Weilai Automobile was shorted by overseas institutions, and the stock price plummeted by more than 8%. It responded that a large amount of information was false.

According to the Red Star Capital Bureau on June 29, Grizzly Research, an overseas short -term, said that Weilai Automobile exaggerated income and net profit through accounting methods. On the day of the report (June 28, Eastern Time), the Weilai Automobile US stocks (NIO.US) suddenly dived at the market, closed 2.57%to $ 22.36/share; .Hk) opened the market sharply. At noon, it closed at HK $ 171/share, down 8.41%.

On June 29, the relevant person in charge of Weilai Automobile told the Hongxing Capital Bureau that the company had observed the report, which was full of misunderstandings of Weilai and disclosed 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.

Picture according to IC Photo

According to a report released by the Grizzlies, with its outstanding operating performance, Weilai Automobile's stock price has risen more than 450%since 2020, making it one of China's most valuable electric vehicle companies. But the outstanding performance of supporting stock prices is achieved through financial means.

Weilai Automobile US stock price trend

The report released by the Grizzlies believes that Weilai Motors is likely to use an uncompromising related party to exaggerate income and profitability. This unavailable affiliate -Wuhan Weneng Battery Assets Co., Ltd. (hereinafter referred to as "Wuhan Wei Neng") has created billions of dollars for Weilai Automobile. The income of the battery, not to confirm the income within the subscription period (about 7 years). Through this arrangement, we believe that Weilai has increased this number by confirming the 7 -year income in advance. "

"Wuhan Wei's sales have increased the revenue and net profit of Weilai Automobile by about 10%and 95%, respectively. Specifically, we found that at least 60%of its profit in the 2021 fiscal year seemed to be due to Weimeng. "The Grizzlies reported that specifically, Weilai Automobile transferred the burden of subscribing fees to Wei Neng each month, thereby accelerating its income growth. Regardless of what kind of agreement between the two parties, Weilai Automobile will pay for the operation of BAAS (battery rental service) business and buy a battery. Therefore, these financial costs have been included in Weilai's financial statements. "Agreement with Wei Neng helped Weilai Automobile increased by nearly 4%in the nine months of September 2021. The adjustment of net loss should be about 61%higher than the announced figures."

In addition, the agency also stated that the chairman of Weilai Li Bin and Liu Eryhai and his founding of pleasure capital were closely related, and the latter two were the core related parties of the Ruixing Performance Fake Case.

On June 28, the 4th anniversary of the establishment of NIO Power, Weilai announced that 997 power stations around the world provided more than 9.7 million power replacement services. It is Wuhan Wei Neng, who is responsible for operating the Weilai battery.

In August 2020, Wuhan Wei could be established in Wuhan Optics Valley, and released battery rental services in the same month, providing several modes of vehicle electrical separation, battery rental, rechargeable, replaceable and upgraded. Wuhan Wei's registered capital is 800 million yuan, and Weilai (Anhui) Holdings Co., Ltd., Ningde Times, Guotai Junan and Hubei Provincial Science and Technology Investment Group Co., Ltd. held 25%of the shares.

The Tianyancha APP shows that Wuhan Wei Neng has also made two rounds of financing since then, namely the A Series A in December 2020, hundreds of millions of yuan, and the Series B in August 2021. Wuhan Wei Neng's total financing has exceeded 1.2 billion yuan.

Red Star News reporter Wu Danruo

Editor Ren Zhijiang

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