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2025-10-23

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Nio suspected of financial fraud? Singapore Government Fund Sues, Li Bin Encounters Big Trouble

新加坡政府主权财富基金，向法院状告蔚来涉嫌财务造假，直接涉及蔚来引以为傲的换电模式。GIC指控为例涉嫌财务造假，有夸大收入和利润的行为，并隐瞒对蔚能的实际控制关系，从而误导投资者导致其蒙受损失。这样一家机构对蔚来的指控和诉讼，显然不会是无的放矢。GIC对于蔚来的核心指控，主要有两点。

Nio suspected of financial fraud? Singapore Government Fund Sues, Li Bin Encounters Big Trouble

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":492276684218520,"tweetId":"492276684218520","gmtCreate":1761207296946,"gmtModify":1761207300870,"author":{"id":3561548364525556,"idStr":"3561548364525556","authorId":3561548364525556,"authorIdStr":"3561548364525556","name":"Jack in the Stock","avatar":"https://community-static.tradeup.com/news/ef3c19f727783ca8030d5aab5b19df10","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":3,"crmLevelSwitch":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.83%","individualDisplayEnabled":0},"individualDisplayBadges":[],"fanSize":511,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body><p>Old news</p></body></html>","htmlText":"<html><head></head><body><p>Old news</p></body></html>","text":"Old news","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/492276684218520","repostId":2577201963,"repostType":2,"repost":{"id":"2577201963","kind":"news","pubTimestamp":1761201955,"share":"https://ttm.financial/m/news/2577201963?lang=en_US&edition=fundamental","pubTime":"2025-10-23 14:45","market":"us","language":"zh","title":"Nio suspected of financial fraud? Singapore Government Fund Sues, Li Bin Encounters Big Trouble","url":"https://stock-news.laohu8.com/highlight/detail?id=2577201963","media":"起点财经","summary":"新加坡政府主权财富基金，向法院状告蔚来涉嫌财务造假，直接涉及蔚来引以为傲的换电模式。GIC指控为例涉嫌财务造假，有夸大收入和利润的行为，并隐瞒对蔚能的实际控制关系，从而误导投资者导致其蒙受损失。这样一家机构对蔚来的指控和诉讼，显然不会是无的放矢。GIC对于蔚来的核心指控，主要有两点。","content":"<p><html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20251023145522036v1526s1aie1ehen\"/>Author: Xiangshi Automobile</p><p>Source: Xiangshi Automobile</p><p>Article is authorized</p><p>The capital market is thundering again!<a href=\"https://laohu8.com/S/NIO\">Nio</a>Sales have just picked up, but a shocking \"scandal\" has been exposed.</p><p>Singapore's government sovereign wealth fund sued the court<a href=\"https://laohu8.com/S/09866\">Nio</a>Suspected of financial fraud, directly involving<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>Proud battery swap mode.</p><p>This lawsuit not only tore open the acne of the crazy expansion of the new energy track, but also made Nio \"profitable in the fourth quarter\"<a href=\"https://laohu8.com/S/600303\">dawn</a>To cast a shadow.</p><p>When the sword of Damocles of financial fraud hangs high, Li Bin's \"Nio\"<a href=\"https://laohu8.com/S/00776\">Empire</a>\"Can you escape this life and death robbery? Li Bin is in big trouble this time.</p><p><strong>1. Nio Motors was sued</strong></p><p>Suddenly, negative news broke out of Nio Motors.</p><p>According to Bloomberg and other media reports, Singapore's sovereign wealth fund, Singapore Government Investment Corporation (GIC), has filed a lawsuit against Nio Motors and founder Li Bin and other executives in US courts.</p><p>GIC alleged that it was suspected of financial fraud, exaggerated income and profits, and concealed its actual control over Weineng, thereby misleading investors and causing it to suffer losses.</p><p>Affected by this news, Nio's Hong Kong stock market plummeted by about 13% on October 16, and its market value evaporated by more than 17 billion yuan.