Shares in NIO, the China electric car maker led by billionaire William Li, rebounded from an initial plunge to end the day ahead by 5.4% on their debut at the New York Stock Exchange on Sept. 12. NIO was founded in 2014 and is backed by Tencent, one of the world’s largest Internet businesses. Li, a member of the 2018 Forbes Billionaires List, holds a 14.5% stake in NIO worth $981 million at today’s closing price. NIO went public in New York amid friction in U.S.-China trade that has hurt share prices in the mainland and Hong Kong. The recent IPO by Chinese smartphone maker Xiaomi is currently trading below its IPO price.

Source: Forbes September 12, 2018 23:58 UTC