{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b98-72ad4dd9da96", "slug": "86dfa89096f8", "title": "Momo, Inc. (MOMO)", "subtitle": "Ben Axler · 2018-06", "author": "Ben Axler", "date": "2018-06-27 00:00:00", "pageCount": 70, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Momo, Inc.", "targetTicker": "MOMO", "document": { "id": "019dd923-622c-750b-8b98-72ad4dd9da96", "slug": "86dfa89096f8", "title": "Momo, Inc. (MOMO)", "rawTitle": "64e7a89f2e4ca216fe879943 momo research thesis 6 27 2018", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "authorDisplay": "Ben Axler", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2018-06-64e7a89f2e4ca216fe879943_momo_research_thesis_6-27-2018.pdf", "sourceUrl": null, "sourceDate": "2018-06-27 00:00:00", "presentationDate": "2018-06-27 00:00:00", "ingestedAt": "2026-04-22 20:47:46+00", "status": "ready", "pageCount": 70, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Momo, Inc.", "targetTicker": "MOMO", "metadata": { "local_root": "/tmp/legacy-images/86dfa89096f8", "activist_firm": "Spruce Point Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 118.44960808753967 } }, "coverage": { "pageCount": 70, "pagesIndexed": 70, "pagesWithImages": 70, "pagesWithMetadata": 70, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 509, "chartCount": 10, "metricSlides": 0, "toolMatches": 6, "documentToolMatches": 5, "frameworkMatches": 47, "arcMatches": 1, "beatMatches": 7, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "ff923de0-b574-46ff-8fa1-7755d5aec66d", "evidence": "The deck follows a narrative of identifying and overcoming the 'monsters' of Momo's business, including regulatory risks, complex VIE structure, and declining growth.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:59:51.373211+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "Hook", "beatId": "c28335c7-b491-4e1b-bafe-d2c2c4c40d22", "matchId": "ff923de0-b574-46ff-8fa1-7755d5aec66d", "beatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "evidence": "The title slide 'Mo(mo) Money Mo(mo) Problems' serves as a hook to grab the audience's attention.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 6, "name": "Problem Statement", "beatId": "87771eec-2202-436e-b5a0-6a5d342da6c8", "matchId": "ff923de0-b574-46ff-8fa1-7755d5aec66d", "beatType": null, "evidence": "Slides 6-10 outline the diligence challenges and risks of 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null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:43:11.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "c91cf62b-2d80-408f-966b-e7fbab5f1fa8", "evidence": "The slide uses a 'Red Flag' naming convention to highlight regulatory risks as part of an activist short thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:43:13.021+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "fraud-exposure" }, { "matchId": "2833ecfb-3a1b-49ce-b922-891e0fba1145", "evidence": "Uses external agency quotes to frame the company as having a negative reputation.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:43:12.044+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", 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"promptVersion": null }, "pageNumber": 59, "frameworkName": "fraud-exposure" }, { "matchId": "d2133f4d-697d-4553-9e4b-fe2853b6421f", "evidence": "The slide frames Momo as a 'sex site' and 'porn cam channel' to establish it as a negative actor.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:43:17.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "antagonist-introduction" }, { "matchId": "329c4f13-66d1-440e-8459-da4906084682", "evidence": "Uses qualitative interview data to support a negative thesis about the company.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:43:15.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "evidence-matrix" }, { "matchId": "2a7860ac-89c7-4f85-9dc8-07b78e4cffc8", "evidence": "Side-by-side presentation of opposing viewpoints to highlight the superiority of the author's position.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:43:18.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "contrast-pairs" }, { "matchId": "286f2198-d8ee-41a2-9d75-a16fe6713c6a", "evidence": "The slide explicitly calls out the consensus view to frame it as a failure of due diligence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:43:18.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "frameworkName": "preempt_rebuttal" }, { "matchId": "26dab4ce-0f66-4d8e-b5f3-ebd843116156", "evidence": "Contrasts analyst 'Buy' ratings with insider selling behavior.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:43:26.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "frameworkName": "expose_contradiction" }, { "matchId": "c6e4b18e-d390-484a-8790-2927fbafe424", "evidence": "Contrasting proprietary research against consensus estimates to invalidate market assumptions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:43:17.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "frameworkName": "preempt_rebuttal" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Spruce Point short report, 70 pages. Cover slide is unusually creative for the genre — a smartphone mockup with a hooded poker player and Chinese text, playing off 'Mo(mo) Money Mo(mo) Problems' Biggie reference and CEO Tang Yan's gambling reputation. Body slides are standard Spruce Point template (teal header bar, dense bullets, institutional blue palette) — functional but not editorial-tier. Heavy use of forensic corroboration: ~50 Mandarin interviews, SAIC filings, Form 144 tracking. Classic short-seller playbook combining fraud-exposure (SAIC charge, undisclosed subs, Pokermaster, related-party talent agencies) with fundamental derate (KOL flight, agency fee pressure, regulation). Stake % not disclosed but disclaimer confirms short position. CEO quote contradictions drawn from Q2'17/Q3'17/Q4'17 earnings calls on live-streaming positioning and marketing spend.", "kpisCited": [ { "detail": "$23-$32 target, 30%-50% downside from $48.50", "metric": "Price target / downside" }, { "detail": "From current ~28x to 13-15x, bottom of post-live-streaming historical band", "metric": "P/E multiple rerate" }, { "detail": "9 undisclosed first-level and 114 undisclosed second-level subsidiaries beyond the 6 disclosed", "metric": "Undisclosed VIE subsidiaries" }, { "detail": "KOLs operating on Momo fell from 1,500 (50% of pool) in July 2017 to 50 (2%) by December 2017", "metric": "KOL flight" }, { "detail": "$2bn sold since IPO; executives/directors on pace to sell >2x 2017's $300m in 2018", "metric": "Insider selling" }, { "detail": "85% of Q1'18 revenue from Live Video; ARPPU 12x Value-Added Services ($84 vs $7m)", "metric": "Live Video revenue mix" }, { "detail": "Valued at $320m in June 2017 Series D; acquired by Momo for $735m ~8 months later (130% jump)", "metric": "Tantan valuation arbitrage" }, { "detail": "Momo's take 50%-60%; competitors at 40%-55% with emerging Now at 30%-40%", "metric": "Fee sharing with agencies" }, { "detail": "Consensus $2,551m vs Spruce Point $1,776m", "metric": "Consensus vs Spruce Point FY19 revenue" } ], "closingAsk": "Sell or short Momo; Spruce Point's $23-$32 price target implies 30-50% downside from $48.50 given the forensic red flags and compressing Live Video fundamentals.", "extraction": { "at": "2026-04-22 20:47:46+00", "model": "unknown-legacy", "runId": null, "seconds": 118.44961, "promptVersion": null }, "scqaReward": "Applying a 13-15x discounted P/E to Spruce Point's reduced FY18/19 EPS yields a $23-$32 price target versus $48.50, implying approximately 30% to 50% downside risk for short-sellers.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "Chinese SAIC charged Momo VIE with 'filing corporate information with intent to conceal truth and falsify'", "9 undisclosed first-level and 114 undisclosed second-level VIE subsidiaries, plus illegal Pokermaster gambling site", "Live video growth peaking as agencies shift talent away; KOLs on Momo fell from 1,500 to 50 in 5 months" ], "scqaSituation": "Momo is an $8bn Nasdaq-listed Chinese mobile social and live-video platform trading near all-time highs on blowout Live Video growth, held mostly by U.S. retail investors via a VIE structure.", "thesisSummary": "Spruce Point, backed by months of China-based forensic diligence and ~50 Mandarin interviews across the live-stream ecosystem, argues that $8bn Momo is a retail-owned momentum stock concealing severe red flags. In November 2017 the SAIC charged Momo's VIE with 'filing corporate information with intent to conceal the truth and falsify,' coinciding with three director resignations; Spruce Point also uncovered 9 undisclosed first-level and 114 undisclosed second-level VIE subsidiaries, two undisclosed talent agencies suggesting related-party dealings, and an illegal Pokermaster gambling operation tied to poker-playing CEO Tang Yan. Agencies report KOL flight (1,500 to 50 in five months), rising costs, and a 'sex cam' reputation that chokes advertising. Combined with insider sales of $2bn since IPO and the inflated $735m Tantan deal, Spruce Point models 13-15x P/E on cut forecasts, yielding a $23-$32 target (30-50% downside).", "primaryDemands": [ "Investors should short Momo; recommendation is Strong Sell", "Regulators should investigate undisclosed VIE subsidiaries, the Pokermaster gambling operation, and related-party talent agencies", "Deloitte audit of Momo VIE subsidiaries should be scrutinized given discrepancies with 20-F filings" ], "scqaResolution": "Investors should exit or short Momo; the Company's multiple should rerate to the 13-15x historical low and Live Video revenue forecasts should be cut to reflect KOL flight, agency fee pressure, and new content regulation.", "thesisOneLiner": "Momo's 'blowout' live-video numbers hide a SAIC fraud charge, 123 undisclosed VIE subs, an illegal gambling site, and a fading KOL base — 30-50% downside to $23-$32.", "precedentsCited": [ "China Integrated Energy (CBEH) — Spruce Point prior short, delisted by SEC", "Camelot Information Systems (CIS) — taken private 77% below Spruce Point initiation", "Ballard Power (BLDP) — 23% decline after Spruce Point China diligence" ], "scqaComplication": "China-based forensic diligence uncovered a SAIC falsification charge, 123 undisclosed VIE subsidiaries, an illegal Pokermaster gambling site linked to the CEO, sham talent-agency accounting, and an overpriced Tantan acquisition — all masked by opaque FPI disclosure exemptions.", "narrativeInterest": 4, "notableSlidePages": [ 1, 5, 10, 15, 65, 70 ], "peerCompaniesCited": [ "Tencent", "Baidu", "Alibaba", "Bytedance", "Now (live streaming)", "Douyin", "Weibo" ], "valuationFrameworks": [ "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The slide uses a smartphone mockup to frame the report, featuring icons related to gambling, legal issues, and VIE 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Four of the agencies that we spoke with gave the unsolicited opinion that Momo has a reputation as a (sex) cam site.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.542+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2323d09-f5e4-472f-ae1e-3a3fca77f300", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.89, "x": 0.08, "y": 0.51 }, "kind": "paragraph", "text": "Spruce Point's research consultant specifically asked 11 agencies, including a Momo owned agency, if there was any change in tournament payouts, and was consistently told there was no such reduction in revenue or incentive removal.