firefly’s Gen-5 station tests.

U.S.-listed shares of Nio, Inc. (NIO) are tracking their worst month of 2026 as the EV maker pushes to upgrade its Hong Kong listing, which could open the door to mainland Chinese investors and narrow a gap with Xpeng and Li Auto.

Nio’s U.S.-listed stock has declined 13% so far in June, with shares also eyeing their fourth consecutive week in the red. 

Nio Seeks Hong Kong Listing Upgrade 

At its 2026 shareholders’ meeting, Nio said it has been in talks with Hong Kong regulators about converting its current secondary listing into a primary listing, CnEVPost reported, citing auto bloggers who attended the meeting.

The key prize is potential inclusion in Stock Connect, the trading link that lets eligible mainland investors buy Hong Kong-listed shares. Nio’s current secondary listing by introduction keeps it out of the program, while Xpeng and Li Auto already qualify through their dual-primary listings in Hong Kong. A successful conversion could broaden Nio’s investor base and reduce its dependence on its U.S. listing status. Alibaba followed a similar path, upgrading Hong Kong to a primary listing venue in 2024 before joining Stock Connect.

The listing push comes as Nio’s market value sits near its Chinese EV peers, at about $12.8 billion, in line with Li Auto and slightly above Xpeng. Nio said with regard to market cap management: “When and at what level the market value arrives is something we cannot manage.” 

Nio Defends R&D Cuts 

Nio also defended its spending strategy after cutting about 10,000 employees in 2025 from the prior year. The EV maker said that basic R&D investment will be maintained, while cuts were mainly focused on application-layer projects, with all projects ranked more strictly by return on investment.

Battery spending remains a major commitment. Nio said procurement exceeded 30 billion yuan this year and could reach 50 billion yuan within two years, as it bets that the full value of its battery-as-a-service model has yet to be reflected. The company said that its energy business has delivered a 20% gross margin since the first quarter, while annual losses from free battery-swap benefits for early users, estimated at about 1 billion yuan, continue to narrow.

Nio Swap Network Gets Firefly Boost 

In China, its Firefly brand has begun beta testing fifth-generation swap stations across major cities, marking a step toward allowing Nio, Onvo and Firefly vehicles to share the same network. The company said that the testing is needed as Firefly’s compact size requires detailed calibration before it can smoothly use the same swap system as larger Nio models.

Europe, however, remains on the back burner. Nio recently crossed 300,000 battery swaps there, but station growth has nearly stalled and the company has made clear that China will remain the company’s priority through 2028, noting overseas markets are highly competitive and “not a blue ocean.”

How Do Retail Traders Feel About NIO?

On Stocktwits, retail sentiment for NIO was ‘bearish’ amid ‘normal’ message volume.

One user said, “$NIO Primary listing in HK will be Li’s checkmate to the western scammers manipulation IMHO – I also hope that they somehow reduce the float in the US.. “

Another user said, “$NIO Lets get primary in HK… Then do a share buyback and help out the investors… The Loyal NIO investors who have been patiently waiting….. It’s time for the bulls to lead the way. We going green today… watch!”

Nio’s U.S.-listed shares have risen 40% over the past year.

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