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NIO stock rises as CXMT shares surge 500% in IPO
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NIO stock rose after its bet on Chinese chipmaker CXMT paid off in a blockbuster IPO.
CXMT shares surged over 500% in its IPO, boosting NIO's investment value.
NIO received approximately 18.24 million CXMT shares, which are subject to an 18-month lockup.
The lockup period means NIO cannot sell its CXMT shares immediately to realize gains.
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Rajeev Chandrasekhar / Jupiter Capital interests historically