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.542+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0dc1aa3-3fa7-4782-982a-b425686d02cf", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.89, "x": 0.08, "y": 0.23 }, "kind": "paragraph", "text": "Momo's management recently reported record Monthly Active Users (\"MAU\") for Q1 2018. However, Analysys and QuestMobile data indicate that live stream industry MAU peaked six to twelve months back, and that Momo's MAU is well below stated levels.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.542+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1b4d067-1be8-4000-801b-0e464edaaf01", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Spruce Point 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The revenues of Live Video continued to post strong growth, but this was almost exclusively driven by ARPPU growth", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:12.938+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cfb4c11-f908-4874-b098-6a030ecfb969", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.33 }, "kind": "list", "text": "Despite Management's Wishes Otherwise, Momo Remains A Live Video Company", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:12.938+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a69cc4c5-e673-4b2e-ab08-5c75f78b9b33", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.86 }, "kind": "list", "text": "We remind all investors that these business changes occurred precisely around the time the SAIC charged Momo with \"Filing corporate information with the intent to conceal the truth and falsify\", three Momo directors resigned and new Tantan LP entities were created", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:12.938+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc3a4bf8-66f1-4794-9326-7996b9b3b6c8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.73 }, "kind": "list", "text": "On the Q3'17 earnings call, Momo acknowledged new competition and industry maturation. \"At the same time, we are seeing bigger players with strong community ecosystems taking initiatives to upgrade their content offerings and market-share shifting from amateur broadcasters to more professional ones\". As well as a strategic shift towards working with agencies, \"Historically, agencies have a limited role in Momo's life streaming ecosystem\", including \"adjusting our operational policies to better support the high value-added agencies in traffic and other resources, as well as economic incentive\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:12.938+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c56e0aa9-8c46-41fa-aab4-46c23cc19e0c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "paragraph", "text": "Momo's revenue growth story has been predicated on growth of monthly active users (MAU) and more importantly Average Revenue Per Paying User (ARPPU). However, the performance of Momo's underlying products (Membership Subscriptions, Gaming, Marketing and Live Video) along with key performance indicators (revenues, paid users, revenue/MAU and paid users, respectively) have all plateaued over time", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:12.938+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53f6050f-f67d-4074-8c89-6459db5b7149", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "paragraph", "text": "As of Q1'18, 85% of Momo's revenue was attributable to Live Video and Live Video's ARPPU was ~12x that of Value-Added Services \"VAS\" ($84 vs $7m). Momo's financial performance is inextricably tied to live streaming, a business with low barriers to entry and coming under intense competition from well funded adversaries", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:12.938+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "802e8a47-a751-48e2-bffa-461ca0c39213", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I think the key thing here is that we've never been positioning Momo as a live streaming company\" — Management, Q2'17 earnings call. \"At the same time, we are seeing bigger players with strong community ecosystems taking initiatives to upgrade their content offerings and market-share shifting from amateur broadcasters to more professional ones\" — Management, Q3'17 earnings call. \"adjusting our operational policies to better support the high value-added agencies in traffic and other resources, as well as economic incentive\" — Management, Q3'17 earnings call. \"Filing corporate information with the intent to conceal the truth and falsify\" — SAIC charge against Momo.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", 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"notes": "The slide uses bolding and underlining to emphasize accounting concerns and negative outlooks.", "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:43:13.404+00", "seconds": 10.387, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-72ad4dd9da96/14", "deck": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96", "deckAnchor": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Given the shifting nature of the Live Video strategy and very limited financial and KPI transparency for the segment, Spruce Point relied on 50 detailed Mandarin based interviews with members of the Live Stream Ecosystem (Agency/Broadcaster/Users/Advertisers) to develop a forward view of Momo’s prospects.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88cc-944282856bd3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "list", "text": "Cash Rebates: Several agencies discussed that they also had the option of receiving cash rebates for purchasing virtual currency. It is unclear if these transactions are considered costs of revenues", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "006bd040-b4b2-4373-8126-691b73c7d1a9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "list", "text": "A majority of agencies we spoke with indicated that they were experimenting with other platforms where there are reputations for bigger spenders (e.g., Now) or the popularity of the channel is growing rapidly (e.g., Douyin). A good portion of the agencies expressed some concern over Momo's outlook and the value in diversifying platforms. 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We expect Momo's cost of revenues to move up materially over time to match industry levels (50%-70%)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7718f906-1eee-48b9-8d1e-a03da533a23a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "list", "text": "Momo will now face formidable new competition in the live streaming space from well funded public companies and private companies with the backing of Tencent, Baidu, Alibaba and Bytedance", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84039662-7550-4afd-a4be-1438d25bd485", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.53 }, "kind": "list", "text": "Momo Owned Agencies: When we asked agencies about whether or not Momo controls its own agencies we got a range of responses from \"No\" to their biggest agency is their own. 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Momo's take ranges from a high of 60% to a low of 50% in our sample", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba1bfd7b-39f1-4c3c-8352-a066b8fea8d4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.39 }, "kind": "list", "text": "Free Virtual Gifts: The majority of our sample indicated that Momo didn't provide them with free virtual gifts. 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"attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:06.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9ede2c0-249e-4b49-a1f6-ba36568685cd", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "SAIC charges are serious and can lead to a wide range of restriction on a businesses operations", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d3-706e-a45c-59f46a89675f", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.42, "x": 0.04, "y": 0.42 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:06.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccb1f7f8-50b5-416f-8935-f63c80077cac", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.5, "x": 0.46, "y": 0.42 }, "kind": "list", "text": "Beijing Chaoyang Branch of Industry and Commerce Administration Bureau\nNotice of Decision to List on The Abnormal Operations Directory\n(Beijing Industry and Commerce, Chaoyang District Branch Abnormal Operations List Number [2017] No. 49771)\nBeijing Momo Technology Co., Ltd.:\nFollowing investigations into your organization disclosure of information that conceals the truth and fraud, it is determined that you have violated the relevant provisions of the \"Provisional Regulations on Corporate Information Disclosure\" and the \"Interim Measures on the Administration of Enterprise Abnormalities List\" (or \"Provisional Measures for the Announcement of Annual Reports of Rural Cooperatives\"). According to the provisions of Article 17(1) of the Provisional Regulations on Corporate Information Disclosure and Article 8 of the Interim Measures for the Management of Enterprise Abnormalities List (or Article 11 of the Interim Measures for the Public Announcement of Rural Cooperatives), it is now decided to include your company in the list as a business with abnormal operations.\nIf you fail to comply with this decision, you may apply to the Beijing Municipal Administration for Industry and Commerce or the District (County) People's Government for administrative reconsideration within 60 days from the date of receipt of this Decision; or you may file an administrative lawsuit with the People's Court within six months.\n2017-11-02", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:06.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d778664-5963-4604-a20b-a2e764baeeb6", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "paragraph", "text": "In November 2017 Beijing Momo was charged by the State Administration of Industry and Commerce (SAIC) with \"Filing corporate information with the intent to conceal the truth and falsify\". Beijing Momo’s corrected filings indicate overstated revenues / costs and changes to the timing of Purple Sky / Matrix transfer of ownership from CEO Tang Yan to Momo.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:06.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f072b69-eaaf-4649-b000-1dfe9a21ce78", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Following investigations into your organization disclosure of information that conceals the truth and fraud, it is determined that you have violated the relevant provisions of the \"Provisional Regulations on Corporate Information Disclosure\" and the \"Interim Measures on the Administration of Enterprise Abnormalities List\"... it is now decided to include your company in the list as a business with abnormal operations. — Beijing Industry and Commerce, Chaoyang District Branch", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d3-706e-a45c-5c0fcb2ed0e7", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: SAIC (blocked access from outside of China)\nNote spelling mistakes per website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"/slides/019dd923-622c-750b-8b98-72ad4dd9da96/18", "deck": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96", "deckAnchor": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This material information about Tang Yan’s ownership of Momo Technology HK Company Ltd and the charge of “Filing corporate information with the intent to conceal the truth and falsify” have never been disclosed to investors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", 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Beijing Momo corrected fillings in each year from 2013 to 2016. 