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  "documentTitle": "EHang Holdings, Ltd. (EH)",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "Short-seller research note style; uses aggressive language ('abhorrently high', 'fabricated sales').",
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      "text": "EH has only collected cash for 20% of its reported revenues since its IPO, or a grand total of RMB25.2 million ($3.6 million).",
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      "text": "Revenues vs. Change in Accounts Receivable (RMB, Thousands)",
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      "text": "accounts receivable: 80%",
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      "kind": "paragraph",
      "text": "Considering EH's abhorrently high rate of credit sales and its apparent inability to collect them, its allowance for doubtful accounts was only 0.7% of revenue in 2019. We see no justification for EH's lack of a sufficient allowance...",
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      "text": "EH has only collected cash for 20% of its reported revenues since its IPO, or a grand total of RMB25.2 million ($3.6 million). While EH has reported RMB125.5 million (~$18 million) in total revenues since its December 2019 IPO...",
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      "text": "18 EH 2019 20-F, p. F-34; 2020 allowance for doubtful accounts are not disclosed in EH's quarterly earnings PRs",
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      "text": "EH's rapidly growing accounts receivable balance is further evidence to us that much of its revenues are fabricated; EH has only collected a total of ~$3.6 million in cash from its purported sales since its IPO:",
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