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  "documentTitle": "Faraday Future Intelligent Electric Inc. (FFAI)",
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  "presentationDate": "2025-09-11 00:00:00",
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  "notes": "This is a research note page focusing on fraud exposure and corporate governance concerns.",
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      "text": "We think this is grossly misleading considering that not only does Nature's Miracle not have enough cash to buy $100 million in vehicles from FFAI; it does not even have the cash to preorder 1,000 vehicles at $100 apiece.",
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      "text": "According to his LinkedIn, James Li, the founder and CEO of Nature’s Miracle, also attended this same school of business in 2011. Unfortunately, the only proof we can provide is these screenshots because, for some reason, James Li appears to have deleted his LinkedIn page.",
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      "text": "We think the most plausible explanation for this “deal” (apart from the fact that the announcement gave both companies a boost in stock price) is that YT and the CEO of Nature’s Miracle probably know each other from their time in the Cheung Kong Graduate School of Business. According to reporting in China, this is an exclusive graduate school for budding executives and a way for wealthy executives to build up their networks. YT reportedly went to this school in 2011.",
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      "text": "For preorders sold to gullible retail enthusiasts and consumers, this entails a fully refundable (we cannot confirm refundability: FFAI does not always pay its debts) and non-binding $100 deposit. However, it appears that 4,800 of the preorders (excluding Nature’s Miracle) are B2B, and these appear to be mostly fluff. A significant portion of the B2B preorders were made with influencer promotion networks (which connect brands with pre-vetted influencers for marketing campaigns), which we think only shows a demand for FFAI advertising dollars.",
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      "kind": "paragraph",
      "text": "YT has recently announced that it has over 10,000 preorders for its rebranded Wey Gaoshan minivan, but we think that number is grossly misleading. Firstly, every one of these preorders is non-binding.",
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      "text": "Investors apparently took notice, however, when Nature’s Miracle Holding Inc (NMHI) announced a preorder of 1,000 vehicles and claimed in its headline of the press release that this deal could be worth up to $100 million.",
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      "text": "We think this is grossly misleading considering that not only does Nature’s Miracle not have enough cash to buy $100 million in vehicles from FFAI; it does not even have the cash to preorder 1,000 vehicles at $100 apiece. Yes, Nature’s Miracle’s latest 10-Q shows it has less than $10,000 in cash and cash equivalents. Its market cap is less than $2 million. Where is it going to get the money for this deal? We consider these preorders from Nature’s Miracle to be fake.",
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      "kind": "title",
      "text": "We Think FFAI’s Pre-Orders Are Fluff with 1,000 Vehicles Ordered by a Penny-Stock Company Ran by YT’s Classmate, And Many More Made by Influencer Promotion Networks",
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