On September 30, NIO-SW fell 3.04% in regular trading to HK$26.24, with turnover of HK$7.78 million, marking a third consecutive session of retreat after the stock surged over 3% on the announcement of a comprehensive battery-swapping and charging partnership with Geely Holding Group.

On September 28, NIO and Geely signed a definitive agreement under which Geely will contribute 100% equity of its fleet-oriented swapping subsidiary Yiyi Hulian plus RMB 640 million in cash for a 30% stake in NIO Energy, implying a post-money valuation of approximately RMB 16 billion. In return, NIO will acquire a 10% stake in Geely's Haohan Energy, enabling full interconnection of both parties' charging networks. Notably, Geely's shareholding is subject to downward adjustment to no less than 20% if certain operational milestones are not met, a clause that has drawn increasing market scrutiny regarding execution risk in integrating B2B and C2C swapping networks.

The broader Automobile Manufacturers sector traded lower in tandem, with BYD Company down 2.11%, Geely Auto down 1.54%, XPeng-W down 1.28%, Li Auto-W down 0.72%, and GAC Group down 3.54%, reflecting sector-wide selling pressure that amplified NIO-SW's pullback.

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