Wolfpack的做空报告
亿航尚未置评。亿航于2019年12月在美国上市，发行价为12.50美元。亿航股价已经从去年12月初的13美元涨到了上周五的124.09美元。(作者/箫雨)
相关：Wolfpack分析师报告称“营收大部分是捏造的”后，亿航股价大跌 （注：以下内容以原文为准）
自2019年12月在美国纳斯达克(Nasdaq)以EH代码上市以来，亿航一直是股市的宠儿。摩根士丹利(Morgan Stanley)是这笔交易的主要经纪商。该公司首次公开发行每股12.50美元，在2020年迅速飙升，并在5天前达到124.09美元的峰值，对早期投资者来说，这是一个惊人的回报，让人想起上世纪90年代末的互联网泡沫。
不幸的是，受人尊敬的美国分析公司Wolfpack今天发表了一份题为“EHang:股票促销注定要崩溃和烧毁”的报告，投资者惊恐之下，该股今天暴跌近78美元，跌幅达62.68%，估值从上周末的60亿美元跌至刚刚超过25亿美元。即使与互联网崩溃相比，这也是一次戏剧性的股价暴跌。
该报告不言而喻。沃尔夫帕克（Wolfpack）将EHang描述为“精心策划的股票促销活动，建立在很大程度上基于与虚假销售合同的虚假收入，而该虚假销售合同与客户在我们看来对帮助扩大其在公司的投资价值更感兴趣。”
该报告随后指责亿航在EH 216自动驾驶飞行器上“编造了一系列关于产品、制造、收入、合作伙伴和潜在监管批准的谎言”，从而提高其感知价值。
报道称，亿航的主要客户上海坤翔智能科技有限公司(SKIT)与总部位于广州的飞行出租车制造商签订了“虚假销售合同，以使其投资受益”。
不出所料，亿航激烈反驳了报告的指控，首先指责Wolfpack是一家自称“维权研究公司”，主要关注股票空头。《南华早报》(South China Morning Post)援引一位发言人的话说，指控是基于“大量错误、未经证实的声明和对信息的误读”，更详细的反驳正在进行中。
与此同时，Wolfpack将SKIT描述为一个“虚假客户”，声称它在2019年12月亿航首次公开发行(ipo)之前购买了该公司的股票，并通过订购飞机来纵容提高这些股票的价值。
2020年12月3日，亿航公布第三季度业绩，营收翻倍至7100万元(1050万美元)，主要收入来自轻型无人机及其相关服务，营业亏损减少至30万美元左右。该公司表示，本季度又销售了23辆EH216，使自2018年以来报告的总销量达到112辆。
在2019年底，亿航声称已经交付了60架双座EH126型号和1架单座EH116的样机，尽管飞机还没有完成型号认证(而且还没有完成)。
当被问及如何将未经认证的飞机交付给客户时，该公司表示，早期的样品已交付给多个国家的“合作伙伴”。这些合作伙伴似乎打算成为飞机的销售代理，亿航表示，该飞机将于2021年底在中国完成型号认证。
10个月前，中国企业瑞幸咖啡(Luckin Coffee)和TAL教育集团(TAL Education group)因涉嫌夸大财务数据而在美国接受审查。有关公司治理的新丑闻可能会削弱投资者的兴趣，并加强华盛顿对寻求在美国市场融资的中国公司的审查。Wolfpack报告还质疑了亿航宣布批准在挪威、奥地利、加拿大和美国等国进行飞行演示的有效性。报告指出，“英语和汉语新闻稿之间存在不一致”。
最后，Wolfpack称，“中国法庭记录显示，总部位于中国的亿航广州控股保留了集团大部分资产的控制权”，这表明，这些资产可能会被法院下令冻结，并进行清算，以偿还债权人。它认为，这将使外国投资者几乎没有法律追索权。2019年12月，亿航以开曼群岛注册的亿航控股有限公司的名义向美国证券交易委员会提交了IPO文件。
今天，美国证券诉讼律师事务所Block & Leviton宣布，它正在调查该公司“是否可能违反联邦证券法”。它敦促投资者与该公司联系。
然而，亿航今天的声明表明，它将抵制沃尔夫狼群报告的任何影响。“本公司将考虑采取任何必要和适当的行动，以保护公司及其所有股东的利益，”并继续说道，“亿航致力于维持最高标准的公司治理，以及透明和及时披露合规情况。
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.
原文链接：https://www.urbanairmobilitynews.com/commentary/perils-for-drone-and-evtol-companies-listing-on-world-stock-markets-as-wolf-blows-down-ehangs-door/
