AsianFin -- NIO’s Hong Kong-listed shares (09866.HK) surged on Wednesday, closing at HK$56.30 per share at midday, up 10.28%.

In the U.S., NIO’s American Depositary Shares (NIO.US) also rallied, rising 8.17% to US$7.02 per share overnight, both marking the highest levels for the year.

The gains came after UBS upgraded NIO from “Neutral” to “Buy” on September 16, raising its target price sharply from US$6.20 to US$8.50. Citigroup had earlier maintained a positive outlook, keeping its “Overweight” rating on the stock.

Earlier, on the evening of September 10, NIO announced the completion of a US$1 billion equity financing, with its ADRs priced at US$5.57 each and Class A ordinary shares issued at HK$43.36 per share.