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CNBC AI News, August 9th – Recent online chatter alleges that Wells Fargo, through a cross-border factoring program purportedly managed by an individual identified as “Mao XX,” was used to funnel billions of dollars overseas under the guise of financing Chinese companies like Xiaomi and Nio. The rumor suggests a complex commission structure facilitated the movement of capital.
Responding to these allegations, Nio has vehemently denied any involvement. “Nio has never cooperated with Wells Fargo or this ‘Mao XX,’ nor have we had any contact with them in any form. We have collected evidence regarding these false statements and will pursue legal action against those responsible for fabricating and spreading these rumors,” a Nio representative stated.
Prior to Nio’s statement, Wang Hua, General Manager of Public Relations at Xiaomi Group, also addressed the claims. “After verification, Xiaomi Group has never engaged in any form of cooperation or contact with Wells Fargo or this individual ‘Mao XX’ anywhere in the world.”
Both companies have confirmed that evidence has been collected and legal proceedings are being initiated to hold the originators and disseminators of these rumors accountable.
The unverified accusations have sparked considerable debate online, with many expressing concern over the spread of misinformation and calling for greater accountability for those who fabricate and disseminate false reports.
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