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  "documentTitle": "EHang Holdings, Ltd. (EH)",
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  "authorName": "Wolfpack Research",
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  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "Page 24 of 33. Combines a video-still illustration, narrative prose, a block pull-quote from EH's 20-F, and concluding analytical paragraph.",
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      "kind": "callout",
      "text": "The key word here is “imagines” because EHang hasn’t built anything that even resembles what is shown in the video clip above.",
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      "text": "Concept render/video still of an EHang autonomous aerial vehicle on a circular E-Port pad with overlaid EHang Nasdaq Listed branding and gifs.com watermark; caption reads 'Neither runway nor ground space are required for aerial vehicles to take off and...'",
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      "kind": "paragraph",
      "text": "Analytical close: management apparently chose to lie to investors in one jurisdiction about regulatory approvals in others, rather than risk the share price by telling the truth.",
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      "kind": "paragraph",
      "text": "EH is much better at making renderings than producing things; the clip below shows how EH 'imagines' its E-Port working.",
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      "kind": "paragraph",
      "text": "Setup: EH216 must receive airworthiness certificates and type approvals in every jurisdiction; EH lists this as its top risk factor in its 2019 20-F.",
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      "kind": "quote",
      "text": "'In the jurisdictions where we sell and plan to sell our products, the commercial use of our passenger-grade AAVs... is subject to an uncertain or lengthy approval process; we cannot predict when regulations will change... we may be limited in, or completely restricted from, growing our business in the foreseeable future.'",
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      "text": "In the jurisdictions where we sell and plan to sell our products, the commercial use of our passenger-grade AAVs, and in some cases our non-passenger-grade AAVs, is subject to an uncertain or lengthy approval process; we cannot predict when regulations will change, and any new regulations may impose onerous requirements and restrictions with which we, our AAVs and our potential customers may be unable to comply. As a result, we may be limited in, or completely restricted from, growing our business in the foreseeable future. — EHang 2019 20-F",
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      "text": "23 https://youtu.be/d66MoI4GdFs?t=128 ; 24 EH 2019 20-F, p. 5",
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      "text": "EH's misleading claims about regulatory approvals:",
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