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Cathie Wood-led ARK Investment Management offloaded 446,845 shares of Beijing-headquartered Niu Technologies NIU at an estimated valuation of over $2 million on Wednesday. The sale was done via the ARK Autonomous Tech. & Robotics ETF ARKQ.
Niu, a Chinese electric scooter company, has seen its stock price decline by over 24% since the first week of January this year. The fall started after the company announced sales volume results for the fourth quarter of 2022.
Also Read: How To Buy Chinese Stocks
Niu sold 138,279 units in the quarter, including e-motorcycles, e-mopeds, e-bicycles and kick-scooters, which represented a 41.9% year-over-year decline. The number of units sold in China market and international markets stood at 118,065 and 20,214, a 42.5% and a 38.7% decrease, respectively.
Niu said that it experienced even more challenges from COVID-related policy changes during the quarter. “Beginning in early October, strict control measures led to a sharp retail traffic decline in our major markets, including Guangzhou, Beijing and other top-tier cities. Entering into December, Omicron outbreaks across the country severely disrupted manufacturing, logistics and offline store operations,” it said.
Niu is currently the 32nd largest holding of ARK Autonomous Tech. & Robotics ETF with a weight of 0.64%, according to the latest data available on ARK’s website at the time of writing.
Tesla Buy: ARK continued to load up on Tesla shares, buying 49,983 shares of the EV-maker at an estimated valuation of over $6.4 million based on Wednesday’s closing price. Shares of Tesla closed 2.06% lower on Wednesday and lost another 1.34% in extended trading.
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Image and article originally from www.benzinga.com. Read the original article here.