EHang Holdings Limited
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On November 7, 2023, a report from Hindenburg Research surfaced with several accusations against EHang. Key among these was the claim that EHang had not fully disclosed to investors the extensive flight restrictions on its recently certified technology, which purportedly undermines many of its proposed commercial applications. These restrictions include prohibitions on flying in densely populated areas, shared airspace, and beyond the visual line of sight of ground personnel. The report further alleged that, apart from promotional activities, EHang lacks a functional website and tangible evidence of aviation operations under its Prestige Aviation brand, aside from a photoshoot purportedly featuring a jet with a digitally added EHang logo. The report starkly labeled the Company as a potential hazard, posing risks to both investors and passengers.
Following the release of this report, EHang’s stock value dropped significantly, decreasing by $1.90 or 12.7%, and closed at $13.07 per share on the same day, leading to financial losses for its investors.