{
  "docId": "019dd923-622c-750b-8b9a-89ddcca0331a",
  "docSlug": "eeb36d3ea12a",
  "documentTitle": "EHang Holdings, Ltd. (EH)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-02-16 00:00:00",
  "orientation": "portrait",
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  "pageNumber": 29,
  "pageCount": 33,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "comparison_table",
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  "density": "balanced",
  "nDataPoints": 6,
  "notes": "Page 29 of 33. Table evidences a related-party financing scheme; Chinese-language screenshots paired with English translations of Plaintiff, Cause, Court, and Defendant fields.",
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  "slideHref": "/slides/019dd923-622c-750b-8b9a-89ddcca0331a/29",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Third, we suspect that Shenzhen Join-Share might be an investor turned creditor, who might have first invested in EH with a right to redeem its equity, and later found redemption meaningless as EH had moved away assets or funds.",
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      "kind": "list",
      "text": "Third (analytical takeaways): (i) EH's SEC disclosures do not identify or describe the Shenzhen Join-Share in any of EH's loans; (ii) by Q3 2020, EH's RMB 31m long-term debt balance went to zero, so EH had no loan creditors and Join-Share could not sue as a loan creditor; (iii) therefore Shenzhen Join-Share may be a 'convertible creditor' that financed EH through a hybrid security such as a convertible bond which EH violated, consistent with its name 'Shenzhen Join-Share Equity Investment Center.'",
      "attrs": {
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      },
      "kind": "subtitle",
      "text": "See the screenshots below from the Qichacha database, showing Join-Share's lawsuit against EH Guangzhou, and the granted judicial freeze against EH Guangzhou equity.",
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    {
      "bbox": {
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      "kind": "table",
      "text": "Rows: (1) Join-Share vs. Feng Mosai and Hu Huazhi - case Shenzhen Join-Share Equity Investment Center (LP) regarding creditor's right to cancel; first-instance civil; case number (2020) Yui 0106 Min Chu 37035; defendants Feng Mosai, Hu Huazhi; court Guangdong Province Guangzhou City Tianhe District People's Court; hearing 14:30 on 3-24-2021. (2) Join-Share successfully freezes EH Guangzhou equity held by Feng Shasi - related entity Guangzhou EHang Intelligent Technology Co Ltd; case (2020) Yui 0106 Min Chu 17035; number of shares 570,000,000; status frozen; publishing date 2020-12-15; enforcing court Guangdong Province Guangzhou City Tianhe District People's Court.",
      "attrs": {
        "rows": 2,
        "columns": [
          "Court case classification",
          "Qichacha Screenshot",
          "Translation"
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        "language": "zh+en"
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      "matchId": "299dab0c-f13b-431c-8bc9-ecaa6ecf2eaf",
      "evidence": "Uses Qichacha (official Chinese corporate registry) court records as primary documentary evidence.",
      "confidence": 0.7
    },
    {
      "name": "Causal Chain",
      "slug": null,
      "matchId": "cfc9183c-6a64-454f-b457-04bef94d6b2f",
      "evidence": "Numbered takeaways trace a logical chain from absence of SEC disclosure to inferred convertible-creditor structure.",
      "confidence": 0.6
    },
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      "name": "Fraud exposé",
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      "matchId": "f5d8a635-f5ad-4e11-a685-71331874f1fb",
      "evidence": "Argues EH used a related-party convertible-creditor scheme to fabricate revenue and disguise it from SEC disclosures.",
      "confidence": 0.75
    }
  ],
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Multiple slides expose contradictions in EHang's claims and operations.",
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