Shulou(Shulou.com)11/24 Report--

CTOnews.com August 26 news, Xilai released today against the short agency grizzly bear (Grizzly Research LLC) short report independent internal investigation results. The Independent Commission of Inquiry said there was no factual basis for shorting the report.

As previously disclosed, independent directors Li Tingbin, Wu Hai and long Yu formed an independent committee of the board of directors to conduct an independent internal investigation into the main allegations in the short selling report, as previously disclosed, the notice said. The independent internal investigation is conducted by the Independent Commission with the assistance of third-party professional advisers, including an international law firm and a well-known forensic accounting firm that is not an auditor of the company. At present, the independent internal investigation has been substantially completed. Based on its findings, the Independent Commission concluded that the allegations related to the short selling report were unfounded.

CTOnews.com learned that the grizzly bear, a short seller, released a report on June 28 this year, saying that Wei to emulate Valeant-style accounting games to achieve its goal by exaggerating revenue and improving net profit margins. Weilai responded the next day that the report was full of false information and misreading of the information disclosed by Weilai. Weilai has been strictly abiding by the relevant standards of listed companies, and relevant procedures have been initiated for the report.

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