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20251023145523860v1529w0zxzpaw89\"/>According to public information, GIC was established on May 22, 1981 and is headquartered in Singapore. It is a global investment management company wholly owned by the Singapore government and the largest international investment institution.</p><p>It is responsible for managing the Singapore government's national foreign exchange reserves and overseas reserves with a scale of over US $100 billion<span>Assets</span>, the AUM is comparable to Buffett's Berkshire Hathaway.</p><p>Obviously, GIC is a serious formal institution with an official government background, and it is by no means a reckless \"radical investor\".</p><p>Such an institution's accusations and lawsuits against Nio will obviously not be aimless.</p><p><strong>2. Suspected of financial fraud?</strong></p><p>GIC's core accusations against Nio mainly include two points.</p><p>First, under the unique \"battery leasing service\" model, Nio is developing to Weineng (Nio and<a href=\"https://laohu8.com/S/300750\">Ningde era</a>When the joint venture company sells batteries, all battery sales revenue is recognized at one time. GIC believes that this income should be gradually recognized as users pay rent on a monthly basis.</p><p>GIC accused Nio in the lawsuit of establishing Wei Neng specifically to \"optimize\" financial statements. As a result, in the fourth quarter of 2020, Nio's revenue soared 133% year-on-year, from 2.85 billion yuan to 6.64 billion yuan.</p><p>GIC believes that if revenue was recognized in a compliant and gradual manner, Nio's performance at that time would not be so high, and it was suspected of expanding revenue and profits.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20251023145526165v152ihk6lxogvnu\"/>Second, GIC accused Weineng of not being an independent company, but actually a \"shell\" entity substantially controlled by Nio.</p><p>If this view is true, then Nio will consolidate Weineng's financial data into the statement, and the previous one-time revenue recognition will be invalid, and the performance will not skyrocket at all.</p><p>The evidence provided by GIC is that although Nio only holds 19.84% of Weineng's shares, which is just below the 20% threshold, Nio's actual economic benefits to Weineng through accounts receivable and guarantees are as high as 55%.</p><p>Moreover, Weineng relies on Nio for all its businesses and lacks operating autonomy. Its battery types, quantities, rent pricing, etc. are all determined by Nio.</p><p><strong>3. Li Bin is in big trouble</strong></p><p>The fuse of GIC's lawsuit against Nio can be traced back to June 2022. At that time, Grizzly Research, an American short-selling agency, released a report questioning Nio's exaggeration of revenue and profits through Wei.</p><p>Grizzlies pointed out that Nio's sale of batteries to Wuhan Weineng was to include the 7-year order revenue into the annual revenue at one time, thereby increasing the performance level of that year.</p><p>It is reported that GIC has purchased a total of 54.45 million shares of Nio ADSs from August 2020 to July 2022.</p><p>However, with the release of the Grizzlies short-selling report, Nio's stock price fell sharply, causing GIC to suffer huge losses. According to the stock price fluctuation, the loss may reach 500 million to 2 billion US dollars.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20251023145543449v152ksrfiyxg5gt\"/>Intriguingly, GIC did not act immediately after the short-selling report in 2022 was exposed, but chose to \"settle accounts after the fall\" three years later.</p><p>This is just like the layout of Go masters-waiting for the opponent to reveal more flaws, collecting a more sufficient evidence chain, and waiting for sufficient evidence and loss confirmation.