The response of Zhongtong Express was shorted by Grizzlies: baseless, including many mistakes and unfounded speculations

CTOnews.com March 3 news, Zhongtong Express responded at noon today that the relevant report was unfounded and contained many errors, unfounded speculation and misleading conclusions and interpretations, as well as a basic understanding of the company's business model and financial reporting structure, and a comprehensive interpretation of the company's public documents.

Zhongtong Express said its board of directors, including the audit committee, was reviewing the allegations and considering appropriate action to protect the interests of all shareholders. The company will make further disclosures in accordance with the applicable rules and regulations of the Securities and Exchange Commission, the New York Stock Exchange and the Stock Exchange of Hong Kong Limited.

CTOnews.com learned from the Zhongtong Express announcement that Zhongtong Express reaffirmed its continued and firm commitment to maintaining high standards of corporate governance and internal controls, as well as transparent and timely disclosure in accordance with applicable rules and regulations. The company reserves all rights to take appropriate action to protect the rights of the company and its shareholders.

Earlier, Grizzlies released a short report on Thursday local time that Zhongtong Express had financial fraud and accused the company of insider theft.