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Tsai resigned from the Company's board of directors for personal reasons, effective as of the same date. Upon resignation of these directors, the board of directors of the Company consisted of six members, namely Mr. Yan Tang, Mr. Yong Li, Mr. David Ying Zhang, Mr. Neil Nanpeng Shen, Dr. Dave Daqing Qi and Mr. Benson Bing Chung Tam.\n\nOn November 28, 2017, the board of directors of the Company has appointed Mr. Li Wang, the Chief Operating Officer and Co-president of the Company, as a new member of the board. As a result, the board size of the Company has been increased to seven. Mr. Wang joined the Company as its operation director in July 2011. Mr. Wang has been the Company's Chief Operating Officer since June 2014 and Co-president since April 2017. Prior to joining the Company, Mr. Wang worked at NEC China Co., Ltd. Mr. Wang received his bachelor's degree in management from Beijing University of Aeronautics and Astronautics in China in 2004.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0290ef0a-6d85-4715-9ebb-33dec7de7090", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "The SAIC charges against Beijing Momo were filed on November 2nd, 2017 and later resolved on November 27th, 2017. It was during this period, on November 24th 2017, that three Momo Directors resigned for \"personal reasons\" without further elaboration.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfdacb89-974f-4d09-8969-d53260de601c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.25, "y": 0.95 }, "kind": "source-note", "text": "Source: Momo Q3 '17 Earnings Press Release", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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In our experience, it is uncommon for a U.S. listed Chinese company to fail to disclose the subsidiaries of its VIE.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b975-b1b9f131676c", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.4, "x": 0.55, "y": 0.45 }, "kind": "image", "text": "Organizational chart of Momo VIE structure", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Infographic", "slug": "infographic", "status": "active", "canonId": "019de52c-fe26-750c-9d7d-9f34e21324e8", "version": 1, "description": null }, "framework": null }, "subkind": "infographic", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35b5fed4-c1b9-4844-9eaa-ee5ceb7251bc", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "Momo uses a variable interest entity (VIE) to operate its mobile app business in China to circumvent foreign ownership limits on internet and mobile content platforms. This is now the common accepted way to operate such a company", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45caa11e-bdbb-4cf8-9dc9-4f8f9574dacd", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.5 }, "kind": "list", "text": "Four subsidiaries are identified in the \"Long Term Equity Investment\" (Note 5 to the financial statements) as equity investments of the group, but not as subsidiaries of the VIE entity. In the same note, there is an \"others\" item for both equity and cost method of investment sections that is the grab bag where the undisclosed entities are presumably recorded", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccb2467d-0269-4c1c-82ec-2717400848ff", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.05, "y": 0.4 }, "kind": "list", "text": "The Company discloses that its VIE, Beijing Momo has 10 first level subsidiaries and 2 second level subsidiary. Spruce Point has discovered that it has 9 undisclosed first level subsidiaries and 114 undisclosed second level subsidiaries", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfeaa359-1899-4a50-acb8-b998f83fc141", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "undisclosed subsidiaries: 123", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b975-b63a084d9d4c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "Spruce Point has discovered that Momo has 9 undisclosed first level subsidiaries and 114 undisclosed second level subsidiaries (\"subs\"). In our experience, it is uncommon for a U.S. listed Chinese company to fail to disclose the subsidiaries of its VIE.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e27c8b9-2d8f-43da-a5c3-c167e2691be6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.9 }, "kind": "source-note", "text": "Source: SAIC, Spruce Point Consultant, Company Reports", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a8d141e-c7b3-42b6-89e8-f30b4bd95c3e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.7 }, "kind": "table", "text": "Beijing Momo Subsidiaries table showing 14/9/23 and 2/114/116 breakdown", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a9f5387-a247-4d64-b0a4-05103704a136", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Red Flag 2: VIE Structure Contains Undisclosed Companies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "725e657f-6229-40d6-a689-8991e541c949", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d20c3c88-d35e-4eb8-9452-eb29bae16f03", "evidence": "The slide explicitly labels the finding as a 'Red Flag' and details undisclosed entities to suggest financial misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:43:07.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 69, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "2ed90acb-05ba-4602-8daa-c17fe790841b", "matchId": "ff923de0-b574-46ff-8fa1-7755d5aec66d", "beatType": null, "evidence": "Slides 7-69 systematically expose contradictions and red flags in Momo's business, including undisclosed charges, complex VIE structure, and regulatory risks.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 28, "from": 17, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null }, "matchId": "49042e84-1452-41aa-a50b-88bb2f531e3b", "evidence": "Slides 17-28 expose the iceberg of Momo's problems, revealing undisclosed charges and complex VIE structure.", "position": 1, "objective": "What are the implications of Momo's undisclosed charges and complex VIE structure?", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:51.812569+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 21, "type": "tension", "title": "The slide uses a red box to visually isolate the 'Undisclosed' entities from the 'Disclosed' ones.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 5, "textChars": 635, "nDataPoints": 30, "notes": "The slide uses a red box to visually isolate the 'Undisclosed' entities from the 'Disclosed' ones.", "elementsJson": [ "headline_text", "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:43:07.097+00", "seconds": 2.923, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-72ad4dd9da96/21", "deck": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96", "deckAnchor": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Undisclosed entities provide the opportunity for the legal management of the Company to extract benefits for themselves or hide the true nature of the operations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b975-cf711a14e0f2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "Below are the nine undisclosed first levels subs that Spruce Point has discovered. Undisclosed entities provide the opportunity for the legal management of the Company to extract benefits for themselves or hide the true nature of the operations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f71cd51-ea53-49bd-b431-e5daca6ef159", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.91 }, "kind": "source-note", "text": "Source: SAIC, Spruce Point Consultant, Company Reports", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aad3e64d-e06e-4c0f-8d02-cdba010cd832", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Red Flag 2: VIE Structure Contains Undisclosed Companies (Cont'd)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f000d3f-b451-481d-91f5-228ae928963e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f56b8759-6180-4ef4-b45f-980ae21c29a6", "evidence": "The slide explicitly identifies 'undisclosed' entities as a 'Red Flag' for potential financial manipulation.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:43:07.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 69, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The 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deeper root cause", "familyLabel": null }, "matchId": "49042e84-1452-41aa-a50b-88bb2f531e3b", "evidence": "Slides 17-28 expose the iceberg of Momo's problems, revealing undisclosed charges and complex VIE structure.", "position": 1, "objective": "What are the implications of Momo's undisclosed charges and complex VIE structure?", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:51.812569+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 22, "type": "tension", "title": "The slide uses a color-coded organizational chart to distinguish between disclosed (green) and undisclosed (red) entities.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", 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"/decks/019dd923-622c-750b-8b98-72ad4dd9da96.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Our forensic analysis has identified that Momo owns at least two, including what we believe to be one of their top five, talent agencies.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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"w": 0.94, "x": 0.03, "y": 0.32 }, "kind": "list", "text": "Hunan Qindao Culture Spread is disclosed in related party transactions in Momo's 20F Filing (Note 15), but has never been mentioned by management in calls or in the context of Momo's operations or strategy shift towards agencies", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:07.951+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac4b8a77-cbdd-4f8e-ba00-91b4323ad15c", "parentComponentId": null }, { 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It is unclear how many additional talent agencies they may own through other undisclosed VIEs, but it appears that Momo is conducting undisclosed related party transactions. 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"framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b975-e748a2bce362", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.48, "x": 0.49, "y": 0.61 }, "kind": "diagram", "text": "Three-part process diagram showing 'Accounting?' and 'Virtual Gifts Rebate 5%'", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d6a3ab6-d480-4f10-ab47-af2e8d6e48e8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.38, "x": 0.58, "y": 0.27 }, "kind": "diagram", "text": "Live Video Revenue Recognition flow chart", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72690dbd-31bb-4a36-af9a-967b2b7c0566", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.55, "x": 0.03, "y": 0.27 }, "kind": "list", "text": "Users purchase virtual currency... Momo takes a cut... Agencies act as representation... This chain is relatively straightforward.