So-Young falls after Blue Orca short report claims bookings are 'fake'

Short selling firm Blue Orca announced a short position in So-Young. The firm wrote code to scrape the transaction data on So-Young's platform and it cross-checked the data by calling the clinics to verify the number of procedures actually performed. "The results showed widespread fake bookings, indicating, in our opinion, that SY is fabricating the popularity of its platform and exaggerating the revenues derived from it," Blue Orca said in a report posted on its website. The company's financials and its booking platform "are about as real as its customers' faces," it added. Shares of So-Young are down 4% to $7.85 in midday trading. Reference Link