IMPORTANTLEGALDISCLAIMER 该中文报告这是为了方便读者而提供的翻译,可能包含不准确之处。请参阅原始英文报告以获取原始报告。请仔细审查我们的免责声明。我们是有偏见的投资者,我们的观点是基于我们的研究。不要只相信我们,读者请独立核实一切。 THISREPORTANDALLSTATEMENTSCONTAINEDHEREINARETHEOPINIONSOFGRIZZLYRESEARCHLLCANDARENOTSTATEMENTSOFFACT. Reportsarebasedongenerallyavailableinformation,fieldresearch,inferencesanddeductionsthroughGrizzlyResearchLLC’sduediligenceandanalyticalprocess. Ouropinionsareheldingoodfaith,andwehavebasedthemuponpubliclyavailablefactsandevidencecollectedandanalyzedincludingourunderstandingofrepresentationsmadebythemanagementofthecompaniesweanalyze,allofwhichwesetoutinourresearchreportstosupportouropinions,allofwhichwesetoutherein.HOWEVER,THEYREMAINOUROPINIONSANDBELIEFSONLY. Weconductedresearchandanalysisbasedonpublicinformationinamannerthananypersoncouldhavedoneiftheyhadbeeninterestedindoingso.Youcanpubliclyaccessanypieceofevidencecitedinthisreportorthatwereliedontowritethisreport. GrizzlyResearchLLCmakesnorepresentation,expressorimplied,astotheaccuracy,timeliness,orcompletenessofanysuchinformationorwithregardtotheresultstobeobtainedfromitsuse. Weareentitledtoouropinionsandtotherighttoexpresssuchopinionsinapublicforum.Webelievethatthepublicationofouropinionsandtheunderlyingfactsaboutthepubliccompaniesweresearchisinthepublicinterest,andthatpublicationisjustifiedduetothefactthatpublicinvestorsandthemarketareconnectedinacommoninterestinthetruevalueandsharepriceofthepubliccompaniesweresearch.Allexpressionsofopinionaresubjecttochangewithoutnotice,GrizzlyResearchLLCdoesnotundertakeadutytoupdateorsupplementthisreportoranyoftheinformationcontainedherein. Recipientsoftheresearchreportareprofessionalinvestorswhoareexpectedtomaketheirownjudgmentastoanyreliancethattheyplaceontheresearchreport.Yourepresentthatyouhavesufficientinvestmentsophisticationtocriticallyassesstheinformation,analysisandopiniononthiswebsite. YoufurtheragreethatyouwillnotcommunicatethecontentsofreportsandothermaterialsonthissitetoanyotherpersonunlessthatpersonhasagreedtobeboundbytheseTermsofUse.Ifyouaccessthiswebsite,downloadorreceivethecontentsofreportsorothermaterialsonthiswebsiteonyourownbehalf,youagreetoandshallbeboundbytheseTermsofUse.Ifyouaccessourwebsite,downloadorreceivethecontentsofreportsorothermaterialsonthiswebsiteasanagentforanyotherperson,youarebindingyourprincipaltothesesameTermsofUse. AsofthepublicationdateofGRIZZLYRESEARCHLLC’Sreport,CertainGRIZZLYRESEARCHLLCAssociatedPersons(ASDEFINEDHEREUNDER)(alongwithorthroughitsmembers,partners,affiliates,employees,and/orconsultants),clients,andinvestors,and/ortheirclientsandinvestorshaveashortpositioninthesecuritiesofaCoveredIssuer(andoptions,swaps,andotherderivativesrelatedtothesesecurities),andthereforewillrealizesignificantgainsintheeventthatthepricesofaCoveredIssuer’ssecuritiesdecline.GRIZZLYRESEARCHLLCandGRIZZLYRESEARCHLLCAssociatedPersonsarelikelytocontinuetotransactinCoveredIssuers’securitiesforanindefiniteperiodafteraninitialreportonaCoveredIssuer,andsuchposition(s)maybelong,short,orneutralatanytimehereafterregardlessoftheirinitialposition(s)andviewsasstatedinGRIZZLYRESEARCHLLC’Sresearch.OneormoreGRIZZLYRESEARCHLLCassociatedPersonshaveprovidedGRIZZLYRESEARCHLLCwithpubliclyavailableinformationthatGRIZZLYRESEARCHLLChasincludedinthisreport,followingGRIZZLYRESEARCHLLC’Sindependentduediligence.YOUSHOULDDOYOUROWNRESEARCHANDDUEDILIGENCEBEFOREMAKINGANYINVESTMENTDECISIONWITHRESPECTTOTHESECURITIESCOVEREDHEREIN.THEOPINIONSEXPRESSEDINTHISREPORTARENOTINVESTMENTADVICENORSHOULDTHEYBECONSTRUEDASINVESTMENTADVICEORANYRECOMMENDATIONOFANYKIND.FOLLOWINGPUBLICATIONOFTHISREPORT,WEMAYCONTINUETRANSACTINGINTHESECURITIESCOVEREDTHEREIN,ANDWEMAYBELONG,SHORT,ORNEUTRALATANYTIMEHEREAFTERREGARDLESSOFOURINITIALOPINION. Tothebestofourabilityandbelief,allinformationcontainedhereinisaccurateandreliable,andhasbeenobtainedfrompublicsourceswebelievetobeaccurateandreliable,andwhoarenotinsidersorconnectedpersonsofthestockcoveredhereinorwhomayotherwiseoweanyfiduciarydutyordutyofconfidentialitytotheissuer.Notethatresearchedcompaniesandinsiders,agents,andlegalrepresentativesofresearchedcompaniesandotherentitiesmentionedhereinmaybeinpossessionofmaterialnon-publicinformation thatmayberelevanttothemattersdiscussedherein.Donotpresumethatanypersonorcompanymentionedhereinhasreviewedourreportpriortoitspublication. Thisisnotanoffertosellorasolicitationofanoffertobuyanysecurity,norshallanysecuritybeofferedorsoldtoanyperson,inanyjurisdictioninwhichsuchofferwouldbeunlawfulunderthesecuritieslawsofsuchjurisdiction. Bydownloadingandopeningthisreportyouknowinglyandindependentlyagree:(i)thatanydisputearisingfromyouruseofthisreportorviewingthematerialhereinshallbegovernedbythelawsoftheStateof[NewYork],withoutregardtoanyconflictoflawprovisions; (ii)tosubmittothepersonalandexclusivejurisdictionofthesuperiorcourtslocatedwithintheStateof[NewYork]andwaiveyourrighttoanyotherjurisdictionorapplicablelaw,giventhatGrizzlyResearchLLCisaDelawarelimitedliabilitycompany;and(iii)thatregardlessofanystatuteorlawtothecontrary,anyclaimorcauseofactio