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d92e7ef2-a708-494b-a2f6-49b611e87c33", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.03, "y": 0.61 }, "kind": "list", "text": "Though never discussed publicly... Momo is providing free virtual currency... The nature of the above transactions creates uncertainty.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dee62619-9ac1-49e4-9e41-dc09c2f338c6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "The chain of virtual gifting transactions and accounting discussed publicly by Momo management is rather straightforward (\"clean\"). However, this chain gets increasingly \"murky\" once you introduce Momo related party agencies, agencies supporting their own talent, free virtual currency and cash rebates.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f41a9b8-2fe1-4295-ae03-3e9e6cdf6ee7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.48, "x": 0.49, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point. All of the above applies to independent and Momo owned agencies", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We can see no good reason why an agent should receive an advance payment", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dc-7419-88cc-a7f973a8934a", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.18, "x": 0.79, "y": 0.28 }, "kind": "diagram", "text": "Ownership structure flow chart", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.582+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83150860-b974-439e-acc6-c9f993a27545", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.75, "x": 0.03, "y": 0.39 }, "kind": "image", "text": "Website screenshot of Qindao Company Profile", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.582+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6bc8361-be3b-4b77-9ad7-424262783663", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.03, "y": 0.82 }, "kind": "list", "text": "70% of the revenue payments received by Hunan Qindao Culture Spread reside with Hunan Qindao Network Media Co., Ltd.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.582+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5da7bfa-29bd-46d6-b837-0cb64c5abda4", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.75, "x": 0.03, "y": 0.87 }, "kind": "list", "text": "Curiously, this subsidiary received an advance payment of $5.1 million in revenue sharing from Momo Inc, disclosed in the 2017 20-F (Note 15(1)). Normally an agent will receive its share of revenue from Momo at the end of the month and then pass on the broadcasters share of revenue. We can see no good reason why an agent should receive an advance payment", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.582+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4e97a45-f7c0-43c6-8065-0056ef20fda4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.03, "y": 0.28 }, "kind": "list", "text": "In July 2017 Hunan Qindao Culture Spread established a subsidiary, Hunan Qindao Network Media Co Ltd, that we have discovered is now used to operate a Momo dedicated talent agency business. The Hunan Qindao Culture Spread branded agency website is registered to this subsidiary Qindao", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.582+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea48e86f-1440-49c4-9f65-9ab0b852b83e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "Momo disclosed in its 20-F Hunan Qindao Culture Spread Co as an equity investment of $4.4 million in 2016 and having shared live streaming revenue of $3.9 million. It has not been disclosed as a talent agent and we can't understand why it would be receiving a $5.1 million prepayment from Momo.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.582+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "892b6cd5-2934-49e0-a19e-6817f2b9cc0a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Red Flag 3: MOMO's Undisclosed Ownership of Talent Agencies + Related Party Transactions (Cont'd)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.582+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79e101f5-22d4-45a5-a901-4d5a00c56318", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "cfc371bf-abd4-4194-af96-46b00099304d", "evidence": "The slide explicitly labels the content as 'Red Flag 3' and details undisclosed financial transactions.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:43:08.582+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 69, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "2ed90acb-05ba-4602-8daa-c17fe790841b", "matchId": "ff923de0-b574-46ff-8fa1-7755d5aec66d", "beatType": null, "evidence": "Slides 7-69 systematically expose contradictions and red flags in Momo's business, including undisclosed charges, complex VIE structure, and regulatory risks.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 28, "from": 17, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null }, "matchId": "49042e84-1452-41aa-a50b-88bb2f531e3b", "evidence": "Slides 17-28 expose the iceberg of Momo's problems, revealing undisclosed charges and complex VIE structure.", "position": 1, "objective": "What are the implications of Momo's undisclosed charges and complex VIE structure?", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:51.812569+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 25, "type": "tension", "title": "The slide uses red boxes to highlight the specific data points that contradict each other.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 9, "textChars": 1026, "nDataPoints": 24, "notes": "The slide uses red boxes to highlight the specific data points that contradict each other.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:43:08.4+00", "seconds": 3.178, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-72ad4dd9da96/25", "deck": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96", "deckAnchor": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We could not match Momo's reported performance of Hunan Qindao Culture Spread (Hunan Qindao) with the company's statutory fillings in China in a couple of instances. The differences appear to be material.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b976-8750cca2898c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "list", "text": "Momo reported that it purchased (shared live streaming revenue) $3.9 million in 2016 and $9.1 million in 2017 from Hunan Qindao Culture Spread. However, Hunan Qindao only reported $6.4 million in 2016 and $2.1 million in 2017.\nIt was simply not possible that Hunan Qindao earned $9.1 million in 2017 from live streaming cooperation with Momo", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d46596e-0343-45a5-b240-f83bdfba607e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Revenue: $9.1 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b976-8bcc1def5c0d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "We could not match Momo's reported performance of Hunan Qindao Culture Spread (Hunan Qindao) with the company's statutory fillings in China in a couple of instances. The differences appear to be material.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:08.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53349a75-af92-4fc1-b79c-8f6f45fe482b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.52, "y": 0.9 }, "kind": "source-note", "text": "Source: China Filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Spruce Point suspects that these operations may potentially be carried out in Momo headquarters.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:14.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a4f8605-24c4-4bda-8445-3517ed00536b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.03, "y": 0.0096 }, "kind": "source-note", "text": "Source: Spruce Point private investigators", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Our investigators visited this address and were surprised to find an unmarked door in a high end residential building welcoming “home delivery, just walk in”. 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On the right is the door to room 2010 on the 20th floor. The A4 sign on the door says “Home delivery, just walk in”. There is no company signage. 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Our investigators visited this address and were surprised to find an unmarked door in a high end residential building welcoming “home delivery, just walk in”. Is this what a top 5 agency looks like?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8af83574-c678-4de4-950a-f670277c64cf", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "Source: Spruce Point private investigators", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b976-550e2b44275b", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.68, "x": 0.16, "y": 0.49 }, "kind": "diagram", "text": "Corporate structure diagram showing links between Momo, investment vehicles, Pokermaster entities, and app stores.", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Value chain", "slug": "value-chain", "status": "active", "canonId": "019de52d-048a-769c-aad6-4abdde7ef317", "version": 1, "description": null }, "framework": null }, "subkind": "value-chain", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.647+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2b096e7-6e57-45bf-a571-c115f1aca25b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.33 }, "kind": "list", "text": "Momo has invested, via its VIE, in Pokermaster (德扑圈), a Texas Hold'em poker app. The app can be download inside or outside China via the Apple or Google stores\nUsers can purchase virtual chips, gamble on card games via the app, and then withdraw the funds in China via an agent or offshore if they have an offshore account. The Chinese app and the international app are the same platform and users can gamble across border", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.647+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f4cf2c1-ca7a-4855-b19f-d3cca2f05ebe", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "paragraph", "text": "Momo has been invested since July 2015 via an undisclosed VIE, albeit in small amount, in a very popular and highly rated illegal (in China) gambling operation (Pokermaster 德扑圈). The website/app was exposed by CCTV on April 15th, 2018 and has now been shut down. It is unknown what action the Chinese government may take once it realizes the connection.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.647+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe4c4062-853d-4e34-8709-869133a88be9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.16, "y": 0.96 }, "kind": "source-note", "text": "Source: Spruce Point Consultant, SAIC, ASIC, Apple, Google", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.647+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d926eaef-1e12-446a-8385-d5d91df51743", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Red Flag 4: MOMO's Investment In An Illegal Gambling Enterprise", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.647+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5742754a-403e-472a-bc9a-4a674f4d322f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d8cd6e78-f5dd-4fe6-8534-c753cfe3c2c6", "evidence": "The slide explicitly labels the content as a 'Red Flag' and details an illegal activity/undisclosed investment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:43:09.647+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 69, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "2ed90acb-05ba-4602-8daa-c17fe790841b", "matchId": "ff923de0-b574-46ff-8fa1-7755d5aec66d", "beatType": null, "evidence": "Slides 7-69 systematically expose contradictions and red flags in Momo's business, including undisclosed charges, complex VIE structure, and regulatory risks.