SenseTime Group Inc. shares plummeted their most since April after short-seller Grizzly Research released a report accusing the Chinese AI company of inflating its revenues.

Grizzly cited documents and insiders describing how SenseTime engaged in what it called round-tripping, where it allegedly financed companies that in turn fed business to SenseTime. Its stock tumbled as much as 9.7% before closing about 5% lower in Hong Kong. SenseTime said the report “is without merit and contains unfounded allegations” in a filing to the exchange.