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Grizzly Reports · research-note

58.com Inc. (WUBA)

35 pages · 4 arc beats · 3 loops

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58.com Inc. (WUBA)

Grizzly Reports · 2020-02
arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

4
coverage by narrative range · generated from this deck JSON
Narrative range 17 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Expose Contradiction 10 slides 100% 10/10 slides 100% 10/10 slides · 83 hits
— 0/10 slides
10% 1/10 slides 70% 7/10 slides 100% 10/10 slides 100% 10/10 slides Preempt Rebuttal 1 slides 100% 1/1 slides 100% 1/1 slides · 7 hits
— 0/1 slides
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100% 1/1 slides 100% 1/1 slides
— 0/1 slides
Expose Contradiction 5 slides 100% 5/5 slides 80% 4/5 slides · 30 hits
— 0/5 slides
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60% 3/5 slides 100% 5/5 slides
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Conclusion 1 slides 100% 1/1 slides 100% 1/1 slides · 6 hits
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100% 1/1 slides
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Slide inventory

35
every slide · same image gating as the playbook
01
Slide 1
This is a short-seller research report summary slide.diagnose_problem
Open slide detail
02
Includes specific disclosure regarding short position in 58.com.other
Open slide detail
03
front_matter
Open slide detail
04
The slide uses a 'Grizzly' logo, suggesting a short-seller research report.diagnose_problem
Open slide detail
05
The slide uses a bar chart to highlight a divergence between official SEC filings and local Chinese SAIC filings, suggesting financial manipulation post-acquisiexpose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
06
The slide uses a table to break down the purchase price allocation of the Ganji acquisition, specifically highlighting the $2.6B goodwill figure.expose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
07
Includes a table of pro forma revenue impact and an organizational chart highlighting Ganji's economic interest flow.analyze_data
Open slide detailBeat · Expose ContradictionLoop · Zoom In
08
The slide highlights a significant revenue drop for a key VIE entity, suggesting potential financial deterioration or accounting shifts.analyze_data
Open slide detailBeat · Expose ContradictionLoop · Zoom In
09
The slide uses a red arrow to visually emphasize the sharp revenue drop-off.expose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
10
The slide uses a 'Grizzly' bear logo, suggesting this is from a short-seller research report.expose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
11
The slide uses two distinct data sources (Baidu Index and Alexa Traffic Rank) to demonstrate the decline of Ganji post-acquisition.expose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
12
The slide uses a 'Grizzly' research note format to highlight a valuation discrepancy and potential management dishonesty.expose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
13
The slide uses a series of tables showing shareholder lists from 2015-2018 to demonstrate the disappearance of the founder's name.expose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
14
The slide uses a 'fraud-exposure' framework to cast doubt on the auditor's independence and thoroughness.expose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
15
Includes a table of auditor filings and a line/bar chart showing KHC stock price drop following an impairment announcement.preempt_rebuttal
Open slide detailBeat · Preempt Rebuttal
16
The slide uses two tables to demonstrate the material impact of potential goodwill impairment on shareholder equity and net income.analyze_data
Open slide detailBeat · Expose Contradiction
17
The slide uses a 'Grizzly' logo, suggesting this is from a short-seller research report.expose_contradiction
Open slide detailBeat · Expose Contradiction
18
Image file not available on disk at /tmp/legacy-images/37ff9313bd57/slides/018.jpg; unable to inspect.
Open slide detailBeat · Expose Contradiction
19
Includes a table showing 'Amounts due from related parties' highlighting 'Finance Business' as a significant debtor.expose_contradiction
Open slide detailBeat · Expose Contradiction
20
The slide uses a 'Grizzly' logo, suggesting this is a short-seller research report.expose_contradiction
Open slide detailBeat · Expose Contradiction
21
The slide lists specific VIEs and their management, highlighting that they are current or former WUBA executives.expose_contradiction
Open slide detail
22
The slide uses a skeptical tone to point out inconsistencies in financial reporting and metric definitions.expose_contradiction
Open slide detail
23
The slide critiques the company's reporting transparency regarding goodwill and the impact of currency changes.expose_contradiction
Open slide detail
24
The slide uses a forensic accounting approach to challenge the company's reported financial health.expose_contradiction
Open slide detailLoop · Cost Of Inaction
25
The slide highlights a discrepancy in reporting methodology and a trend of slowing growth.expose_contradiction
Open slide detailLoop · Cost Of Inaction
26
The chart shows a transition in reporting methodology starting in Q1 2019 (green bars).analyze_data
Open slide detailLoop · Mece Breakdown
27
The slide uses two bar charts to illustrate margin trends and includes a direct quote from the company's earnings release to explain the Q1 2015 anomaly.analyze_data
Open slide detailLoop · Mece Breakdown
28
The slide uses data from CRIC/CSRC to highlight a downturn in the Chinese housing market, specifically targeting the segment that is the company's largest revenexpose_contradiction
Open slide detailLoop · Mece Breakdown
29
The slide uses quotes from earnings calls and analyst questions to validate the thesis of a slowing Chinese labor market.summarize
Open slide detail
30
The slide uses direct quotes from corporate earnings calls to validate a thesis about market slowdown.cite_precedent
Open slide detail
31
Image file not available on disk at /tmp/legacy-images/37ff9313bd57/slides/031.jpg; unable to inspect.
Open slide detail
32
The slide contains a mix of reputational risk analysis and macro-environmental impact assessment.name_villain
Open slide detail
33
This is a classic short-seller research report conclusion, framing the company as a 'fraud vehicle'.summarize
Open slide detailBeat · Conclusion
34
other
Open slide detail
35
other
Open slide detail