《金融时报》记者通过梳理历史资料发现，GIC发起的诉讼并非针对蔚来近期的经营状况，其争议根源 可追溯至2022年6月做空机构灰熊（Grizzly Research）所发布的一份做空报告。 近日，有消息称，"新加坡政府投资公司（GIC）指控蔚来通过与其合作伙伴共同成立的武汉蔚能电池 资产有限公司虚增收入和利润，误导投资者，导致GIC遭受投资损失"，引发市场关注。 10月16日盘中，蔚来港股股价跌幅一度扩大至近13%，截至收盘，跌幅收窄至8.99%；当日晚间，蔚来 美股早盘低开近8%，随后很快拉升，收涨0.15%。10月17日，蔚来港股高开超5%，当日最终收涨 2.17%，报50.35港元/股，总市值1229亿港元。 此外，美国证券交易委员会（SEC）亦于2022年9月就做空报告所涉内容向蔚来发出问询，重点关注蔚 能相关交易的会计处理方式。蔚来已按要求向SEC提交回复说明，而此后SEC未就此事项采取进一步行 动。 针对灰熊做空报告，德意志银行、摩根士丹利、JP摩根、大和资本等机构相继发布报告称，不支持灰熊 的报告结论，并指出灰熊提出关于蔚来BaaS的相关质疑，是对BaaS模式的误读，以及混淆相关概念和 数据。德意 ...

蔚来相关人士回应称，本案件不是新发生的事件，并非针对蔚来近期经营状况，源于2022年6月做空机 构灰熊(Grizzly Research LLC)在一份做空报告中对蔚来的不实指控。该报告并无依据，包含许多错误、 无根据的推测以及误导性结论。为保护全体股东权益，2022年8月，公司董事会独立委员会在第三方国 际律所和法证会计师事务所的协助下，针对做空报告完成了独立内部调查，相关指控均无事实依据。 德意志银行研究报告表示，灰熊对蔚来电池资产管理业务的担忧毫无根据，商业模式的元素被严重误 解。 蔚来-SW(09866)回升逾5%，昨日尾盘收跌近9%。截至发稿，涨3.19%，报50.9港元，成交额1.84亿港 元。 消息面上，近日，新加坡政府投资公司(GIC)起诉蔚来的消息引发市场关注。GIC指控蔚来通过与其合 作伙伴共同成立的武汉蔚能电池资产有限公司虚增收入和利润，误导投资者，导致GIC遭受投资损失。 ...

Core Viewpoint - The Singapore Government Investment Corporation (GIC) has filed a lawsuit against NIO, alleging that the company inflated revenue and profits through its partnership with Wuhan Weinan Battery Asset Co., misleading investors and causing GIC to incur investment losses [1][2]. Group 1: Lawsuit Details - GIC claims that NIO misled investors by not disclosing its actual control over Wuhan Weinan, which reportedly generated over $600 million in battery leasing revenue [2][3]. - The lawsuit pertains to GIC's purchase of NIO shares between August 11, 2020, and July 11, 2022, during which GIC alleges it suffered significant losses [3]. - The lawsuit references a short-selling report by Grizzly Research from June 2022, which accused NIO of using an unconsolidated affiliate to exaggerate revenue and profit margins [4][5]. Group 2: Company Response - NIO has responded to the allegations, stating that the lawsuit is not related to its recent operational status and is based on unfounded claims from the Grizzly Research report [1][4]. - An independent investigation was conducted by NIO's board with the assistance of third-party international law firms and forensic accounting firms, concluding that the allegations in the short-selling report lacked factual basis [5]. - Following the release of the Grizzly report, several major financial institutions, including Morgan Stanley and JP Morgan, issued bullish reports on NIO, suggesting that the short-seller's claims may not be accurate [5]. Group 3: Market Impact - Following the news of the lawsuit, NIO's stock price fell significantly, with an 8.99% drop in Hong Kong and a 7% decline in pre-market trading in the U.S. [4]. - The lawsuit has been temporarily suspended by a judge, indicating a potential delay in proceedings [2][5].

