11:14 AM EDT, 09/27/2024 (MT Newswires) -- Qifu Technology ( QFIN ) said Friday a recent report by short seller Grizzly Research contained "inaccurate information, flawed analyses, misleading conclusions and interpretations" of information about the company.

The Chinese fintech company said its board is reviewing the allegations in the report and contemplating the appropriate course of action to protect the interests of its shareholders.

Grizzly Research published a report alleging overstatement of profits, among other things, and raising concerns about the long-term sustainability of the company's dividend and share repurchase program.

Qifu ( QFIN ) said the financial data that Grizzly Research used in its report is "completely wrong."

"The differences in total revenue and net profits between the filings with [China's State Administration for Market Regulation] and those with the [US Securities and Exchange Commission] are primarily attributable to differences in accounting treatments under PRC GAAP and US GAAP, as well as the fact that the company's major operating entities in China reflected in the SAMR filings do not represent all of the company's subsidiaries and consolidated affiliated entities in China," Qifu ( QFIN ) said.

Shares of Qifu ( QFIN ) were up more than 3% in recent trading.

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