- On May 25, 2025, the company's management held a remote video conference call with the project company in Turkey.
- From May 19th to 21st, 2025, the company's management accompanied senior executives from Singapore and Malaysia to visit enterprises in Huangshan and Wuhu.
- From May 12th to 18th, 2025, the company's management accompanied a delegation of eight former ambassadors from the Ministry of Foreign Affairs on visits, investigations and research in Hefei, Wuhu and Huangshan.
- From May 6th to 9th, 2025, the company's management team visited and inspected places such as the Ningguo Xuanshi Museum and the Huangshan Wujixue Mineral Water Company.
- May 1st to 5th, 2025 coincides with the International Workers' Day.
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Following Ruixing Coffee, iQiyi also broke financial fraud
A short seller firm has accused Chinese video-streaming platform Iqiyi of reporting inflated revenue figures and user numbers in 2019, following just days after US-listed Luckin Coffee's explosive revenue fraud disclosure last Thursday.
The Beijing-based company often referred to as the "Netflix of China" is another high-profile target for short sellers following beverage chain Luckin Coffee's spectacular downfall, as US-listed Chinese companies find themselves under increasing scrutiny.
Muddy Waters Research tweeted a link to a Wolfpack Research report on Tuesday, alleging that Iqiyi had inflated its 2019 revenue by 27% to 44% and overstated user numbers by 42% to 60%.
The Wolfpack report claimed Iqiyi had also blown up its expenses, the prices it pays for content, other assets, and acquisitions "in order to burn off fake cash to hide the fraud from its auditor and investors."
The research, which Muddy Waters assisted with, included a survey of 1,563 people in Iqiyi's target demographic which found that VIP users of the video streaming site often scored free memberships through package deals with its partners, including Xiaomi TV and JD.com.
The company records the membership revenue in full and lists its partner's share as expenses, inflating both revenue and expenditures, according to the report.
Iqiyi said in a statement Wednesday that a report by short seller Wolfpack Research "contains numerous errors, unsubstantiated statements and misleading conclusions and interpretations."
Nasdaq-listed Iqiyi did not provide details backing its claims about the report, but said that it has always been committed to maintaining "high standards of corporate governance and internal control" in compliance with US securities regulations.