Shares of Chinese electric vehicle maker Nio plunged 11.4% to HK$165.5 ($21) in Hong Kong on Wednesday, after short-seller Grizzly Research released a report accusing the company of overstating its net income by as much as 95%. Nio denied the allegations in a statement published on Wednesday, saying that the report is without merit and contains numerous errors, unsupported speculations, and misleading conclusions. The report claimed that the automaker has been selling an excessive amount of battery packs to a related party which inflated its revenue and net income by RMB 1.47 billion ($220 million) and RMB 294 million, respectively, during the first nine months of 2021. [Nio]