China’s Hesai has denied short-seller allegations that the world’s biggest maker of laser sensors for electric vehicles has misled investors over financial reporting and alleged ties to the People’s Liberation Army.
Shares in the Nasdaq-listed group closed 7.8 per cent lower in New York on Tuesday, marking the latest challenge to the Shanghai-based company that is suing the Pentagon over its designation as a military-affiliated company.
The hit to Hesai’s stock came after Blue Orca Capital, a Texas-based short seller, released a report alleging the tech group was “dishonest” in insisting it was not involved with the Chinese military.
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