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  "documentTitle": "EHang Holdings, Ltd. (EH)",
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  "presentationDate": "2021-02-16 00:00:00",
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      "text": "Today, we reveal why we believe EHang (NASDAQ: EH) is an elaborate stock promotion, built on largely fabricated revenues based on sham sales contracts with a customer who appears to us to be more interested in helping inflate the value of its investment in EH.",
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      "text": "Today, we reveal why we believe EHang (NASDAQ: EH) is an elaborate stock promotion, built on largely fabricated revenues based on sham sales contracts with a customer who appears to be more interested in helping inflate the value of its investment in EH.",
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      "text": "We conclude that EH's relationship with its primary purported customer is a sham. Government records and credit reports show that EH's major customer is Shanghai Kunxiang Intelligent Technology Co., Ltd.",
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      "text": "(i) Kunxiang has an exaggerated physical presence... (ii) To the extent Kunxiang actually does sell vehicles, it did not want to sell EH's products... (iii) Kunxiang appears to be a willing participant in EH's stock promotion... (iv) As is common with a sham customer, SAIC files and national credit reports show that Kunxiang was established just 9 days before it signed a RMB450 million sales contract.",
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      "text": "Report Date: February 16, 2021. Company: EHang Holdings, Ltd. Ticker: EH US. Industry: Transportation Services. Stock Price (USD): $124.10. Market Cap (USD, Millions): $6,791.3",
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      "text": "All currency conversions in this report have been done at the exchange rate used in EH's 2019 20-F, $1.00 = RMB6.9618",
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