</p><p>Such a strategy of GIC not only reflects the litigation wisdom of \"pre-emptive\", but also means a serious action that is prepared.</p><p>With the hot sales of Ledao L90 and Nio ES8, Nio has already seen the dawn of turning losses into profits, and is about to sweep away the haze of cumulative losses exceeding 100 billion yuan, but now this lawsuit is like a dark cloud hanging ahead. This time, Li Bin encountered a lot of trouble.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20251023145549016v152zz5u91w1vg5\"/>The \"magic\" of the battery business was pushed into the dock, the ghost of financial doubts lingered, and Nio walked on the tightrope of the capital market.</p><p>If Nio's financial fraud is confirmed, not only may this year's tens of billions of financing plans fall through, but it may also trigger a chain reaction: suppliers tighten accounting periods, consumer confidence collapses, stock prices fall into the abyss, and the capital chain breaks.</p><p>In the cold winter when new forces such as Weimar and Gaohe have fallen one after another, the giant ship of Nio is sailing towards unprecedented stormy waves.</p><p>Whether Nio can survive this storm of integrity will test not only its operating ability, but also the last trust of the market in it.</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio suspected of financial fraud? 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Singapore Government Fund Sues, Li Bin Encounters Big Trouble\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">起点财经</strong><span class=\"h-time small\">2025-10-23 14:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20251023145522036v1526s1aie1ehen\"/>Author: Xiangshi Automobile</p><p>Source: Xiangshi Automobile</p><p>Article is authorized</p><p>The capital market is thundering again!<a href=\"https://laohu8.com/S/NIO\">Nio</a>Sales have just picked up, but a shocking \"scandal\" has been exposed.</p><p>Singapore's government sovereign wealth fund sued the court<a href=\"https://laohu8.com/S/09866\">Nio</a>Suspected of financial fraud, directly involving<a href=\"https://laohu8.com/S/NIO.SI\">Nio</a>Proud battery swap mode.</p><p>This lawsuit not only tore open the acne of the crazy expansion of the new energy track, but also made Nio \"profitable in the fourth quarter\"<a href=\"https://laohu8.com/S/600303\">dawn</a>To cast a shadow.</p><p>When the sword of Damocles of financial fraud hangs high, Li Bin's \"Nio\"<a href=\"https://laohu8.com/S/00776\">Empire</a>\"Can you escape this life and death robbery? Li Bin is in big trouble this time.</p><p><strong>1. Nio Motors was sued</strong></p><p>Suddenly, negative news broke out of Nio Motors.</p><p>According to Bloomberg and other media reports, Singapore's sovereign wealth fund, Singapore Government Investment Corporation (GIC), has filed a lawsuit against Nio Motors and founder Li Bin and other executives in US courts.</p><p>GIC alleged that it was suspected of financial fraud, exaggerated income and profits, and concealed its actual control over Weineng, thereby misleading investors and causing it to suffer losses.</p><p>Affected by this news, Nio's Hong Kong stock market plummeted by about 13% on October 16, and its market value evaporated by more than 17 billion yuan.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20251023145523860v1529w0zxzpaw89\"/>According to public information, GIC was established on May 22, 1981 and is headquartered in Singapore. It is a global investment management company wholly owned by the Singapore government and the largest international investment institution.