SGX is a blatant spare tyre

They will probably list in HKSE once they clear the regulations there. This talk is probably to negotiate with HKSE to loosen up a bit.

SGX has poor valuations. Look at Razor. They listed in Hong Kong and is undergoing buyout to eventually list in USA. They never considered SGX in first place. Why should Nio, if not for China's recent moves on the foreign listings by Chinese companies? Will it be easier to appease Chinese regulators by listing in HK, a Chinese territory or SG, a separate nation? What if China goes for other countries other than USA?

Lastly, Jack Ma disappeared then. Peng Shuai still has really not been seen. CCP can screw with u in so many ways that goes beyond the numbers. Nio's top brass will naturally be fearful.