Katrina Hamlin is a columnist and production editor based in Hong Kong. She writes on topics including environmental policy, cleantech and green finance, and also covers the gambling industry in Macau and Asia. Before joining Reuters in 2012, Katrina was deputy managing editor of Shanghai Business Review magazine. She graduated from the University of Oxford with an MA in Classics, and earned a Masters of Journalism with distinction from the University of Hong Kong.
China’s answer to Tesla reversed out of a dismal NYSE debut as its shares jumped 76 pct in their second day of trading. That imputes a $13 bln market cap that values Nio less like a manufacturer and more like an internet darling. Production figures make it hard to justify.
Electric-car maker Nio has a rich price tag to match its premium branding. Under the bonnet, though, it looks less shiny. The group combines an opaque legal structure favoured by tech giants with dependence on a local auto partner. Sales are still nascent, and rivals abound.
China’s top two producers of the battery ingredient are revving up $1 bln listings in the city. Both offer a bet on the electric car boom. But Tianqi’s quality resources give it a narrow advantage over processing giant Ganfeng, at a time when investor confidence is wobbling.