Carson C. Block · research-note
KE Holdings (BEKE)
77 pages · 3 arc beats · 3 loops
KE Holdings (BEKE)
Carson C. Block · 2021-12 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 176 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Expose Contradiction 74 slides 100% 74/74 slides 100% 74/74 slides · 545 hits — 0/74 slides
17.6% 13/74 slides 51.4% 38/74 slides 100% 74/74 slides · 176 hits 31.1% 23/74 slides Appendix Methodology 48 slides 100% 48/48 slides 100% 48/48 slides · 363 hits — 0/48 slides
4.2% 2/48 slides 62.5% 30/48 slides 100% 48/48 slides · 139 hits 25% 12/48 slides Preempt Rebuttal 54 slides 100% 54/54 slides 100% 54/54 slides · 399 hits — 0/54 slides
16.7% 9/54 slides 55.6% 30/54 slides 100% 54/54 slides · 151 hits 27.8% 15/54 slides Slide inventory
77 every slide · same image gating as the playbook
02
The slide uses a comparison to Luckin Coffee to frame the nature of the alleged fraud.summarize
03
This is a short-seller research note page alleging fraud.expose_contradiction
04
The slide uses photographic evidence and site visit reports to challenge the integrity of BEKE's reported store count.expose_contradiction
05
This is a page from a short-seller research report (Muddy Waters/similar style).expose_contradiction
06
The slide includes a diagram of the BEKE platform architecture and a detailed text description of the data collection and verification process.diagnose_problem
07
The slide uses a short-seller research style to expose discrepancies between company-reported figures and independent transaction data.expose_contradiction
08
The table compares transaction counts for May-Aug 2021 vs June-Sept 2021. The text below the table provides a conclusion on GTV inflation.analyze_data
09
The slide uses a 'fraud-exposure' framework to contrast company-reported figures with independent data collection results.expose_contradiction
10
Includes two tables detailing revenue recognition accounting and commission rate comparisons.expose_contradiction
11
The slide uses a combination of a revenue bridge table and a city-specific commission discount table to argue for systematic revenue inflation.expose_contradiction
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12
Includes a transcript of an investigator interview with a Deyou store manager regarding a pilot program for commission inflation.expose_contradiction
Open slide detailBeat · Expose Contradiction
13
The slide highlights a discrepancy between public reporting (SAIC registries showing equity stakes) and the 'pilot program' described by the manager, which avoiexpose_contradiction
Open slide detailBeat · Expose Contradiction
14
Includes a table comparing claimed vs. collected store data and references to 'ghost' and 'clone' stores.expose_contradiction
15
Includes two screenshots of the BEKE platform showing store activity metrics (agents, clients, listings) at two different dates.expose_contradiction
16
Includes photographic evidence of a business license and physical location, alongside tables of transaction and agent activity data.expose_contradiction
17
The slide uses photographic evidence and platform screenshots to demonstrate that stores listed as active on BEKE are physically closed or double-counted.expose_contradiction
18
The slide uses investigative findings (photos, agent interviews, and SAIC certificate cross-referencing) to challenge the integrity of store counts on the platfexpose_contradiction
19
The slide uses a combination of a data table, photographic evidence, and a transcript of a field interview to expose data discrepancies.expose_contradiction
20
The slide presents evidence of active listings for stores that should have been closed, comparing transaction volumes against store averages.expose_contradiction
21
The slide uses a combination of qualitative field research (agent lists) and quantitative data (table of clone store percentages) to argue that BEKE's reported expose_contradiction
Open slide detailBeat · Expose Contradiction
22
The slide uses screenshots of two different store pages to demonstrate that they are managed by the same team, despite being listed separately.expose_contradiction
Open slide detailBeat · Expose Contradiction
23
The slide uses a chat transcript and a table of data across five cities to demonstrate the 'clone store' phenomenon.expose_contradiction
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24
The slide uses a combination of quantitative data (percentages and store counts) and qualitative field research to expose fraudulent reporting practices.expose_contradiction
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25
The slide uses a table to contrast official registration data with physical reality, followed by photographic evidence of a specific store address.expose_contradiction
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26
The slide uses photographic evidence of a store plaque and a business license to highlight a specific case of address inconsistency.expose_contradiction
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27
This slide is part of a short-seller report alleging fraudulent store count inflation by BEKE.expose_contradiction
Open slide detailBeat · Expose Contradiction
28
The slide uses photographic evidence and registration tables to challenge the legitimacy of reported store counts.expose_contradiction
Open slide detailBeat · Expose Contradiction
29
This is part of a short-seller report alleging fraudulent store count inflation by BEKE.expose_contradiction
Open slide detailBeat · Expose Contradiction
30
Includes a table comparing claimed vs. collected agent data and a screenshot of BEKE's own marketing metrics.expose_contradiction
Open slide detailBeat · Expose Contradiction
31
This is a research note page focusing on fraud exposure through external data verification.expose_contradiction
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32
The slide uses screenshots of a government website to validate the discrepancy.expose_contradiction
Open slide detailBeat · Expose Contradiction
33
The slide uses screenshots of agent profiles and registry data to contrast platform listings with actual employment status.expose_contradiction
Open slide detailBeat · Expose Contradiction
34
The slide uses a screenshot of a Chinese corporate registry (QCC) to highlight a discrepancy in employee numbers.expose_contradiction
Open slide detailBeat · Expose Contradiction
35
The slide highlights a discrepancy between claimed figures and official government registration data for BEKE's Shanghai entities.expose_contradiction
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36
The slide uses a combination of narrative text and a table excerpt from a SEC filing to build a case for data manipulation.expose_contradiction
