$NIO Inc.(NIO)$ NIO is not buying back 4,5% shares. They are buying back these convertible bonds from 2018/19 almost three years earlier, so they can save on interests 4,5% every year. These bonds are not shared yet. So probably less future dilution in 2024. this is rather positive. Convertible bonds raise capital BUT are used to short the stock. NIO no longer needs their money or wants their presence. - Lucid just sold a billion in convertibles in Dec.