2025年10月16日午後，港股市場出現劇烈波動，恒生科技指數跌幅一度擴大超過2%，其中新能源汽車板塊尤其受創。蔚來-SW股價曾一度暴跌超過13%，同時小鵬汽車-W跌近5%，小米集團-W跌超4%，零跑汽車也下跌超3%。與此同步，蔚來在美股夜盤的股價也大幅下跌超過10%，引發市場對中國電動車板塊整體表現的擔憂。

事件的起因主要與蔚來汽車相關。據多家媒體報導，新加坡主權財富基金——新加坡政府投資公司（GIC）已在美國法院對蔚來及其兩名高管提起訴訟，指控其涉嫌收入虛增與證券欺詐。GIC聲稱，蔚來及其合作夥伴成立的電池資產公司蔚能，透過提前確認電池銷售收入，並隱瞞蔚來對蔚能的實際控制權，從而誇大了公司的收入和利潤，誤導投資者，造成投資損失。

據GIC指出，蔚來採用電池更換及租賃模式，使公司在2020年第四季度錄得巨額前期收入，同比增長翻倍。然而，根據美國會計準則，這類收入的確認方式可能應有不同處理方法。GIC認為，蔚來在財務報告中未充分披露對蔚能的控制權，構成對投資者的誤導。對此，蔚來方面則強調，其已依法將電池控制權轉讓給蔚能，並履行了相關的報告義務。

此次訴訟消息在市場上迅速發酵，直接引發港股與美股蔚來股價的劇烈波動，也對整個新能源汽車板塊形成連鎖影響。分析人士認為，雖然具體訴訟結果尚未明朗，但市場對公司財務透明度和合規性的擔憂已經反映在股價上，投資者應高度關注後續進展及潛在風險。

On the afternoon of October 16, 2025, the Hong Kong stock market experienced significant turbulence, with the Hang Seng Tech Index extending its losses to over 2%. The new energy vehicle (NEV) sector was particularly hit hard. Shares of NIO-SW plunged as much as 13%, while XPeng-W fell nearly 5%, Xiaomi Group-W dropped over 4%, and Leapmotor declined more than 3%. Simultaneously, NIO’s shares in the U.S. after-hours session also fell sharply by over 10%, raising concerns about the performance of China’s EV sector as a whole.

The turmoil is mainly related to NIO Inc. Reports from multiple media outlets indicated that the Government of Singapore Investment Corporation (GIC), Singapore’s sovereign wealth fund, had filed a lawsuit in a U.S. court against NIO and two of its senior executives, alleging revenue inflation and securities fraud. GIC claims that NIO and its partner company, the battery asset firm NIO Energy, prematurely recognized battery sales revenue and concealed NIO’s actual control over NIO Energy, thereby inflating the company’s revenue and profits. According to GIC, these actions misled investors and caused investment losses.

GIC further pointed out that NIO’s battery swap and leasing business model allowed the company to record substantial upfront revenue in Q4 2020, doubling year-on-year growth. However, under U.S. accounting standards, the recognition of such revenue might have required a different treatment. GIC contends that NIO did not adequately disclose its control over NIO Energy in its financial reports, constituting investor misrepresentation. NIO, however, maintains that it has legally transferred control of the battery assets to NIO Energy and has fulfilled its reporting obligations.

The lawsuit quickly reverberated through the markets, directly triggering sharp declines in both Hong Kong and U.S. NIO shares, and creating a ripple effect across the broader NEV sector. Analysts note that while the final outcome of the litigation remains uncertain, market concerns over financial transparency and regulatory compliance are already reflected in the stock prices. Investors are advised to closely monitor subsequent developments and potential risks.