Sinopec's subsidiary sells shares of NINGDE TIMES H shares, cashing out approximately $770 million.

Sales documents show that a subsidiary of Sinopec sold 8.5 million shares of NIO at a price of approximately $770 million in Hong Kong. The shares were sold at a price of HK$708 per share, with a discount of about 3.8% compared to the closing price on Tuesday. Sinopec also agreed to a 90-day lock-up period for the remaining shares it holds in NIO. Goldman Sachs was the sole underwriter for this sale. The 8.5 million shares sold represent approximately 5.5% of NIO's total H shares. Data from the London Stock Exchange Group shows that Sinopec holds about 9.45% of NIO's H shares.