NIO President Qin Lihong Receives 300,000 Shares, Sells 150,000

What Happened
Qin Lihong, President and Director of NIO Inc. (NIO), had 300,000 restricted share units (RSUs) vest on September 1, 2026, which converted into 300,000 American depositary shares (ADSs) at no exercise price. Of those, 150,000 ADSs were sold through a non‑discretionary sell‑to‑cover arrangement to satisfy income tax withholding, generating approximately $634,500 at a reported $4.23 per ADS. The remaining 150,000 ADSs from this vesting were retained.

Key Details

• Transaction date: 2026-09-01 (reported on Form 4 filed 2026-09-01).
• Conversion/acquisition: 300,000 ADSs @ $0.00 (vesting of RSUs; code M).
• Sell-to-cover: 150,000 ADSs sold @ $4.23 = $634,500 (code F).
• Derivative disposition: 300,000 RSU interests were converted/cancelled upon vesting (reported as derivative disposition).
• Shares owned after transaction: approximately 150,000 ADSs retained from this vesting; total post‑transaction holdings not disclosed on this Form 4.
• Notable footnotes: F1 — each ADS = one Class A ordinary share; F2 — sale was a non‑discretionary sell‑to‑cover to satisfy taxes; F5 — these RSUs vest in five equal annual installments (20% per year) beginning 9/1/2025; vesting here was for the second installment.
• Filing timeliness: filing date matches the transaction date; no late filing indicated.

Context
This was primarily an award/vesting event (RSUs converting into ADSs) with a routine sell‑to‑cover for taxes. The conversion had no cash exercise price, and the partial sale is a standard method to meet tax obligations rather than a directional bet on the stock. Transaction codes: M = exercise/conversion of derivative (vesting), F = payment of exercise price or tax liability (sell‑to‑cover).