Nio says nearly complete independent review rebuts short-seller allegations

In a statement to the Hong Kong stock exchange, Chinese electric vehicle maker Nio NIO, +6.41% 9866, +1.39% said an independent review of allegations made by a short-seller that is now substantially complete found they were not substantiated. The brief statement said the review was led by three independent directors with the help of an international law firm and forensic accounting experts. Grizzly Research in late June had alleged the company had exaggerated revenue and profitability through dealings with Wuhan Weineng Battery Asset Co., which Nio acknowledges it’s invested in and sells batteries via is battery-as-a-service program.