2 Short Wei Lai's grizzly , With “ racketeer ” Make a living by taking stock ？

source ： Die Zeit （ID：timeweekly） author ： Liu Muxuan

In the eyes of grizzly bear, a short seller in the United States , China concept stock always seems to be in doubt .

Grizzly company 6 month 29 Daily report , Weilai, a Chinese electric vehicle enterprise, exaggerated its revenue and net profit margin by accounting means .

△ Grizzly's short report on Weilai automobile source ： Grizzly official website

Grizzly pointed out in the report that , Wei Lai's excellent performance is achieved through related party transactions with Wuhan Wei Neng battery assets Co., Ltd .

To be specific , Wei Lai has previously launched a battery rental business for car owners , Car owners need to pay the battery rent on a monthly basis . But in fact , Wei Lai transferred this business to Wuhan Wei Neng , The latter adopts the method of one-time recognition of all profits during the lease term in the financial statements , To calculate Wei Lai's income .

Grizzly scale , Wei Lai automobile 2021 Profit for the fiscal year , exceed 60% From Wuhan Weineng , It is expected that Wei Lai will at least confirm the future in this way 7 Annual battery rental income . Besides , Grizzly believes that there is a deeper interest dispute between the two companies , For example, two executives of Wuhan Weineng , At present, he is also the vice president of Weilai automobile and the manager in charge of battery operation .

Regarding this , Wei Lai responded by saying , The company has observed this report , The report is full of a lot of false information and Misreading of the information disclosed by Weilai .

Weilai 2018 year 9 month 12 Japan is listed on US stocks , The issue price is per share 6.25 dollar .2020 year , Wei Lai welcomes a surge , stay 2021 year 1 month 24 The daily maximum has reached 61.95 dollar , Then it fluctuated and fell , Now the stock price has halved from its peak . As of US stocks 6 month 28 Closed yesterday , Wei Lai reported per share 22.36 dollar .

After the report is released , Weilai Meigu 6 month 29 Ahead of the day, it was down more than 7%, Hong Kong stocks ended 29 Day closed down 11.36％, Report per share 165.5 The Hong Kong dollar .

major “ racketeer ” Middle cap

Wei Lai becomes a grizzly “ Hunting list ” Another goal .

58 Same city 、 Who to learn from 、 Hebron Technology 、 Lexin finance 、SPI Green energy treasure 、 Fighting fish 、 Ruineng new energy and other Chinese stocks have suffered from Grizzlies “ Lay hands on ”.

Grizzly also mentioned in the official website introduction , they “ Have your own private investigators in China ”, Enable them to “ local people 、 supplier 、 Field visits and interviews with customers and other stakeholders ”.

Compared with the financial elite on Wall Street , The founder of grizzly research and CEO Gerfrid · Eggert was born “ grassroots ”.

According to the information on LinkedIn , Eggert studied finance and accounting at Hans University in Groningen, the Netherlands , The university is not an academic research university in general recognition , It is the largest university of Applied Technology in northern Netherlands （ Similar to Chinese Junior College ）.

Eggert also studied at Beijing Industrial and Commercial University for one year during his undergraduate course , Later in 2016 He obtained a master's degree in finance from the University of Rochester .

△ Grizzly research founder and CEO Gerfrid · Eggert's social media homepage source ： Social media screenshot

stay 2020 Before the founding of grizzly in , Eggert once worked as a short selling agency GeoInvesting LLC. Analysts and consulting firms Forensic Economics Inc. Assistant analyst .

On grizzly's official website , Almost half of the reports are related to zhonggai shares , But it has hardly caused large stock price fluctuations .

2019 year 6 month 27 Japan , Grizzly released its first report on China Equity . According to the report , American new century beverage company （NBEV） In the acquisition of nuoli in Tahiti, China （Morinda） The company was cheated . New century beverage company in 2018 end of the year , With 7500 Million dollars in cash and 1000 Million shares were acquired in 2017 Annual net loss 3200 Million dollars of nuoli in Tahiti, China , The latter's business model was once recognized as illegal pyramid selling by the national industrial and commercial department .

Grizzly predicted ,NBEV The share price of will plummet 60%. But that day ,NBEV Only fell in the intraday 5% And quickly rose back .

△ Grizzly released the short selling report of China concept stocks ： Grizzly official website

Grizzlies are still short 58 In the report of the same city , Pointed out that 58 False transactions in the same city 、 financial fraud , And not publicly 28 The acquisition of ganji.com with us $100 million .58 Share prices in the same city fell on the day of the report 3.07%, But the next day it rebounded .

