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  "documentTitle": "EHang Holdings, Ltd. (EH)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-02-16 00:00:00",
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      "text": "Also common with a stock promotion, EH has only collected on a fraction of its reported sales since its mid-December 2019 IPO.",
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      "text": "Typical of a stock promotion, in just 14 months as a publicly traded company, EH’s PR team has put out 50 press releases... However, EH’s constant stream of press releases are easily proven untrue.",
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      "text": "Also common with a stock promotion, EH has only collected on a fraction of its reported sales since its mid-December 2019 IPO. We see EH’s collection rate of only 20% and DSOs at nearly 200 days.",
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      "text": "According to aviation regulators... EH has only received permits for recreational test flights... In no way are these permits endorsements of EH’s “passenger-grade” claims.",
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      "text": "EH has announced numerous “flight certifications” and “long-term” approvals for its “passenger-grade” EH216 in the US, Canada and various countries throughout Europe.",
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      "text": "During the same period, its accounts receivable balance has increased by ~RMB100.3 million (~$14.4 million).",
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      "text": "This means that EH has only collected RMB25.2million (~$3.6 million) in cash since becoming a publicly traded company.",
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      "text": "EH has reported RMB125.5 million (~$18 million) in total revenues since its December 2019 IPO.",
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      "text": "EH also claims in an English PR to have received the “World’s First Commercial Pilot Operation Approval... from China’s CAAC. However, the title of the Chinese version... says nothing about “commercial” or “passenger-grade.”",
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      "text": "collection rate: 20%",
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      "text": "One of the sloppiest details of this “customer/supplier” relationship, the first purported sales agreement between EH and Kunxiang provides that Kunxiang will supposedly pay a per unit (“per set”) price of RMB150 million (~$21.5 million).",
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      "text": "Between September 10, 2019 and October 31, 2019, EH filed a confidentiality request with the SEC to redact the prices on these contracts, likely because the prices are so absurd that they would ruin EH’s credibility.",
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      "text": "2 Globenewswire.com",
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