Wolfpack的做空?qǐng)?bào)告
億航尚未置評(píng)。億航于2019年12月在美國(guó)上市，發(fā)行價(jià)為12.50美元。億航股價(jià)已經(jīng)從去年12月初的13美元漲到了上周五的124.09美元。(作者/簫雨)
相關(guān)：Wolfpack分析師報(bào)告稱(chēng)“營(yíng)收大部分是捏造的”后，億航股價(jià)大跌 （注：以下內(nèi)容以原文為準(zhǔn)）
自2019年12月在美國(guó)納斯達(dá)克(Nasdaq)以EH代碼上市以來(lái)，億航一直是股市的寵兒。摩根士丹利(Morgan Stanley)是這筆交易的主要經(jīng)紀(jì)商。該公司首次公開(kāi)發(fā)行每股12.50美元，在2020年迅速飆升，并在5天前達(dá)到124.09美元的峰值，對(duì)早期投資者來(lái)說(shuō)，這是一個(gè)驚人的回報(bào)，讓人想起上世紀(jì)90年代末的互聯(lián)網(wǎng)泡沫。
不幸的是，受人尊敬的美國(guó)分析公司W(wǎng)olfpack今天發(fā)表了一份題為“EHang:股票促銷(xiāo)注定要崩潰和燒毀”的報(bào)告，投資者驚恐之下，該股今天暴跌近78美元，跌幅達(dá)62.68%，估值從上周末的60億美元跌至剛剛超過(guò)25億美元。即使與互聯(lián)網(wǎng)崩潰相比，這也是一次戲劇性的股價(jià)暴跌。
該報(bào)告不言而喻。沃爾夫帕克（Wolfpack）將EHang描述為“精心策劃的股票促銷(xiāo)活動(dòng)，建立在很大程度上基于與虛假銷(xiāo)售合同的虛假收入，而該虛假銷(xiāo)售合同與客戶在我們看來(lái)對(duì)幫助擴(kuò)大其在公司的投資價(jià)值更感興趣。”
該報(bào)告隨后指責(zé)億航在EH 216自動(dòng)駕駛飛行器上“編造了一系列關(guān)于產(chǎn)品、制造、收入、合作伙伴和潛在監(jiān)管批準(zhǔn)的謊言”，從而提高其感知價(jià)值。
報(bào)道稱(chēng)，億航的主要客戶上海坤翔智能科技有限公司(SKIT)與總部位于廣州的飛行出租車(chē)制造商簽訂了“虛假銷(xiāo)售合同，以使其投資受益”。
不出所料，億航激烈反駁了報(bào)告的指控，首先指責(zé)Wolfpack是一家自稱(chēng)“維權(quán)研究公司”，主要關(guān)注股票空頭。《南華早報(bào)》(South China Morning Post)援引一位發(fā)言人的話說(shuō)，指控是基于“大量錯(cuò)誤、未經(jīng)證實(shí)的聲明和對(duì)信息的誤讀”，更詳細(xì)的反駁正在進(jìn)行中。
與此同時(shí)，Wolfpack將SKIT描述為一個(gè)“虛假客戶”，聲稱(chēng)它在2019年12月億航首次公開(kāi)發(fā)行(ipo)之前購(gòu)買(mǎi)了該公司的股票，并通過(guò)訂購(gòu)飛機(jī)來(lái)縱容提高這些股票的價(jià)值。
2020年12月3日，億航公布第三季度業(yè)績(jī)，營(yíng)收翻倍至7100萬(wàn)元(1050萬(wàn)美元)，主要收入來(lái)自輕型無(wú)人機(jī)及其相關(guān)服務(wù)，營(yíng)業(yè)虧損減少至30萬(wàn)美元左右。該公司表示，本季度又銷(xiāo)售了23輛EH216，使自2018年以來(lái)報(bào)告的總銷(xiāo)量達(dá)到112輛。
在2019年底，億航聲稱(chēng)已經(jīng)交付了60架雙座EH126型號(hào)和1架單座EH116的樣機(jī)，盡管飛機(jī)還沒(méi)有完成型號(hào)認(rèn)證(而且還沒(méi)有完成)。
當(dāng)被問(wèn)及如何將未經(jīng)認(rèn)證的飛機(jī)交付給客戶時(shí)，該公司表示，早期的樣品已交付給多個(gè)國(guó)家的“合作伙伴”。這些合作伙伴似乎打算成為飛機(jī)的銷(xiāo)售代理，億航表示，該飛機(jī)將于2021年底在中國(guó)完成型號(hào)認(rèn)證。
10個(gè)月前，中國(guó)企業(yè)瑞幸咖啡(Luckin Coffee)和TAL教育集團(tuán)(TAL Education group)因涉嫌夸大財(cái)務(wù)數(shù)據(jù)而在美國(guó)接受審查。有關(guān)公司治理的新丑聞可能會(huì)削弱投資者的興趣，并加強(qiáng)華盛頓對(duì)尋求在美國(guó)市場(chǎng)融資的中國(guó)公司的審查。Wolfpack報(bào)告還質(zhì)疑了億航宣布批準(zhǔn)在挪威、奧地利、加拿大和美國(guó)等國(guó)進(jìn)行飛行演示的有效性。報(bào)告指出，“英語(yǔ)和漢語(yǔ)新聞稿之間存在不一致”。
最后，Wolfpack稱(chēng)，“中國(guó)法庭記錄顯示，總部位于中國(guó)的億航廣州控股保留了集團(tuán)大部分資產(chǎn)的控制權(quán)”，這表明，這些資產(chǎn)可能會(huì)被法院下令凍結(jié)，并進(jìn)行清算，以償還債權(quán)人。它認(rèn)為，這將使外國(guó)投資者幾乎沒(méi)有法律追索權(quán)。2019年12月，億航以開(kāi)曼群島注冊(cè)的億航控股有限公司的名義向美國(guó)證券交易委員會(huì)提交了IPO文件。
今天，美國(guó)證券訴訟律師事務(wù)所Block & Leviton宣布，它正在調(diào)查該公司“是否可能違反聯(lián)邦證券法”。它敦促投資者與該公司聯(lián)系。
然而，億航今天的聲明表明，它將抵制沃爾夫狼群報(bào)告的任何影響。“本公司將考慮采取任何必要和適當(dāng)?shù)男袆?dòng)，以保護(hù)公司及其所有股東的利益，”并繼續(xù)說(shuō)道，“億航致力于維持最高標(biāo)準(zhǔn)的公司治理，以及透明和及時(shí)披露合規(guī)情況。
原文：EHang shares tumble after Wolfpack analyst report says “revenues are largely fabricated
By Chris Stonor
EHang has been a darling of the stock market since it publicly listed in December 2019 on the U.S. Nasdaq under the symbol EH. Morgan Stanley was the lead broker on the deal. An initial offering of USD12.50 a share, quickly soared during 2020 leading to a peak five days ago of USD124.09, an astonishing return for early investors, reminding one of the the dotcom bubble of the late 1990s.
