Nio [HKG: 9866] rose 4% as of 9.50 a.m. despite Singaporean sovereign wealth fund GIC's lawsuit against the Chinese EV startup for alleged financial fraud that has led to big investment loss. Nio told Yicai yesterday that the case is unrelated to its recent operations and stems from false claims in a June 2022 short-selling report by Grizzly Research, adding that an independent board committee completed an investigation in August 2022 and found the allegations baseless.