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EHang Holdings Ltd – ADR (NASDAQ:EH) shares were rallying hard Wednesday on above-average volume.
EHang's Plunge, Rebound: Shares of Chinese autonomous aerial vehicle manufacturer EHang were rising about 45% on more than 10 times their average volume.
The rally comes after a steep plunge on Tuesday, when the stock lost about 63%, also on above-average volume. Tuesday's pullback came in the wake of a short seller report alleging the stock has been a beneficiary of elaborate stock promotion built on largely fabricated revenues from sham sales contracts with a customer.
Wolfpack Research said in a short report hat "this said customer" appears to be more interested in helping inflate the value of its investment in the company than actually buying its products.
Related Link: Jim Cramer Advises Viewers On Consolidated Edison, Ehang And More
EHang Hits Back: In a response to the short report, EHang said it strongly believes that the report contains numerous errors, unsubstantiated statements and misinterpretation of information.
The company also suggested it would take any necessary and appropriate course of action to protect the interest of its shareholders.
It also reiterated its commitment to maintaining the highest standards of corporate governance, as well as transparent and timely disclosure in compliance with the applicable rules and regulations of the SEC and the Nasdaq.
The company also posted comments and responses from Huazhi Hu, its founder, on its website in a Q&A format.
Benzinga's Take: The volatility in EHang shares gives a sense of déjà vu, given the unearthing of accounting and financial irregularities at Chinese companies such as Luckin Coffee Inc – ADR (OTC:LKNCY) and TAL Education Group (NYSE:TAL) in the recent past.
Guangzhou, China-based EHang develops electric, passenger-grade aerial vehicles.
EH Price Action: At last check, EHang shares were rising 50.02% to $69.46. The stock hit an all-time high of $129.80 on Friday.
