Qifu Technology says short seller report is ‘without merit’

Qifu Technology issues the following preliminary responses to the key claims made in a report by Grizzly Research, a short seller, on September 26, 2024. The company said, “The Company believes that the Report is without merit and contains inaccurate information, flawed analyses, misleading conclusions and interpretations regarding information relating to the Company. Specifically: The SAMR Financial Data Used in the Report is Completely Wrong…Rebuttal of Unsubstantiated Media Reports about the Company’s Regional Headquarters…Rebuttal of Unsubstantiated Financial Manipulation Claim and Relationship between Shanghai Qibutianxia and the Company…Rebuttal of Unsubstantiated Claim about Delinquency Rates and Provisions…Non-Risk-Bearing Loans are Irrelevant to Leverage Ratio…Rebuttal of Unsubstantiated Claim About Loan Annual Interest Rates…The Company emphasizes its continued and unwavering commitment to maintaining high standards of corporate governance and internal control, as well as transparent and timely disclosure in compliance with applicable rules and regulations. To protect the interests of the Company and its shareholders, the Company will vigorously defend itself against false and baseless claims made by short seller reports. The Company’s board of directors, including the audit committee, is reviewing the allegations and considering the appropriate course of action to protect the interests of all shareholders. The Company will make additional disclosures in due course consistent with the requirements of applicable rules and regulations of the U.S. Securities and Exchange Commission, The Nasdaq Stock Market, and The Stock Exchange of Hong Kong Limited.”