Short selling report pointed out binomial “deceptive and full of errors”
Stock prices surged more than 67% in one day
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China’s leading drone company Ehang, famous for its autonomous drone taxis, rebounded sharply. In response to the report that the stock price was inflated by a fake contract, the company said it was “deception,” and said that it would soon release concrete refutation data.
In the Nasdaq market on the 17th (local time), Lee Hang ended the market at $77.73, up 31.43 dollars (67.88%) per share from the previous day. The previous day, it fell 62.7% to $46.30.
Lee Hang made a rebuttal statement to Wolfpack Research’s report that raised the alleged fake. According to the South China Morning Post (SCMP), Lee Hang in a statement pointed out that Wolfpack’s report was “deceptive” and “full of misrepresentation and unconfirmed statements with numerous errors.” Meanwhile, Lee Hang said that it is considering taking appropriate and necessary actions to protect the interests of shareholders.
However, Lee Hang did not specifically refute what information or statements by Wolffax Research were wrong. It is known that Lee Hang will release concretely refutable data sooner or later.
![Short selling report refuted... Binomial rebounds to 60% in one day[이슈+]](https://img.hankyung.com/photo/202102/01.25384990.1.jpg)
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Wolfpack Research published a report titled’EHang: A Stock Promotion Destined to Crash and Burn’ and pointed out that Lee’s main contract was fake.
According to the report, a company called Kunxiang in Shanghai, China, which first signed a contract with Lee Hang, is in fact an impatient company to sign the contract. Wolfpack Research said that Kunxiang’s addresses in Shanghai were fake at two out of three. The address on the Kunxiang website was a hotel not related to Kunxiang, and it was also the address on the 13th floor of an 11-story building.
Wolfpack Research also visited the Lihang headquarters in Guangzhou, China. However, it is an explanation that it was poorly matched. It is said that there was a lack of basic lines and facilities to produce drone taxis. He even pointed out that there was little security system in place, with only one security guard guarding the building in a place full of technology used in the manufacturing process and design. In addition, the design and test center pointed out that there was only a large space for helicopters to take off and land.
Reporter Lee Song-ryul [email protected]
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