# Bonitas Research

Bonitas Research is a RIA based in Austin, United States.

## Overview

- **Organization type:** RIA
- **Headquarters:** Austin, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** bonitasresearch.com

## Regulatory record

- **CRD number:** 313767
- **Registration status:** Registered
- **Reports private funds:** Yes

## About

Bonitas Research LLC was founded in 2018 by Matthew Wiechert, who is Principal and Chief Executive Officer. The firm publishes short investment research on public companies. An example is its December 2024 report stating it is short Serve Robotics and expects the stock to go significantly lower.

## People

- Daniel Yu — Founder

## Questions

### Who runs investment decisions at Bonitas Research?

Daniel Yu is the sole decision-maker. He authors all research reports and determines position sizing and timing. The firm has no disclosed investment committee or external advisory board.

### How does Bonitas Research source its investigative targets?

Yu identifies targets through systematic screening of financial statements, unusual auditor behavior, and anomalies in revenue growth relative to industry peers. The firm conducts on-the-ground investigations in China, including site visits and supply-chain interviews, to verify operational claims.

### What happened after the Luckin Coffee report?

Bonitas published its Luckin Coffee short report in April 2019, alleging fabricated sales figures. The company initially denied the claims but admitted to $310 million in fabricated revenue in April 2020 following an internal investigation, vindicating the core thesis. Luckin's stock collapsed and the company was delisted from Nasdaq.

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Updated: 2026-08-11T15:06:20.694Z

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