Asian Tech Press -- It was reported on Monday that Morgan Stanley lowered its target price for Kuaishou Technology (1024: Hong Kong) from HK$300 per share to HK$50, and downgraded its rating from overweight to sell.

In response, Kuaishou issued a public statement saying that after verifying with Morgan Stanley, it was confirmed that the above so-called research report was "completely inaccurate", and that the company had communicated with and clarified for a large number of investors who were disturbed by the misinformation.

For the above-mentioned alleged fabrication of a research report and malicious dissemination of false news, Kuaish ou said that it will launch legal proceedings accordingly.