Grizzlies are one of the few successful cases of air stock speculation , Maybe a few 2020 year 2 month 25 Who should I learn from in the air , As the first institution to learn from shorting , Grizzly thinks it is “ The worst listed education company ”, It is pointed out that its publicly announced enrollment and revenue have been falsely reported 900%.

On the day grizzly released the report , Who learned that the stock price did not fluctuate too much , But the report attracted the attention of other short selling institutions .

Citron 、 Muddy water and Scorpio end short one after another , Who learned that the stock price finally failed to withstand after rising for half a year , stay 2020 year 8 month 7 The opening day fell sharply 20%, Later, he was fined by the securities and Exchange Commission of the United States . By 2020 year 12 month 31 Closed yesterday , Learn from who to be short within a year 15 Time , Share price from 141.78 dollar / Shares fell to 87.33 dollar / stocks . Who to learn from 2020 The net loss for the whole year reached 13.93 One hundred million yuan .

Everyone shouted at short selling institutions

Although it seems to expose commercial fraud , But short sellers have always had a bad reputation , Not only are research reports often ridiculed as amateurish by peers in the industry , Also often use asymmetric information to mislead retail investors .

In the United States, retail investors invest in the headquarters WallstreetBets In the community , After a detailed comparison of the changes in the company's share price before and after the grizzly report was released, someone pointed out ,2021 Every time grizzly issued a short selling report in , The stock price of companies that were shorted fell only on average in a week 1-3 dollar , Some of these stocks are after releasing short positions 3-6 It continued to rise in the last month 15-20 dollar .

Retail investors pointed out , Shorting mechanism “ Specifically for companies in a period of rapid growth , Bluff inexperienced investors with some tables and data , And conduct one-day trading within a few hours of the release of the report to make a profit ”.

Retail investors also criticized grizzly for citing outdated data in the report , Deduce the wrong conclusion . The retail investor posted that ,“ I want to talk to their CEO So handsome!Have a fight , If anyone knows where others are , Please contact me ”.  before , Grizzlies have also been sued for defamation more than once .

Citron, a famous short selling agency, also tried to cut leeks for retail investors last year “ Rollover ”.

2021 year 1 month , U.S. stocks with long-term poor performance GameStop It is appreciated by the famous investor Cohen , After becoming the second largest shareholder of the company, the latter claimed to build it into Netflix and Amazon in the game industry , Many American retail investors believe GameStop The future is bright , I also hope this old offline game retail company can have better development .

△ Physical game sellers Gamestop It has become a famous battlefield for retail investors to fight against short selling institutions Picture source ：Gamestop Official website

However, the founder of citron, who holds a large number of short positions in the stock, said publicly ,“GameStop Each share is only worth 20 dollar ”, still Twitter Ridicule retail investors will become “ Loser ”.

This angered the long GameStop American retail investors . Retail investors through WallstreetBets Community assembly , Appeal to fight back against short selling institutions , They will throw money GameStop The share price is from 39 The dollar rose to 65 dollar .

here , Left has started “ Recognize and encourage ”, He said he was no longer right GameStop issue opinion , But he still insists that he does not believe his investment theory , But because “ A group of angry thugs ” The Internet attacked him and his family , Citron will hand these people over to FBI、SEC And other government agencies .

This statement further angered retail investors , Then musk 、 The United States invests heavily V And other Wall Street institutions also smell opportunities , One after another, he joined the air war , take GameStop The share price of rose to 483 dollar .

△GameStop Today's stock price still tells the legend of American retail investors Beating Wall Street ： Snowball

Analysis company S3 Partners Data show that ,2021 Only one stock in the game station , This has caused many short selling institutions 197.5 Billion dollars in losses . among , Citron was the first to provoke a dispute , And the first to surrender . Left is Twitter Announce , Citron is publishing a short report 20 After year , Short selling research will stop in the future , And will focus on individual long opportunities for individual investors .

According to Reuters , Left made millions of dollars through citron in more than ten years ,2007 - 2017 During the year , His average annualized return is as high as 89.98%.

For citron , Fang Sanwen, founder of snowball finance, once commented ,“ The research level of citron , You can't make money by doing more . Many years ago, I invited them to snowball for an interview . I have read several reports written by them , The level is really poor ”.