Core Viewpoint - The lawsuit initiated by the Government of Singapore Investment Corporation (GIC) against NIO has drawn market attention, stemming from allegations made in a short-seller report by Hindenburg Research in June 2022, which NIO claims are unfounded [2][3]. Group 1: Background of the Lawsuit - NIO's response to the allegations from the short-seller report indicated that the claims were baseless and included numerous errors and misleading conclusions [3]. - An independent internal investigation was conducted by NIO's board with the assistance of third-party legal and forensic accounting firms, which found no evidence supporting the allegations [3][4]. - GIC purchased approximately 54.45 million shares of NIO ADS between August 2020 and July 2022, during which NIO's stock price fluctuated between $13 and $21, peaking at $66.99 [2]. Group 2: Implications of the Lawsuit - GIC's lawsuit accuses NIO of inflating revenue and profits through its partnership in Wuhan Weinan Battery Asset Co., misleading investors and causing financial losses to GIC [6]. - The lawsuit poses a significant challenge to NIO's Battery as a Service (BaaS) model, which has already faced scrutiny from the market [6][7]. - The ongoing legal proceedings may take time, and the outcome will depend on the progress of the court's review [7]. Group 3: Market Reactions - Following the news of the lawsuit, NIO's stock price dropped over 13% at one point on October 16, 2023, before closing down 8.99% in Hong Kong, while its U.S. shares fell over 6% [2]. - The lawsuit adds uncertainty to NIO's financial outlook, especially as the company aims for profitability after significant losses [7].

Core Viewpoint - NIO responds to the lawsuit from Singapore's sovereign wealth fund, GIC, stating that the case is based on false allegations from a short-seller report in June 2022, and that an independent investigation found no factual basis for the claims [1] Group 1: Legal Context - The lawsuit is not a new event and is not related to NIO's recent operational status [1] - The allegations stem from a short-seller report by Grizzly Research, which prompted NIO's board to conduct an independent investigation with the help of third-party legal and forensic accounting firms [1] Group 2: Market Reaction - Following the news, NIO's stock price on the Hong Kong market dropped over 13% at one point, closing down 8.99% [1] - In the U.S. market, NIO's stock fell over 6% after the announcement [1] Group 3: Investment Background - Between August 2020 and July 2022, GIC purchased approximately 54.45 million shares of NIO's American Depositary Shares (ADS) [1] - During this period, NIO's stock price fluctuated between $13 and $21, reaching a historical high of $66.99 [1]

2025.10. 16 公开消息显示，在2020年8月到2022年7月期间，GIC累计买入约5445万股蔚来ADS。根据历史股 价，蔚来的股价曾在此期间在13美元~21美元之间震荡，并一度冲高至66.99美元的历史高位。 争议源头指向三年前灰熊做空报告 2022年6月29日，针对灰熊的做空指控，蔚来发布公告回应称，该报告缺乏依据，其中包含大量错 误、无根据的推测以及误导性的结论和诠释。 数周后，蔚来于2022年8月26日再次发布公告称，公司已针对做空报告完成了独立内部审查，审查 全程由独立委员会在第三方专业顾问的协助下进行，其中包括一家国际律师事务所以及一家知名法务 会计师事务所（非蔚来公司审计师）的法务会计专家，均未发现不当之处，所有指控均不成立。 2022年9月，美国证券交易所SEC也就做空报告一事向蔚来发出问询，就蔚能相关交易的会计处理 要求公司解释说明。蔚来回复后，SEC再未有相关行动。 针对灰熊做空报告，德意志银行、摩根士丹利、JP摩根、大和资本等机构相继发布报告称，不支持 灰熊的报告结论，并指出灰熊提出关于蔚来电池资产管理业务（BaaS）的相关质疑，是对BaaS模 式的误读，以及混淆相关概念和数据 ...

Core Viewpoint - The lawsuit filed by the Government of Singapore Investment Corporation (GIC) against NIO has drawn significant market attention, stemming from allegations related to a short-selling report by Hindenburg Research in June 2022, which NIO claims are unfounded [1][2]. Group 1: Background of the Lawsuit - The lawsuit is not a new event but is linked to previous allegations made by Hindenburg Research, which NIO has consistently denied, asserting that an independent internal investigation found no basis for the claims [1][2]. - GIC had accumulated approximately 54.45 million shares of NIO ADS between August 2020 and July 2022, during which NIO's stock price fluctuated between $13 and $21, peaking at $66.99 [1]. Group 2: Details of the Allegations - GIC accuses NIO of inflating revenue and profits through a partnership with Wuhan Weinan Battery Asset Co., misleading investors and causing financial losses to GIC [4]. - NIO's previous responses to the allegations included independent reviews by third-party legal and accounting firms, which found no wrongdoing [2][4]. Group 3: Market Reaction and Implications - Following the news of the lawsuit, NIO's stock price fell over 13% at one point on October 16, 2023, closing down 8.99% in Hong Kong and over 6% in the U.S. [1]. - The lawsuit poses a significant challenge to NIO's Battery as a Service (BaaS) model, which has been a key innovation for the company [4][5]. Group 4: Broader Context and Strategic Considerations - GIC's legal actions are seen as part of a broader risk management strategy, as the sovereign wealth fund has a history of suing companies for investment losses [4][5]. - The outcome of the lawsuit will depend on the progression of court proceedings in the U.S., which may take time to resolve [5].

