Hesai Group (HSAI) said Wednesday it "strongly disagrees" with the allegations made in a recent report by Blue Orca Capital.
The short-seller recently alleged, among other things, that Hesai's LiDAR technology is being used in Chinese military vehicles.
The Blue Orca report is "without merit," Hesai said Wednesday. "The company reiterates its continued and unwavering commitment to stringent standards of business ethics and regulatory compliance."
Hesai shares were down 2.3% in recent Wednesday premarket activity after closing 7.8% lower Tuesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.