Weilai Automobile responded to being shorted by the Grizzlies: the shorting report is full of a lot of false information

On June 29, according to the Financial Associated Press, on the evening of June 28, Beijing time, Grizzly Research, a well-known short-selling agency, published a report saying that NIO achieved its goal by exaggerating its revenue and increasing its net profit margin.The report states that this unconsolidated related party, Wuhan Weineng, has generated billions of dollars in revenue for NIO, "Wuhan Weineng allows NIO to immediately recognize revenue from the batteries they sell, not during the subscription period. (about 7 years) to recognize revenue. With this arrangement, we believe NIO has increased this number by recognizing revenue for 7 years in advance.”

To this end, Caijing.com contacted the relevant person in charge of Weilai Automobile. The other party said that the company had observed the report.The report is full of a lot of false information and misinterpretation of the information disclosed by Weilai.NIO has been strictly abiding by the relevant guidelines for listed companies, and has started relevant procedures for this report. Please pay attention to the follow-up announcement.

Affected by the short-selling report, NIO’s stock price once dived to $22.02, but then the stock price stabilized.As of press time, Weilai Automobile fell 2.77% to $22.32, with a market value of $37.7 billion; since June, Weilai’s stock price has risen 28.38%, while the S&P 500 index fell 6.96% during the same period.