</p><p>It is responsible for managing the Singapore government's national foreign exchange reserves and overseas reserves with a scale of over US $100 billion<span>Assets</span>, the AUM is comparable to Buffett's Berkshire Hathaway.</p><p>Obviously, GIC is a serious formal institution with an official government background, and it is by no means a reckless \"radical investor\".</p><p>Such an institution's accusations and lawsuits against Nio will obviously not be aimless.</p><p><strong>2. Suspected of financial fraud?</strong></p><p>GIC's core accusations against Nio mainly include two points.</p><p>First, under the unique \"battery leasing service\" model, Nio is developing to Weineng (Nio and<a href=\"https://laohu8.com/S/300750\">Ningde era</a>When the joint venture company sells batteries, all battery sales revenue is recognized at one time. GIC believes that this income should be gradually recognized as users pay rent on a monthly basis.</p><p>GIC accused Nio in the lawsuit of establishing Wei Neng specifically to \"optimize\" financial statements. As a result, in the fourth quarter of 2020, Nio's revenue soared 133% year-on-year, from 2.85 billion yuan to 6.64 billion yuan.</p><p>GIC believes that if revenue was recognized in a compliant and gradual manner, Nio's performance at that time would not be so high, and it was suspected of expanding revenue and profits.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20251023145526165v152ihk6lxogvnu\"/>Second, GIC accused Weineng of not being an independent company, but actually a \"shell\" entity substantially controlled by Nio.</p><p>If this view is true, then Nio will consolidate Weineng's financial data into the statement, and the previous one-time revenue recognition will be invalid, and the performance will not skyrocket at all.</p><p>The evidence provided by GIC is that although Nio only holds 19.84% of Weineng's shares, which is just below the 20% threshold, Nio's actual economic benefits to Weineng through accounts receivable and guarantees are as high as 55%.</p><p>Moreover, Weineng relies on Nio for all its businesses and lacks operating autonomy. Its battery types, quantities, rent pricing, etc. are all determined by Nio.</p><p><strong>3. Li Bin is in big trouble</strong></p><p>The fuse of GIC's lawsuit against Nio can be traced back to June 2022. At that time, Grizzly Research, an American short-selling agency, released a report questioning Nio's exaggeration of revenue and profits through Wei.</p><p>Grizzlies pointed out that Nio's sale of batteries to Wuhan Weineng was to include the 7-year order revenue into the annual revenue at one time, thereby increasing the performance level of that year.</p><p>It is reported that GIC has purchased a total of 54.45 million shares of Nio ADSs from August 2020 to July 2022.</p><p>However, with the release of the Grizzlies short-selling report, Nio's stock price fell sharply, causing GIC to suffer huge losses. According to the stock price fluctuation, the loss may reach 500 million to 2 billion US dollars.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20251023145543449v152ksrfiyxg5gt\"/>Intriguingly, GIC did not act immediately after the short-selling report in 2022 was exposed, but chose to \"settle accounts after the fall\" three years later.</p><p>This is just like the layout of Go masters-waiting for the opponent to reveal more flaws, collecting a more sufficient evidence chain, and waiting for sufficient evidence and loss confirmation.</p><p>Such a strategy of GIC not only reflects the litigation wisdom of \"pre-emptive\", but also means a serious action that is prepared.