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 32, "type": "tension", "title": "Includes a red circle annotation highlighting the connection between Wuxi Jianguo and Wuxi Yilumi.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 7, "textChars": 926, "nDataPoints": 0, "notes": "Includes a red circle annotation highlighting the connection between Wuxi Jianguo and Wuxi Yilumi.", "elementsJson": [ "headline_text", "bullet_list", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:43:09.604+00", "seconds": 3.407, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-72ad4dd9da96/32", "deck": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96", "deckAnchor": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96#slide-32", "deckJson": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe Momo owned entities may own Illuminar Interactive International Inc. based on the above chain of ownership.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b976-cd93b694324b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.25, "x": 0.36, "y": 0.37 }, "kind": "legend", "text": "Red circle highlighting Wuxi Jianguo and Wuxi Yilumi connection", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "211cd4c3-7986-450e-a917-2c1a47a40829", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.89 }, "kind": "list", "text": "Wuxi Yilumi Technology Co, a Momo VIE owned company, is registered as the owner of the URL www.pokermaster.com as of March 2018, and has the Chinese internet content publishing license for the site (license)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44481e85-4fae-4fc6-941f-fd6e7c09a49e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.82 }, "kind": "paragraph", "text": "We believe Momo owned entities may own Illuminar Interactive International Inc. based on the above chain of ownership. We also know that Illuminar claims to own the website (Source) and the app (Source)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9addfd4e-a01f-4f10-8341-e1dc238fcbfa", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.19 }, "kind": "paragraph", "text": "Since the CCTV expose in China on April 15, 2018, the Pokermaster app is no longer available in China or on the Apple store outside China. You can still download the app from the Google store outside of China (Source)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1dae178-d12d-4149-b325-8c2d5ae19f5f", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.9, "x": 0.05, "y": 0.27 }, "kind": "table", "text": "Pokermaster Corporate Ownership Structure table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b5c69bd-aad6-4e59-8d5b-b258938b7a4a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Red Flag 4: MOMO's Investment In An Illegal Gambling Enterprise (Cont'd)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0940ff3-f7f8-4e1e-87c2-e4308519562f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0982a142-91ba-4754-9c44-21d12c24cbc9", "evidence": "The slide explicitly labels the content as a 'Red Flag' and attempts to expose a hidden corporate relationship to illegal activity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:43:09.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 69, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "2ed90acb-05ba-4602-8daa-c17fe790841b", "matchId": "ff923de0-b574-46ff-8fa1-7755d5aec66d", "beatType": null, "evidence": "Slides 7-69 systematically expose contradictions and red flags in Momo's business, including undisclosed charges, complex VIE structure, and regulatory risks.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 33, "type": "tension", "title": "Uses WHOIS records and IP hosting data to link the company to gambling sites.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 8, "textChars": 668, "nDataPoints": 15, "notes": "Uses WHOIS records and IP hosting data to link the company to gambling sites.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:43:09.749+00", "seconds": 3.434, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-72ad4dd9da96/33", "deck": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96", "deckAnchor": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Not surprisingly, the registrant organization for Pokermaster.com was changed from an undisclosed Momo VIE to Domains By Proxy, LLC post the release of the CCTV expose.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b976-a68c9c49fe88", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.38, "x": 0.03, "y": 0.29 }, "kind": "image", "text": "WHOIS record screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1cc7f120-e6c3-4252-ab6e-ee6863d6c283", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.38, "x": 0.58, "y": 0.29 }, "kind": "image", "text": "WHOIS search results", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:09.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, 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Given this fact, and the premium paid to recent private funding rounds, the acquisition seems extremely expensive for client acquisition or speculation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:11.558+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8182e72a-a8db-44fe-b6be-270897a76b38", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.29 }, "kind": "callout", "text": "We believe the Tantan acquisition was likely done to cover up slowing growth that started in Q2'17", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:11.558+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2837d2e-d57e-4068-83a3-8eda7d510541", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.48, "x": 0.04, "y": 0.56 }, "kind": "list", "text": "On February 23rd, Momo announced that it would acquire Tantan for $735 million of which $600.9 million would be in cash and 5.3 million A class ordinary shares. According to QuestMobile and Iresearch Tantan had only 20 million active monthly users at the start of the year. From the neighboring table, we see that Tantan had no revenue in 2015 and 2016, but more importantly there was very little activity in the Tantan VIE. Tantan is a small company that only started to charge subscription in Q3 2017 and premium VIP service in January 2018 (source). 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Number two is Tantan working independently, how is the potential synergy between Momo and Tantan can be realized?\" – Analyst Tian Hou Q4 2017 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:11.558+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "310ebc27-43ba-4ef8-aeab-b7150e4736a7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.36 }, "kind": "quote", "text": "\"After the acquisition process, Tantan will maintain its separate sets of strategies and product development, operations, branding as well as business development under the leadership of their existing management, and we will be providing full support and expertise in areas including human resources, technology as well as monetization.\" – Tang Yan Q4 2017 Earning Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:11.558+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e03100a9-8fbe-44c2-aa55-0cf2ce5dd281", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"After the acquisition process, Tantan will maintain its separate sets of strategies and product development, operations, branding as well as business development under the leadership of their existing management, and we will be providing full support and expertise in areas including human resources, technology as well as monetization.\" — Tang Yan Q4 2017 Earning Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b976-fd7ac0d0ddbf", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.54, "y": 0.92 }, "kind": "source-note", "text": "Source: China financials", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Three Equity LPs Became Shareholders on October 25th, 2017 shortly before SAIC charges against Momo in Nov 2017 and three of its Directors resign for \"personal reasons\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:10.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6452a43-629d-4432-9da6-0b5f3a452896", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Recall: In Nov 2017 the SAIC charged Momo with of \"Filing 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"kind": "diagram", "text": "Ownership Structure of Tantan VIE Just Before Beijing Momo Took Control February 23, 2018", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Org chart", "slug": "org-chart", "status": "active", "canonId": "019de52d-04b3-709a-9328-bbcb1643bbc1", "version": 1, "description": null }, "framework": null }, "subkind": "org-chart", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:10.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0f56518-efb8-47a5-abf6-2192953a8f4e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "paragraph", "text": "One alternative theory is that Momo needed to use the cash it may be having difficulty getting out of China, so it acquired Momo Tantan VIE with RMB cash in China. Momo stopped disclosing the location of its cash holdings after Q3'2016. Three equity LPs mysteriously became Tantan shareholders on October 25, 2017. It's possible that the newly added limited partnerships were put in place immediately before the transaction to hide who actually got paid the cash, and that Momo insiders could be the beneficiaries of the sales. 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This exposes Momo to regulatory action.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b978-fe9ee437cb5d", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.94, "x": 0.03, "y": 0.29 }, "kind": "image", "text": "Five screenshots of the Momo app interface with red circles highlighting questionable content.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:11.436+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b2d1a51-dea8-46d0-b76d-93a5f6182537", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "“It’s no exaggeration to say that any company could die overnight. It has become an industry joke that almost all of the people in charge of content-audit departments have white hair” - Chen Taifeng, a vice-president at Yixia Technology", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:11.436+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28fa96d4-7f37-45da-ab46-43767829d649", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"It's no exaggeration to say that any company could die overnight. It has become an industry joke that almost all of the people in charge of content-audit departments have white hair\" — Chen Taifeng, a vice-president at Yixia Technology", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b979-0297b029a7d7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.08, "x": 0.03, "y": 0.97 }, "kind": "source-note", "text": "Source: Momo", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We believe that this has directly contributed to Momo’s advertising woes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:12.044+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82cc2ce7-5688-4cfa-bfd6-08b938611cb1", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Four of the agencies our consultant interviewed gave the unsolicited opinion that Momo has a reputation as a (sex) cam site. We believe that this has directly contributed to Momo's advertising woes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b978-0157aace6319", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.94, "x": 0.03, "y": 0.3 }, "kind": "list", "text": "Small Exclusive Agent #2: \"I don't think Momo will be a long lasting platform as its reputation is not good. In most peoples experience it is a live cam site for sex and this is something it cannot wash off.