Weilai Automobile responded to the Grizzlies short: a lot of unreal information, and the relevant procedures have been started

Driving China June 29, 2022

Today, Weilai Automobile was short to reply to the media by Grizzly Research that the company had observed the report. The report is full of misunderstandings of Weilai disclosure information. Weilai has been strictly abide by the relevant standards of listed companies. At present, the relevant procedures have been launched for the report. Please pay attention to subsequent announcements.

It is reported that the short -bearing agency Grizzly Research issued a report saying that Weilai followed the Valeant accounting game and achieved the goal by exaggerating income and increasing net profit margins.

The agency claims that Weilai may use undocumented related parties to exaggerate income and profitability, which clearly points out the role of Wuhan Wei in it, saying that the company helps Weilai continue to achieve high growth and profit expectations. The related parties of the merger have created billions of dollars for Weilai.

The agency also alleged that the chairman of Weilai Li Bin and Liu Eryhai and the pleasant capital he founded were closely related, and the latter two were the core related parties of the Ruixing performance fraud case.

It is worth mentioning that due to the short report, Weilai Automobile's stock price once dived to $ 22.02, but the decline was narrowed, and the closing of the market fell 2.57%to $ 22.36.

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