$HSAI

Note: I am not personally that familiar with Blue Orca:

Blue Orca Capital short Hesai, calls company 'a Nasdaq-listed Chinese scam'

In a recently published report, Blue Orca Capital says it is short Hesai Group, which in its opinion is "a Nasdaq-listed Chinese scam actively lying to investors, the Department of Defense, and a United States federal court." Blue Orca believes "it dishonestly attempts to escape its designation as a 'Chinese military company' by insisting that it has no involvement with the Chinese military. Yet, we found clear smoking-gun photographic and video evidence that Chinese military vehicles are outfitted with Hesai LiDAR systems.

Nor do we trust Hesai's financial disclosures. It claims revenues that, in our opinion, do not appear to be consistent with the purchasing volumes of its largest customer. It claims industry leading margins which defy the laws of financial physics. It claims that its business has finally turned a corner to sustained profitability while failing to disclose to investors that it has lost its largest customer and it is laying off up to 30% of its employees.

In short, we think Hesai is full of lies, from its suspect financials to its denials made to the government and in court regarding its LiDAR and the Chinese military. In our opinion, it is completely untrustworthy as a business and uninvestable as a stock."