\"\n\nSuper Agency #6: \"Momo is good for publicity. Most people think of Momo as a sex site which has predominantly male users.\"\n\nSmall Agency #9: \"A successful broadcaster on Yizhibo would not survive on Momo. Momo is low level. Momo was successful because it was like a porn cam channel. The users were 30 to 50 year old males in second and third tier cities. Their motives were clear. They wanted to see sex performances. Despite being cleaned up Momo is still this sort of channel and encourages people to climax. If Momo can not change directions then it will have a problem.\"\n\nLarge Agency #11: \"90% of the audience are male. They are not interested in art but more about sex. Older men with their families in the US. They are lonely and spend a lot of money each month.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:12.044+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c83a0dd7-054d-4033-8785-6e3c6c20e56b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I don't think Momo will be a long lasting platform as its reputation is not good. In most peoples experience it is a live cam site for sex and this is something it cannot wash off.\" — Small Exclusive Agent #2; \"Momo is good for publicity. Most people think of Momo as a sex site which has predominantly male users.\" — Super Agency #6; \"A successful broadcaster on Yizhibo would not survive on Momo. Momo is low level. Momo was successful because it was like a porn cam channel. The users were 30 to 50 year old males in second and third tier cities. Their motives were clear. They wanted to see sex performances. Despite being cleaned up Momo is still this sort of channel and encourages people to climax. If Momo can not change directions then it will have a problem.\" — Small Agency #9; \"90% of the audience are male. They are not interested in art but more about sex. Older men with their families in the US. They are lonely and spend a lot of money each month.\" — Large Agency #11", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b978-06b54e7dc3a6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Spruce Point Consultant. Detailed description of agencies can be found on following slide", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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However, it appears enforcement activity has escalated significantly in mid 2018.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b978-155b73e8a7bf", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "paragraph", "text": "2017 was a significant year for the MOC and SARFT in terms of establishing live streaming guidelines. 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Momo shareholders would later benefit, to the tune of ~215% share price increase over the past two plus years, from the intersection of the J-Curve portion of China live stream adoption (particularly pertaining to user generated “UG” content) and the fact that Momo had an installed (largely male millennial) MAU base of 70 million at the time. Live Video revenues, paying users, Average Revenue Per Paying User “ARPPU” and conversion of MAU to Live Video paying users all exploded during 2016 and live streaming propelled Momo revenues to increase more than 3x.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:20.042+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f281d30c-5b75-4b40-960f-78db365c1ea5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Sources: mydrivers.com, Oeee.com, sina.com, dzrbs.com, sohu.com, Weibo.com, epaper.com, news.e23.cn, news.sun0769.com, sohu.com, law.southcn.com, nanrenwo.net, new.cnr.cn, hunan.sina.com.cn, games.ifeng.com, finance.gucheng.com, news.zdface.com, baijiahao.baidu.com, news.163.com, 0573ren.com, Jiangsu.china.com.cn, news.jstv.com, tech.163.com, 110.com, bbs.365jia.cn, mini.eastday.com, ah.sina.com.cn, ln.sina.com.cn, 66law.cn, fj.qq.com, finance.sina.com.cn", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The magnitude and risk of this transition shouldn't be understated as Momo's historical revenues (and growth) have been partially tied to their legacy \"content\" and the user base that it attracted", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00b84cbd-ff50-4c5e-9137-fdbd7f81c68e", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "paragraph", "text": "Up until this point in time, management had continued to beat the drum of Momo being a location based anonymous social networking site with a large set of monetization opportunities. However, on the Q3'17 earnings call there was a sudden acknowledgement by CEO Tang Yan \"On the product side, one of the key hurdles that we had in improving the long-term user retention was the fact that our core use case, which was pretty much based on nearby people and instant messaging was kind of limited\". Momo management then doubled down on delivering a \"social and entertainment experience\" to capture the attention and wallets of the young Chinese", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11d1380b-4dcb-4344-aa85-4461f68ca5a1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "paragraph", "text": "Momo's ability to execute this transition and growth strategy is up for debate and is anyone's guess. This will clearly be a tight rope act as evidenced by the recent acquisition of Tantan, a popular hook-up (and dating) site, that was questioned by an analyst for its strategic benefit on a recent conference call. On one hand, the acquisition makes sense in the hope that it further broadens Momo's MAU and introduces a more female oriented demographic. Conversely, there are no plans to integrate the platforms and recognize material synergies, as it likely reinforces the brand that Momo is trying to distance itself from", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e77e352-7841-44ca-ab06-f413aae5f27a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "paragraph", "text": "In an attempt to reposition Live Video to preserve market share and avoid the scrutiny of regulators, Momo introduced an agency based content improvement strategy. \"The goal is to set up the policies and incentive systems so that increasing number of quality agencies professional performers can feel motivated and driven enough to offer higher quality and more differentiated content through our platform.\" This is a tectonic shift from Q4 '16 when it was stated on the earnings call that the \"number one agency in December only represented somewhere around 3% of the total revenues from Live Video service and the Top 10 you know in aggregate represented somewhere around 16%.\" Very little transparency has been provided around the agency strategy or the anticipated impact to Live Video's financials", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7015125c-a87b-4435-9a8e-cb4a8ccd9148", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "In addition to the proposed changes on the content side of Live Video, Momo also decided to introduce new use cases for the overwhelming majority of live streaming broadcasters that simply viewed it as a means of socializing with friends (rather than a talent based occupation). Momo once again introduced new products (radio, quick chat, quiz show, etc.), most free or without Momo taking a cut for the time being, in hopes of maintaining and attracting new users", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5b3ed58-6e7f-48e0-9343-38445e0e92f9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The goal is to set up the policies and incentive systems so that increasing number of quality agencies professional performers can feel motivated and driven enough to offer higher quality and more differentiated content through our platform.\" — Momo Earnings Call; \"On the product side, one of the key hurdles that we had in improving the long-term user retention was the fact that our core use case, which was pretty much based on nearby people and instant messaging was kind of limited\" — CEO Tang Yan", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, 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0.08, "w": 0.28, "x": 0.68, "y": 0.725 }, "kind": "callout", "text": "We've never been positioning Momo as a live stream company (Really??), it's just where we make all of our money.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.484+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "116f0606-ea93-44a5-8926-8abf88c189a5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.28, "x": 0.68, "y": 0.855 }, "kind": "callout", "text": "Although it's less profitable we have to do it anyway for the sake of the business long-term.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.484+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d04a13b-0e64-46c8-a7af-51cf143c9585", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.28, "x": 0.68, "y": 0.335 }, "kind": "callout", "text": "So the Live Video cash cow's best days appear behind it?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.484+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce974646-79e3-415b-9b8c-4320c196136d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.28, "x": 0.68, "y": 0.465 }, "kind": "callout", "text": "Live Video business is really concentrated amongst both Talent and Users.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.484+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0142e72-a848-4627-b460-0a3691ee96bf", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.28, "x": 0.68, "y": 0.595 }, "kind": "callout", "text": "We've actually redirected these Small Users towards activities where we don't get paid.