Unfortunately, respected U.S analyst firm, Wolfpack has published a damming report today entitled ‘EHang: A Stock Promotion Destined to Crash and Burn’ and investors took fright plunging the stock by close to USD78 today or a 62.68 percent fall, and a valuation from USD6 billion at the weekend to just over USD2.5 billion. Even when compared to the dotcom crash, this is a dramatic share collapse.
The damming report doesn’t mince words. Wolfpack describes EHang as “an elaborate stock promotion, built on largely fabricated revenues based on sham sales contracts with a customer who appears to us to be more interested in helping inflate the value of its investment in the company.”
The report then accuses EHang of boosting its perceived value “with a collection of lies about its products, manufacturing, revenues, partnerships and potential regulatory approval” for the EH 216 Autonomous Aerial Vehicle.
The report claims EHang’s major customer, Shanghai Kunxiang Intelligent Technology (SKIT), of signing “sham sales contracts to benefit its investment” in the Guangzhou-based flying taxi maker.
Not surprisingly, EHang has hotly refuted the report accusations, first by accusing Wolfpack of being a self-proclaimed “activist research firm” mainly focused on taking short positions on equities. A spokesperson was quoted in the South China Morning Post as saying the accusations made are based on “numerous errors, unsubstantiated statements and misinterpretation of information” and that a more detailed rebuttal was on the way.
Meanwhile, Wolfpack characterises SKIT as a “sham customer’ alleging that it bought shares in EHang before its December 2019 initial public offering and has connived to boost the value of this equity by ordering aircraft.
Announcing third-quarter results on December 3rd, 2020, EHang reported a doubling of revenues to RMB71 million (USD10.5 million), largely based on income from its light drones and services associated with these, and reduced its operating loss to around USD300,000. It said that during the quarter it had sold a further 23 examples of the EH216 vehicle, bringing total reported sales since 2018 to 112 units.
At the end of 2019, EHang claimed to have already delivered 60 examples of the two-seat EH126 model and 1 of the single-seat EH116, even though the aircraft had not completed type certification (and still has yet to do so).
Pressed to explain how uncertificated aircraft could be delivered to customers, the company said that the early examples had been sent to “partners” in multiple countries. It would appear that these partners are intended to act as sales agents for the aircraft, which EHang has indicated will complete type certification in China by the end of 2021.
The accusations against EHang have come 10 months after Chinese companies Luckin Coffee and TAL Education Groups were placed under scrutiny in the USA for allegedly inflating their financial data. A new scandal about corporate governance could dampen investor interest and tighten Washington’s scrutiny of Chinese companies seeking to raise funds on U.S markets. The Wolfpack report also questions the validity of EHang’s announced approvals for flight demonstrations in countries including Norway, Austria, Canada, and the U.S. It points to what it says “are inconsistencies between press releases issued in English and Mandarin.”
Finally, Wolfpack claims “Chinese court records show that China-based EHang Guanzhou retains control of most of the group’s assets”, suggesting these could be frozen by court order and liquidated to repay creditors. It argues that this would leave foreign investors little legal recourse. When EHang filed papers with the U.S. Securities and Exchange Commission for its IPO in December 2019, it did so under the name of Cayman Islands-registered EHang Holdings Limited.
In a further development today, a U.S. securities litigation law firm, Block & Leviton, announced that it is investigating the company “for potential violations of federal securities laws.” It urged investors to make contact with the firm.
Yet, EHang’s statement today indicates it will push back against any fall-out from the Wolfpack report. “The company will consider any necessary and appropriate course of action to protect the interest of the company and all its shareholders,” and continued, “EHang is committed to maintaining the highest standards of corporate governance, as well as transparent and timely disclosure of compliance with the applicable rules and regulations of the U.S. Securities and Exchange Commission and the Nasdaq stock market.”
Whether this is part of a wider political argument between the USA and China or the criticisms carry real weight, only time will tell.
原文鏈接：https://www.urbanairmobilitynews.com/commentary/perils-for-drone-and-evtol-companies-listing-on-world-stock-markets-as-wolf-blows-down-ehangs-door/
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