NUOBIKAN's stock price surged 5.99% during Tuesday's intraday trading session, marking a significant upward movement for the artificial intelligence technology company.

The sharp rise follows the company's issuance of multiple clarifications regarding its business dealings with supplier Hengxin Shambala (also referred to as Hengxin Dongfang). The supplier was found by regulators to have falsely inflated its 2022 operating revenue by approximately RMB 181.61 million through improper accounting practices related to past transactions with NUOBIKAN.

In its statements, NUOBIKAN's board confirmed it had no knowledge of the supplier's revenue inflation event, emphasized that its past transactions with the supplier were genuine and valid, and properly accounted for under the company's policies. The board also stated that recent share price volatility was unrelated to the incident and that there was no inside information requiring disclosure, effectively reassuring investors about the integrity of its financial reporting and business operations.