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.484+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4715fb2-01a2-4a1c-bef3-c357595c3b81", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "Given the lack of data transparency into Momo’s businesses, one must pay particular attention to management’s (translated) comments. Based on recent statements, it appears that they are looking to diversify from Live Video while becoming increasingly dependent on agencies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.484+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d6c7c7c-1b26-441a-a62e-500a9d92fca2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We've never been positioning Momo as a live streaming company. We have always been positioning Momo as a social company and we're seeing these - the user experience, the social experience around the newer used cases are actually pretty good in some ways actually better than the live streaming service. — Tang Yan", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b978-ef0c9d313f20", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.6, "x": 0.05, "y": 0.3 }, "kind": "table", "text": "Q2 '17 Earnings Call, Binnie Wong Merrill Lynch Q: ... A: ...", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:13.484+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7d71211-5f8d-47f3-bf92-b1e307b2c497", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.3, "y": 0.05 }, "kind": "title", "text": "Strategic Shift After Flattening Paid User Growth in Live Video During Q2 And Q3 2017", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": 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There goes the baby with the bath water.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:26.703+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce7ca187-dd2d-4657-9aac-47f302d30673", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.65, "x": 0.05, "y": 0.29 }, "kind": "paragraph", "text": "Tang Yan Q3 '17 Earnings Call: Other than these efforts, we are also working to strengthen our collaborations with professional agencies... [full text excerpt]", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:26.703+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "250912eb-9a0c-479f-803a-ef1ea6c40d61", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Other than these efforts, we are also working to strengthen our collaborations with professional agencies in building our talent pool and improving the content offerings. Historically, agencies have a limited role in Momo's live streaming ecosystem. We have noticed, since earlier this year that some quality talent agencies and MCNs are becoming increasingly mature in terms of talent management and content development. As a result, we are adjusting our operational policies to better support the high value-added agencies in traffic and other resources, as well as economic incentive. We believe that such adjustment will give the quality agencies bigger room to develop and does better motivate them to help us in developing talent and driving constant quality and diversity. It will also allow them to grow their business in a bigger way within our ecosystem, which in turn will grow ours. In November, we rolled out a trial plan, whereby the qualified agencies are provided with a different level of additional cash incentives if they reach certain growth targets. Although such incentives will likely cause cost in revenue to continue to fluctuate in the future, we believe it will better motivate the agencies and individual broadcasters to invest and grow their business within our ecosystem, which in turn will grow ours. Moving on to mobile marketing business, the new homepage design of 8.0 has diverted traffic from nearby people to other product modules. At the same time, we have also reduced the number of ad units in the nearby posts from 3 to 1. As nearby people and nearby posts are the two major carriers of the ad impressions. The 8.0-related changes have led to a significant decline in the ad inventory supply resulting in a sequential decrease in mobile marketing revenues during the third quarter. On the product side, one of the key hurdles that we had in improving the long-term user retention was the fact that our core use case, which was pretty much based on nearby people and instant messaging was kind of limited. 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"groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b979-4eff399bf526", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.28, "y": 0.21 }, "kind": "list", "text": "Based on our interviews Momo support to agencies ranges from better positioning on lists, support for external events and cash rebates of 5% on virtual gifts. These benefits generally appear to accrue to exclusive and large scale agents. Agencies primary complaint in regards to Momo is that their share of revenue is too low", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3419846-5aab-4b5f-9c7c-49a6bed23fbb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.28, "y": 0.62 }, "kind": "list", "text": "When we asked agencies about whether or not Momo controls its own agencies we got a range of responses from \"No\" to their biggest agency is their own", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3e469b8-0db3-47cd-8b1e-343f6012216f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.28, "y": 0.68 }, "kind": "quote", "text": "\"Yes there are. Momo has one official agency. You will notice broadcasters that are called \"official\" broadcasters. Momo's own staff open agencies. They do this privately. They keep it out of the spotlight. To do the agency business relies on your relationship with the platform. If you have a good relationship with the platform than you can get anything passed. Every platform has the underground agencies.\" Small Agent #2", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04a2f784-0199-4634-a4ec-785cc275bdc2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.28, "y": 0.34 }, "kind": "quote", "text": "\"Better positioning on the APP. Sometimes we can add value and get 100% free. So if we add 10,000 they will give us 10,000 or a rebate of 5%. We don't work with Momo as their take is too high. We also have to pay 6% tax. We care about our ability to make money on a channel. Agents and broadcasters care more about how much money they can earn than traffic.\" – Large Agency #11", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3613e931-6678-4b94-bca3-197de37c9a8f", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.7, "x": 0.28, "y": 0.81 }, "kind": "quote", "text": "\"Yes, Momo directly contracts broadcasters. Momo gave these people money to establish their own agencies. This agency is in Qingdao. For confidentiality reason I cannot tell you the name. This is Momo's largest agency.\" – Small Agency #9", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c47a2f2-0984-4356-bcdf-b653a1752fde", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.7, "x": 0.28, "y": 0.47 }, "kind": "quote", "text": "\"We are both aiming to make money. Momo will give us better positioning and place us on hottest lists. When we add value on Momo we will get a 5% rebate. In the back end system we can take this out as cash.\" – Super Agency #6", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c6951f9-0ae2-4185-85ef-bb33392b01cf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Better positioning on the APP. Sometimes we can add value and get 100% free. So if we add 10,000 they will give us 10,000 or a rebate of 5%. We don't work with Momo as their take is too high. We also have to pay 6% tax. We care about our ability to make money on a channel. Agents and broadcasters care more about how much money they can earn than traffic.\" — Large Agency #11; \"We are both aiming to make money. Momo will give us better positioning and place us on hottest lists. When we add value on Momo we will get a 5% rebate. In the back end system we can take this out as cash.\" — Super Agency #6; \"Yes there are. Momo has one official agency. You will notice broadcasters that are called \"official\" broadcasters. Momo's own staff open agencies. They do this privately. They keep it out of the spotlight. To do the agency business relies on your relationship with the platform. If you have a good relationship with the platform than you can get anything passed. Every platform has the underground agencies.\" — Small Agent #2; \"Yes, Momo directly contracts broadcasters. Momo gave these people money to establish their own agencies. This agency is in Qingdao. For confidentiality reason I cannot tell you the name. This is Momo's largest agency.\" — Small Agency #9", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b979-503e0c3a9274", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Undisclosed Insights Into Momo Live Video Strategy Based On Talent Agency Interviews", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.403+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb288d02-9ed6-43a7-b80a-0b0104686193", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 69, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Expose Contradiction", "beatId": "2ed90acb-05ba-4602-8daa-c17fe790841b", "matchId": "ff923de0-b574-46ff-8fa1-7755d5aec66d", "beatType": null, "evidence": "Slides 7-69 systematically expose contradictions and red flags in Momo's business, including undisclosed charges, complex VIE structure, and regulatory risks.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 59, "type": "tension", "title": "Uses quotes from anonymous agencies to support the thesis of revenue manipulation.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", 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"parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We have to. This is just the same as Taobao fake sales. Everyone does it. Each month about 10-20% of our revenue is us spending money on broadcasters. We share the loss equally with the broadcaster.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b979-241d11411d44", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.26, "y": 0.2 }, "kind": "list", "text": "Every Agency we spoke with indicated that they support their own talent by giving virtual gifts. Some agencies do so reluctantly as Momo keeps 60% of the money they are spending on their talent. Others spend significant portions of their own revenues back into their talent, particularly at year end. Two agencies estimated that their own spending represents 10%-20% of their revenues", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21b59a49-2696-40ee-9aa4-680d04d1ff09", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.72, "x": 0.26, "y": 0.35 }, "kind": "quote", "text": "\"Yes, we will help broadcasters to become popular. We estimate about 10% of the revenue of Momo is from this type of activity. Sometimes we will pay this cost to help a broadcaster.\" –Super Agency #6", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a7512df-8d38-4c23-a3eb-2afd741538b8", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.72, "x": 0.26, "y": 0.46 }, "kind": "quote", "text": "\"We have to. This is just the same as Taobao fake sales. Everyone does it. Each month about 10-20% of our revenue is us spending money on broadcasters. We share the loss equally with the broadcaster.\" –Large Agency #11", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8336358-1a94-4d52-ade1-43586b4635e8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Yes, we will help broadcasters to become popular. We estimate about 10% of the revenue of Momo is from this type of activity. Sometimes we will pay this cost to help a broadcaster.\" — Super Agency #6; \"We have to. This is just the same as Taobao fake sales. Everyone does it. Each month about 10-20% of our revenue is us spending money on broadcasters. We share the loss equally with the broadcaster.\" — Large Agency #11", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b979-2b9a1b91cb64", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Undisclosed Insights Into Momo Live 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Momo was the No 1 now it is not. Now entertainment media is the leading content online. Fans like Douyin the most. Super Agency #8", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:16.