ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

NTT's Partial Offer for Intage (4326) Part Deux - Refining Pro-Ration Expectations

Vinfast: Ambitious EV Plan Seems Unrealistic; Share Price Down More than 50%

ClouDr IPO: Strong Business Model with Multiple Revenue Channels

Tencent Sells Down Its Stake in Koolearn – Divestments to Continue Further

JD Health: Minimal Impact from New Policy on Digital Healthcare

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Forensic Accounting

<ul>
<li>Nio Inc. was targeted by Grizzly Research and accused of likely using an unconsolidated related party to exaggerate revenue and profitability. This unconsolidated related party was named as Wuhan Weineng.</li>
<li>As per the report, Weineng had helped Nio inflate revenue and net income by approx. 10% and 95% respectively in 9M2021, and FY2021 earnings beat by at least 60%.</li>
<li>In this insight, we take a look some of the allegations and have assessed the merits of the claims by Grizzly Research.</li>
</ul>


Nio Inc. was targeted by Grizzly Research and accused of likely using an unconsolidated related party to exaggerate revenue and profitability. This unconsolidated related party was named as Wuhan Weineng.
As per the report, Weineng had helped Nio inflate revenue and net income by approx. 10% and 95% respectively in 9M2021, and FY2021 earnings beat by at least 60%.
In this insight, we take a look some of the allegations and have assessed the merits of the claims by Grizzly Research.


Nio: Difficult to Refute Most of Grizzly’s Allegations

NIO

Nio: Difficult to Refute Most of Grizzly’s Allegations