《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 ...

Core Viewpoint - The recent lawsuit filed by the Government of Singapore Investment Corporation (GIC) against NIO has raised market concerns, although NIO claims the case is not new and stems from unfounded allegations made by a short-seller in 2022 [3][6]. Summary by Sections Background of the Lawsuit - The lawsuit is linked to a short-selling report by Hindenburg Research in June 2022, which NIO responded to by stating that the report lacked evidence and contained numerous inaccuracies [4]. - NIO conducted an independent internal investigation with the help of third-party legal and forensic accounting firms, concluding that all allegations were unfounded [4][6]. Market Reaction - Following the news of the lawsuit, NIO's stock price fell over 13% at one point on October 16, 2023, before closing down 8.99% in Hong Kong, while its U.S. stock dropped over 6% [3]. GIC's Allegations - GIC alleges that NIO inflated revenue and profits through its partnership with Wuhan Weien Battery Asset Co., misleading investors and causing GIC to incur investment losses [6]. - A source close to NIO argues that the company's financial disclosures have been thoroughly reviewed by regulators in multiple jurisdictions, including Hong Kong, where the BaaS model was deemed compliant [6]. Implications of the Lawsuit - The lawsuit poses a significant challenge to NIO's innovative Battery as a Service (BaaS) model, which has already faced scrutiny from short-sellers [6]. - 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 [6]. Broader Context - The lawsuit highlights the ongoing volatility in the market and the potential for further scrutiny of high-growth companies like NIO, especially in light of previous short-selling activities [7]. - The outcome of the lawsuit remains uncertain and will depend on the progression of court proceedings in the U.S., which may take time [7].

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 - NIO is facing a lawsuit from Singapore's sovereign wealth fund, GIC, which accuses the company of inflating revenue and profits through a partnership, leading to investor losses. The lawsuit is based on allegations from a short-seller report from Grizzly Research published in June 2022, which NIO has previously refuted as baseless and misleading [1][2]. Group 1 - GIC's lawsuit claims that NIO misled investors regarding its financial performance through the establishment of Wuhan Weinan Battery Asset Co., Ltd. [1] - The allegations stem from a short-seller report by Grizzly Research, which NIO publicly dismissed as containing numerous errors and unverified speculations [1][2]. - NIO conducted an independent internal review in August 2022, which found no wrongdoing, and the U.S. stock exchange did not take further action following inquiries related to the short-seller report [1]. Group 2 - Major financial institutions, including Deutsche Bank, Morgan Stanley, JP Morgan, and Daiwa Capital, have released reports supporting NIO and disputing the conclusions of the Grizzly Research report, stating that concerns regarding NIO's Battery as a Service (BaaS) model are misinterpretations [2]. - GIC has a history of filing lawsuits against various multinational companies, indicating a pattern of seeking financial redress and managing risks through legal means during market volatility [2].