Core Viewpoint - NIO's stock price fell by 8.99% to HKD 49.28 on October 16, primarily due to a lawsuit filed by Singapore's Government Investment Corporation (GIC) against the company and its executives for alleged securities fraud [1] Group 1: Lawsuit Details - GIC accuses NIO of inflating revenue and profits through a partnership with Wuhan WeNeng Battery Asset Co., misleading investors and causing GIC to incur investment losses [1] - After the establishment of WeNeng, NIO's revenue surged from CNY 2.85 billion to CNY 6.64 billion in Q4 2020, with GIC reportedly suffering estimated losses between USD 500 million to USD 2 billion from purchasing 54.45 million NIO ADS between August 2020 and July 2022 [1] Group 2: Background on Short Selling - The lawsuit is a continuation of allegations stemming from a short report by Grizzly Research in June 2022, which NIO previously denied, claiming the report contained numerous inaccuracies and misleading conclusions [1] - In response to the short report, NIO conducted an independent internal review, which found no wrongdoing, and major financial institutions like Deutsche Bank and Morgan Stanley supported NIO's business model against Grizzly's claims [2][2]

蔚来于2022年8月26日发布公告称，公司已对做空报告完成独立内部审查，审查全程由独立委员会在第 三方专业顾问的协助下进行，包括一家国际律师事务所，以及一家知名法务会计师事务所（非蔚来公司 审计师）的法务会计专家，均未发现不当之处，所有指控均不成立。 此外，针对灰熊的做空报告，德意志银行、摩根士丹利、JP摩根、大和资本等机构相继发布报告称，不 支持灰熊的报告结论，并指出灰熊提出关于蔚来电池资产管理业务（BaaS）的相关质疑，是对BaaS模 式的误读，混淆了相关概念和数据。 中国基金报报道指出，此起诉讼并非基于蔚来近期经营动态，而是源于2022年6月做空机构灰熊 （Grizzly Research）对蔚来发布的一份做空报告。 针对彼时灰熊指控，蔚来随即发布公告称该报告毫无价值，包含大量错误、未经证实的猜测，以及误导 性结论和诠释。 凤凰网科技讯 10月16日，近日，一则"新加坡政府投资公司（GIC）起诉蔚来"的消息引发市场关注。具 体来看，GIC指控蔚来通过与其合作伙伴共同成立的武汉蔚能电池资产有限公司虚增收入和利润，误导 投资者，导致GIC遭受投资损失。 ...

Core Viewpoint - The Singapore Government Investment Corporation (GIC) has filed a lawsuit against NIO, alleging that NIO inflated revenue and profits through a partnership with Wuhan Weinan Battery Asset Co., misleading investors and causing financial losses to GIC [2]. Group 1: Lawsuit Details - GIC's lawsuit is based on allegations stemming from a short report by Grizzly Research published in June 2022, rather than recent operational developments of NIO [2]. - NIO responded to the accusations in the Grizzly report, stating that it was baseless and contained numerous errors and misleading conclusions [2]. - An independent internal review conducted by NIO in August 2022, with assistance from third-party professionals, found no wrongdoing, and all allegations were deemed unfounded [2]. Group 2: Market Reactions - Major financial institutions such as Deutsche Bank, Morgan Stanley, JP Morgan, and Daiwa Capital released reports supporting NIO, stating that Grizzly's concerns regarding NIO's Battery as a Service (BaaS) model were misinterpretations [3]. - Deutsche Bank specifically noted that Grizzly's worries about the BaaS business model were unfounded and that the elements of the business model were severely misunderstood [3]. Group 3: GIC's Legal History - This is not the first time GIC has initiated lawsuits against publicly traded companies; it has previously sued firms like Qualcomm, Merck, and BP, claiming that certain actions by these companies led to investment losses [3]. - An investment analyst indicated that GIC's actions serve dual purposes: financial claims and as part of a risk management strategy to hedge against potential investment losses during market volatility [3].