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37
The slide uses a table to contrast official SEC claims with SAIC data to allege fraud.expose_contradiction
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38
The slide uses two tables to compare reported agent counts against regulatory limits and internal functional breakdowns.expose_contradiction
Open slide detailBeat · Expose Contradiction
39
The slide uses two tables to contrast employee counts at different dates and provides narrative commentary on the volatility of these figures.expose_contradiction
Open slide detailBeat · Expose Contradiction
40
Includes a critique of reported agent numbers and a stacked bar chart showing the composition of full-time vs. dispatched workers.analyze_data
Open slide detailBeat · Expose Contradiction
41
The slide uses a table to calculate the percentage of dispatched workers and follows with a narrative account of a store visit to support the claim of fraudulenexpose_contradiction
Open slide detailBeat · Expose Contradiction
42
The slide uses specific financial data and SAIC records to contradict company disclosures regarding the Zhonghuan acquisition.expose_contradiction
Open slide detailBeat · Expose Contradiction
43
The slide presents corporate registry data to argue that Tianjin Yunju was a proxy entity for BEKE.expose_contradiction
Open slide detailBeat · Expose Contradiction
44
The slide contains a mix of investigative commentary and SEC-related disclosure text regarding accounting treatments for investments.expose_contradiction
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45
Includes a qualitative critique of the Shengdu acquisition citing an expert network interview.expose_contradiction
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46
The slide uses a quote-like structure to frame the critique of the acquisition.name_villain
Open slide detailBeat · Expose Contradiction
47
Includes a footnote explaining the 76-day data collection window and proration logic.appendix
Open slide detailBeat · Expose Contradiction
48
The slide details the data scraping process for store-level metrics (agents, address, brand) and transaction-level metrics (completed transactions, pricing, lisanalyze_data
Open slide detailBeat · Expose Contradiction
49
Includes technical details on data scraping methodology using app code and UI elements.analyze_data
Open slide detailBeat · Expose Contradiction
50
The slide uses screenshots of browser developer tools to demonstrate how transaction data is extracted from the platform's API responses.analyze_data
Open slide detailBeat · Expose Contradiction
52
The slide uses visual annotations (red arrows) to link digital platform data to official government business registration documents.illustrate_case
Open slide detailBeat · Expose Contradiction
53
The slide details a data collection process over two 76-day periods to estimate quarterly GTV.analyze_data
Open slide detailBeat · Expose Contradiction
54
Includes footnotes regarding estimation methodology for specific cities.analyze_data
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55
The table provides granular transaction data for connected stores across various Chinese cities.analyze_data
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56
The table breaks down GTV, transaction volume, and commission rates for Lianjia vs. Connected stores.analyze_data
Open slide detailBeat · Expose Contradiction
57
The slide presents screenshots of a real estate data platform to support a claim of inflated GTV figures by BEKE.expose_contradiction
58
The slide uses a forensic accounting approach to challenge the company's reported financial metrics.expose_contradiction
59
The table provides a granular breakdown of transaction counts, store counts, and pricing adjustments used to derive GTV estimates.analyze_data
60
Includes screenshots of CRE data for Hangzhou and Nanjing as examples of the adjustment process.analyze_data
61
Includes detailed footnotes referencing external data sources for real estate market analysis.analyze_data
62
Includes a footnote regarding 3Q21 data adjustments.analyze_data
63
The table provides city-level breakdowns of store counts, transaction volumes, and average transaction values, with specific footnotes explaining estimation metanalyze_data
64
Includes a sensitivity analysis regarding Shanghai transaction data and introduces a methodology for connected brokerages.expose_contradiction
65
Includes detailed calculation tables for transaction estimates in specific cities.analyze_data
Open slide detailBeat · Expose Contradiction
66
The table maps cities to reference cities to derive adjusted transaction values based on house listing price differentials.analyze_data
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67
The table includes city-level transaction data and GTV estimates, with a final adjustment calculation at the bottom.analyze_data
Open slide detailBeat · Expose Contradiction
68
Includes specific adjustments for Chengdu transactions and proxy city assignments for missing pricing data.analyze_data
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69
The table contains 139 rows of city-level data with columns for store count, transaction volume, and GTV estimates.analyze_data
Open slide detailBeat · Expose Contradiction
70
Includes specific footnotes referencing BEKE 20-F and F-1A filings.analyze_data
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71
The slide uses red boxes and lines to highlight the cross-city agent relationship.illustrate_case
Open slide detailBeat · Expose Contradiction
72
The slide uses screenshots of BEKE's platform to demonstrate that different branch numbers share the same location description, suggesting fraudulent store repoexpose_contradiction
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73
The slide documents legal entity changes and physical location verification for a specific real estate branch.summarize
Open slide detailBeat · Expose Contradiction
74
The slide uses a combination of corporate registration data and photographic evidence to prove a discrepancy.expose_contradiction
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75
Evidence of potential fraudulent or inaccurate business registration data.expose_contradiction
Open slide detailBeat · Expose Contradiction
76
The slide uses two tables to contrast registered addresses with physical reality and ownership structures.expose_contradiction
Open slide detailBeat · Expose Contradiction
77
The slide uses photographic evidence and a comparison table to highlight that a Lianjia-registered location is physically occupied by a Deyou franchise.expose_contradiction