Shares of SenseTime Group plunged 9.7% in Hong Kong – its biggest intraday drop since April – following the release of a short-selling report by Grizzly Research.

Grizzly claimed that SenseTime inflated its revenues through round-tripping, meaning that the China-based AI software developer backed entities that in turn flowed business back into the company. SenseTime has since said the report “contains unfounded allegations.”