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3672218d-e88a-4c96-98c1-8b8b1d78585b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.68, "x": 0.28, "y": 0.27 }, "kind": "list", "text": "\"It looks like Now will overtake Momo, no other platforms look likely to overtake Momo. Now has the huge Tencent platform for promotion.\" – Large Agency #1", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:16.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f9b539b-b9c8-4cdf-b4b4-84c2a4937451", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.68, "x": 0.28, "y": 0.77 }, "kind": "list", "text": "Spruce Point believes that increased competition amongst platforms and consolidation amongst agencies will force Momo to lower virtual gift retention and increase cost of revenues going forward", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:16.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a890bc71-e29e-4d3a-9eb5-dc5f65d879bc", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.68, "x": 0.28, "y": 0.32 }, "kind": "list", "text": "\"Now is becoming much better. The audience is fresher and the broadcasters are more authentic. Now only approves 30% of broadcasters compared with Momos 45%. The big spenders spend more on Now.\" – Small Agency #6", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:16.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5bbf216-f006-4fcc-b86c-da4f9c2436b0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.68, "x": 0.28, "y": 0.46 }, "kind": "list", "text": "\"Now platform traffic development is really good. Their traffic is constantly increasing. Momo's traffic is not as good. For us older agencies we can make money, new agencies cannot make money.\" – Super Agency #7", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:16.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb14fc99-efc7-4c7d-aec8-8f4bcc97f80c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.68, "x": 0.28, "y": 0.4 }, "kind": "list", "text": "We are trying out other channels, Now is really good at the moment, Douyin has just started doing live broadcasting, so we are just monitoring it. Douyin is the hottest channel recently. – Small Agency #4", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:16.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc44c30e-6743-4a28-bfa3-785032d6bf1f", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.68, "x": 0.28, "y": 0.65 }, "kind": "list", "text": "Based on publicly available information and our interviews, Spruce Point believes most of the credible competing platforms maintain 40%-55% of virtual currency gifting and emerging threat Now maintains only 30%-40% (higher cost of revenues)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:16.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e58e6989-f9b6-485c-8bca-dc0b2f0da77a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.68, "x": 0.28, "y": 0.19 }, "kind": "list", "text": "Half the agencies that we questioned had very favorable things to say about Now (backed by Tencent) and Douyin (backed by Bytedance) sounds as if it is the hottest channel at the moment", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:16.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6043fd3-e23d-4556-a7b1-b57b737d8154", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"It looks like Now will overtake Momo, no other platforms look likely to overtake Momo. Now has the huge Tencent platform for promotion.\" — Large Agency #1; \"Now is becoming much better. The audience is fresher and the broadcasters are more authentic. Now only approves 30% of broadcasters compared with Momos 45%. The big spenders spend more on Now.\" — Small Agency #6; \"We are trying out other channels, Now is really good at the moment, Douyin has just started doing live broadcasting, so we are just monitoring it. Douyin is the hottest channel recently.\" — Small Agency #4; \"Now platform traffic development is really good. Their traffic is constantly increasing. Momo's traffic is not as good. For us older agencies we can make money, new agencies cannot make money.\" — Super Agency #7; \"Momo growth is stabilizing after rapid expansion, current growth is very weak and it is a very risky period. Momo was the No 1 it is not. Now entertainment media is the leading content online. 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In most people’s experience it is a live cam site for sex and this is something it cannot wash off.” Small Exclusive Agent #2", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:17.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3675dac7-9ae2-44c3-be41-bf23ed452ca7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.73, "x": 0.25, "y": 0.82 }, "kind": "quote", "text": "“Last year was a revolutionary year for our industry. This year is a difficult year. There are more regulatory restrictions on the industry. Some popular broadcasters have been kicked out. They were on the edge of regulations and using words and actions they should not use. There are a lot of restrictions on clothing now.” – Large Agency #6", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:17.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81d81774-c398-4dce-95c8-83b50de8c063", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.73, "x": 0.25, "y": 0.31 }, "kind": "quote", "text": "“Momo is good for publicity. Most people think of Momo as a sex site which has predominantly male users.” – Super Agency #6", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:17.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3395696-5e89-4007-bc50-840a955f17a6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.73, "x": 0.25, "y": 0.49 }, "kind": "quote", "text": "“90% of the audience are male. They are not interested in art but more about sex. Older men with their families in the US. They are lonely and spend a lot of money each month.” – Large Agency #11", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:17.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efbcd4be-1dd2-450d-a793-d0b0f6c4227e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.73, "x": 0.25, "y": 0.715 }, "kind": "quote", "text": "“There are lots of new restrictions like you cannot show breast area, 2/3 of the breast area must be covered. If you wear a short skirt you cannot drop things. You cannot broadcast lying in bed. There are broadcasters breaking all of these rules. Momo does not try to clean it up unless they are caught because they want the traffic and the money. We do not have that sort of broadcaster on our roster. ” – Small Agency #9", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:17.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f67a2138-8e56-41df-838e-d99c3f0977c3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I don't think Momo will be a long lasting platform as its reputation is not good. In most people's experience it is a live cam site for sex and this is something it cannot wash off.\" — Small Exclusive Agent #2; \"Momo is good for publicity. Most people think of Momo as a sex site which has predominantly male users.\" — Super Agency #6; \"A successful broadcaster on Yizhibo would not survive on Momo. Momo is low level. Momo was successful because it was like a porn cam channel. The users were 30 to 50 year old males in second and third tier cities. Their motives were clear. They wanted to see sex performances. Despite being cleaned up Momo is still this sort of channel and encourages people to climax. If Momo can not change directions then it will have a problem.\" — Small Agency #9; \"90% of the audience are male. They are not interested in art but more about sex. Older men with their families in the US. They are lonely and spend a lot of money each month.\" — Large Agency #11; \"There are lots of new restrictions like you cannot show breast area, 2/3 of the breast area must be covered. If you wear a short skirt you cannot drop things. You cannot broadcast lying in bed. There are broadcasters breaking all of these rules. Momo does not try to clean it up unless they are caught because they want the traffic and the money. We do not have that sort of broadcaster on our roster.\" — Small Agency #9; \"Last year was a revolutionary year for our industry. This year is a difficult year. There are more regulatory restrictions on the industry. Some popular broadcasters have been kicked out. They were on the edge of regulations and using words and actions they should not use. There are a lot of restrictions on clothing now.\" — Large Agency #6", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b979-f9eb1cbabf88", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Key Advertising and Regulatory Findings From Talent Agency Interviews", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:17.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f8145c2-aa39-4f65-a6ce-230060fa454f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d2133f4d-697d-4553-9e4b-fe2853b6421f", "evidence": "The slide frames Momo as a 'sex site' and 'porn cam channel' to establish it as a negative actor.", "framework": null, "confidence": 0.8, 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null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "713e636f-a17d-4f09-ba81-f8a4d7bd9db8", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "list", "text": "News Feed Advertising Operations in Shenzen: Weibo is more effective due to young female users; Momo has too many male users and a negative reputation.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9a90223-7d28-42ed-8f7a-81c9f86d3fd4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "list", "text": "Marketing Manager in Beijing: Coverage is too narrow, advertising impact is low compared to other apps, and location-based ads are ineffective.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": 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Momo's user demographic and brand were repeatedly cited as challenges to achieving broader appeal from a platform marketing perspective.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:15.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69651c7f-9315-4cce-961b-68d30a1e05b8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Momo's approval of advertisers and brands is not as strict as Tencent's and Momo has advertising from every industry such as medical care, automobiles, and tourism. Tencent does not allow advertising for loans but Momo does.\" — Marketing Manager in Shenyan; \"The impact on Momo is terrible.\" — News Feed Advertising Operations in Shenzen; \"Everyone knows that the reputation of Momo and it has a lot of negative news. Men use the site to find people to have sex with them.\" — News Feed Advertising Operations in Shenzen; \"The coverage of Momo is too narrow. Their advertising impact is very low for the hotel industry.\" — Marketing Manager in Beijing", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d3-706e-a45c-9ed37246027e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Key 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"to": 70, "label": "Cost Of Inaction", "description": "What is the cost of inaction for investors who fail to consider these risks?" } ] }