</p><p>With the hot sales of Ledao L90 and Nio ES8, Nio has already seen the dawn of turning losses into profits, and is about to sweep away the haze of cumulative losses exceeding 100 billion yuan, but now this lawsuit is like a dark cloud hanging ahead. This time, Li Bin encountered a lot of trouble.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20251023145549016v152zz5u91w1vg5\"/>The \"magic\" of the battery business was pushed into the dock, the ghost of financial doubts lingered, and Nio walked on the tightrope of the capital market.</p><p>If Nio's financial fraud is confirmed, not only may this year's tens of billions of financing plans fall through, but it may also trigger a chain reaction: suppliers tighten accounting periods, consumer confidence collapses, stock prices fall into the abyss, and the capital chain breaks.</p><p>In the cold winter when new forces such as Weimar and Gaohe have fallen one after another, the giant ship of Nio is sailing towards unprecedented stormy waves.</p><p>Whether Nio can survive this storm of integrity will test not only its operating ability, but also the last trust of the market in it.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251023145605a47001fe&s=b\">起点财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK4588":"碎股","BK4548":"巴美列捷福持仓","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0052750758.USD":"富兰克林中国基金A Acc","BK4574":"无人驾驶","BK4509":"腾讯概念","BITA":"易车","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","09866":"蔚来-SW","BK4532":"文艺复兴科技持仓","BK4581":"高盛持仓","BK4531":"中概回港概念","BK4099":"汽车制造商","NIO":"蔚来","BK4526":"热门中概股","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","NIO.SI":"蔚来","BK4555":"新能源车","BK4505":"高瓴资本持仓","BK4504":"桥水持仓"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251023145605a47001fe&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2577201963","content_text":"作者：象视汽车来源：象视汽车文章已获授权资本市场又现惊雷！蔚来销量刚有起色，却被爆出惊天“丑闻”。新加坡政府主权财富基金，向法院状告蔚来涉嫌财务造假，直接涉及蔚来引以为傲的换电模式。这场诉讼，不仅撕开了新能源赛道疯狂扩张的暗疮，更让蔚来“第四季度盈利”的曙光蒙上阴影。当财务造假的达摩克利斯之剑高悬，李斌的“蔚来帝国”能否躲过这场生死劫？李斌这一次，遇到大麻烦了。1. 蔚来汽车被起诉突然之间，蔚来汽车爆出负面消息。综合彭博社等多家媒体报道，新加坡主权财富基金——新加坡政府投资公司（GIC），已在美国法院对蔚来汽车，以及创始人李斌等高管提起诉讼。GIC指控为例涉嫌财务造假，有夸大收入和利润的行为，并隐瞒对蔚能的实际控制关系，从而误导投资者导致其蒙受损失。受此消息影响，蔚来港股10月16日一度暴跌约13%，市值蒸发超170亿元。公开资料显示，GIC成立于1981年5月22日，总部位于新加坡，是新加坡政府全资持有的全球投资管理公司及最大国际投资机构。其负责管理新加坡政府旗下，超千亿美元规模的国家外汇储备及海外资产，资产管理规模与巴菲特执掌的Berkshire Hathaway相当。显然，GIC是一家具有官方政府背景的严肃正规机构，绝非莽撞的“激进投资者”。这样一家机构对蔚来的指控和诉讼，显然不会是无的放矢。2. 涉嫌财务造假？GIC对于蔚来的核心指控，主要有两点。第一，独特的“电池租赁服务”模式下，蔚来在向蔚能（蔚来与宁德时代的合资公司）销售电池时，一次性确认了全部电池销售收入。而GIC认为，这笔收入是应随着用户按月支付租金而逐步确认。GIC在诉讼中指控蔚来，成立蔚能专门用于“优化”财务报表。结果是2020年第四季度，蔚来收入同比暴涨133%，从28.5亿元增至66.4亿元。GIC认为，若按合规的渐进方式确认收入，蔚来当时业绩不会有那么高，涉嫌扩大收入和利润。第二，GIC指控蔚能并非独立公司，实际上受蔚来实质控制的“空壳”实体。如果这个观点成立，那么蔚来就要将蔚能财务数据合并报表，此前的一次性收入确认即告无效，业绩根本就不会暴涨。GIC的提供的证据是，虽然蔚来只持有蔚能19.84%股份，刚好低于20%门槛，但是蔚来通过应收账款和担保，对蔚能的实际经济利益高达55%。而且，蔚能全部业务均依赖蔚来，缺乏经营自主权，其电池类型、数量、租金定价等均由蔚来决定。3. 李斌遇到大麻烦GIC起诉蔚来这场官司的导火索，可追溯至2022年6月。当时美国做空机构灰熊研究发布报告，质疑蔚来通过蔚能夸大收入和利润。灰熊指出，蔚来向武汉蔚能出售电池，是将7年的订单收入一次性纳入到年收入中，借此抬高当年业绩水平。据悉，GIC在2020年8月至2022年7月间累计买入5445万股蔚来ADS。但是随着灰熊做空报告的发布，蔚来股价大幅下跌，导致GIC遭受巨额损失，按股价波动估算，损失可能达5亿至20亿美元。耐人寻味的是，GIC并未在2022年做空报告曝光后立即行动，而是选择在三年后“秋后算账”。这恰似围棋高手布局——等待对手露出更多破绽，收集更充分的证据链，等待充分证据和损失确认。GIC这样的策略，不仅体现出“后发制人”的诉讼智慧，而且也意味着是有备而来的严肃行动。随着乐道L90和蔚来ES8的热销，蔚来本已看见扭亏为盈的曙光，将要一扫累计亏损超1000亿元的阴霾，但是如今这起诉讼却像一团乌云笼罩前方。李斌这一次，遇到的麻烦真不小。电池业务的“魔术”被推上被告席，财务质疑的幽灵徘徊不去，蔚来在资本市场的钢丝上行走。若蔚来财务造假坐实，不仅今年的百亿融资计划可能泡汤，更可能引发连锁反应：供应商收紧账期、消费者信心崩塌、股价跌入深渊、资金链断裂。在威马、高合等新势力接连倒下的寒冬里，蔚来这艘巨轮正驶向前所未有的惊涛骇浪。蔚来能否在这场诚信风暴中幸存，考验的不仅是它的经营能力，更是市场对它的最后一丝信任。","news_type":1,"symbols_score_info":{"NIO":1.5,"BITA":1.5,"NIO.SI":0.6,"EVS.SI":0.6,"09866":0.6}},"isVote":1,"tweetType":1,"viewCount":644,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}