(Yicai Global) Dec. 11 -- Mobile content aggregator Qutoutiao poured scorn on a damning report published yesterday by US short-seller Wolfpack Research that alleged the Chinese company overstated its 2018 revenue.

Shanghai-based Qutoutiao will refute all false charges in a separate statement so as to protect the interests of its shareholders and investors, the China Securities Journal reported today, citing the company. It will take the New York-based activist research firm to court, it added.

The company's financial statements fully comply with the requirements of the US Securities and Exchange Commission, are in line with generally accepted accounting principles and are audited by PricewaterhouseCoopers, Qutoutiao said.

Wolfpack said in its report: "Our analysis and on the ground due diligence indicate that approximately 74% of Qutoutiao's 2018 revenues are fake and nearly 78% of its current cash balance is non-existent."

Developed by Shanghai Jifen Culture Communication, Qutoutiao offers users content and services using Big Data algorithms and cloud computing technologies. Its share price [NASDAQ:QTT] shrugged off the controversy yesterday to gain more than 4.5 percent.

Qutoutiao also flatly denies a further allegation made by Wolfpack that it can access and store users' private information in large quantities, including recording audio without their knowledge. Qutoutiao responded by saying it strictly abides by all laws and regulations related to user privacy data gathering and has passed watchdog inspections. It fully respects users' right to know and choose, the firm added.