【行业研报】浑水做空-Vivion公司(英)_市场营销策划_重点报告20230803_doc.docx

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1、MuddyWatersCapita111Cinibmuddywatcrsrcscarch.wmDirectorofResearch:CarsonC.B1OCkTheseTermsofUsegoverncurrentreportspub1ishedbyMuddyWatersResearchandsupersedeanypriorTermsofUseforo1derreportsofMuddyVVatersResearch,whichyoumaydown1oadfromtheMuddyWatersResearchswebsite.Thereportsonthiswebsitehavebeenpre

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9、othefo11owingTermsofUse.Youagreethatuseoftheresearchonthiswebsiteisatyourownrisk.You(oranypersonyouareactingasagentfor)agreetoho1dharm1essMuddyWatersResearch,MuddyWatersCapita1anditsaffi1iatesandre1atedpaies.inc1uding,butnot1imitedtoanyprincipa1s,officers,directors,emp1oyees,members,c1ients,investor

10、s,consu1tantsandagents(co11ective1y,the“MuddyWatersRe1atedPersons)foranydirectorindirect1osses(inc1udingtrading1osses)attributab1e(oanyinformationonthiswebsiteorinaresearchreport.Youfurtheragreetodoyourownresearchandduedi1igencebeforemakinganyinvestmentdecisionwithrespecttosecuritiesofheissuerscover

11、edherein(each,aCoveredIssuer*)oranyotherfinancia1instrumentsthatreferencetheCoveredIssueroranysecuritiesissuedbytheCoveredIssuer.Yourepresentthatyouhavesufficientinvestmentsophisticationtocritica11yassesstheinformation,ana1ysisandopiniononthiswebsite.Youfurtheragreethatyouwi11notcommunicatetheconten

12、tsofreportsandothermateria1sonthissitetoanyotherpersonun1essthatpersonhasagreedtobeboundbytheseTermsofUse.Ifyouaccessthiswebsite,down1oadorreceivethecontentsofreportsorothermateria1sonthiswebsiteonyourownbeha1f,youagreetoandsha11beboundbytheseTermsofUse.Ifyouaccessthiswebsite,down1oadorreceivethecon

13、tentsofreportsorothermateria1sonthiswebsiteasanagentforanyotherperson,youarcbindingyourPrinCipa1tothesesameTermsofUse.Thisisnotanoffertose11oraso1icitationofanoffertobuyanysecurity.NeitherMuddyWatersResearchnoranyMuddyWatersRe1atedPerson(inc1udingMuddyWatersCapita1)arcoffering,se11ingorbuyinganysecu

14、ritytoorfromanypersonthroughthiswebsiteorreportson(hiswebsite.MuddyWatersResearchisaffi1iatedwithMuddyWatersCapita1.MuddyWatersCapita1isaninvestmentadviserwiththeU.S.SecuritiesandExchangeCommissionandisnotregisteredasinvestmentadviserinanyOthcrjurisdiction.MuddyWatersCapita1docsnotrenderinvestmentad

15、vicetoanyoneun1essithasaninvestmentadviscr-c1icntre1ationshipwiththatpersonevidencedinwriting.YouunderstandandagreethatMuddyWatersGipita1docsnohaveanyinvestmentadvisorjrre1ationshipwithyouordocsnotowefiduciarydutiestoyou.Givinginvestmentadvicerircsknow1edgeofyourfinancia1situation,investmentocctivcs

16、ftandriskto1erance,andMuddyWatersCapita1hasnosuchknow1edgeaboutyou.IfyouareintheUnitedKingdom,youconfirmthatyouareaccessingresearchandmateria1sasoronbeha1fof:(a)aninvestmentprofessiona1fa11ingwithinArtic1e19oftheFinancia1SerViCeSandMarketsAct2000(Financia1Promotion)Order2005(t1e“FPO”);or(b)highnetworthentityfa11ingwithinArtic1e49of(heFPO(eachaPermittedRecipient11).Inre1ationiotheUnitedKingdom,(heresearchandmateria1sonthiswebsitearebeingissuedon1yto,andaredire

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