Electric cars: Nio’s shares lose US$6.1 billion value in Hong Kong, Singapore rout as short-seller Grizzly Research claims carmaker ‘juices revenue’
- Nio used a venture to ‘juice its numbers by pulling forward seven years of revenue,’ said Grizzly Research, which has a short position that profits from Nio’s falling prices
- The Grizzly report ‘is littered with lots of false information and misinterpretation of the company’s disclosures,’ Nio said, adding that it had taken steps against it
Nio shares tumbled 11.4 per cent to HK$165.50 in Hong Kong on Wednesday, their biggest fall in almost two months, and sank 11.4 per cent in Singapore. The stock dropped 2.6 per cent overnight on the New York exchange.
The Grizzly report “is littered with lots of false information and misinterpretation of the company’s disclosures,” Nio said in response to the Post’s request for comment, adding that it “strictly abides by the standards that are applicable to publicly traded companies,” and has “commenced relevant procedures” against the report.
Grizzy Research is owned and operated by Siegfried G. Eggert, based in Philadelphia. The firm maintains its own private investigators in China to conduct site visits and interviews with locals, suppliers, customers and other stakeholders, according to its website.
BYD, China’s largest electric carmaker, lost 5 per cent to HK$315.