On November 13, 2023, during market hours, Hindenburg Research revealed that it was shorting Golden Heaven stock. In pertinent part, Hindenburg stated that Golden Heaven’s “claimed high-tech parks in China appear to be dystopian hellscapes.” Further, Hindenburg stated that it had “major doubts about Golden Heaven’s reported financials given the difference between its reported park activity and observable reality, and given the undisclosed fraud allegations & issues facing its Chairwoman & CEO.”
On this news, Golden Heaven’s stock price fell $6.63 per share, or 27.92%, to close at $17.12 on November 13, 2023.