📊🤔NIO is a clear example of this rotation. Year-to-date, its U.S.-listed shares have risen more than 15%, comfortably outperforming the S&P 500. In Hong Kong, the stock has advanced strongly while the Hang Seng Tech Index has declined. Its market capitalization has stabilized above HK$100 billion, signaling that capital is assigning NIO a new valuation framework.

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