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"Word-document-style short report with Grizzly bear header on each page; charts are functional Excel/PPT style. Publication date inferred as early Feb 2020 from filename and the January 27, 2020 data references plus coronavirus framing — exact day not printed on cover. No named human author — firm authorship only. Report discloses a short position but not a specific stake percentage. Strong fraud-exposure SCQA: SAIC vs SEC divergence anchor chart (p.5), Ganji revenue collapse (p.8-9), peer valuation gap table (p.12), 58 Home deconsolidation adjustment chart (p.20). Playbook is classic China-fraud short: SAIC vs SEC cross-check, goodwill-impairment demand, insider self-dealing via spin-offs, auditor callout.", "kpisCited": [ { "detail": "Cumulative RMB 4.6bn overstatement 2016-2018; SEC growth 71%/yr vs SAIC 50%/yr (2013-2018)", "metric": "SEC vs SAIC revenue gap" }, { "detail": "Fell from $203m in 2015 to $3.6m in 2018 — 1.8% of peak", "metric": "Ganji combined-entity revenue" }, { "detail": "Collapsed from $130.7m in 2015 to $3.6m in 2018 (2.8% of peak)", "metric": "Shanjing Kechuang revenue" }, { "detail": "$2.6bn ≈ 65.8% of WUBA shareholder equity; $2.1bn (>50%) at risk of impairment", "metric": "Goodwill from Ganji" }, { "detail": "Valued at $2.8bn vs $0.81bn peer average — 244% premium (fang, ke, fangdd, 5i5j, zhipin)", "metric": "Ganji valuation vs peers" }, { "detail": "Yang Haoyong's effective $50m entry grew to ~$1.7bn — ~30x on nominal cash outlay", "metric": "Guazi insider return" }, { "detail": "Declined from 95.4% (Q4 2013) to 88.2% (Q3 2019) — second-lowest since reporting began", "metric": "Gross margin" }, { "detail": "-6.7% in Q4 2018 on old methodology; 0.0% QoQ in Q3 2019 after definition change", "metric": "Paying members QoQ" }, { "detail": "2018 reported $347.7m vs adjusted $142.4m after re-consolidating 58 Home", "metric": "Reported vs adjusted operating income" }, { "detail": "RMB 426.2bn, -16.2% YoY, with top-50 threshold down 27.5%", "metric": "China top-100 real estate sales Jan 2020" } ], "closingAsk": "Auditors and regulators must scrutinize WUBA's accounting and force impairment of Ganji goodwill, after which equity will face a sharp turn lower.", "extraction": { "at": "2026-04-22 23:12:00+00", "model": "unknown-legacy", "runId": null, "seconds": 183.21275, "promptVersion": null }, "scqaReward": "Ganji-related assets ($2.1bn goodwill, >50% of shareholder equity) would be written down, shareholder equity would fall sharply, prior-year earnings would be restated, and WUBA's equity would face a sharp turn lower.", "thesisTypes": [ "fraud_exposure", "governance_board" ], "top3Reasons": [ "SAIC filings show WUBA overstated revenue by a cumulative RMB 4.6bn over three years", "Ganji revenue collapsed >95% since the $2.8bn acquisition yet goodwill remains unimpaired", "Insiders got Guazi (~$1.7bn gain) and 58 Finance for effectively no consideration" ], "scqaSituation": "58.com presents itself to US investors as China's leading online classifieds operator (yellow pages, real estate, jobs, autos) and has raised over $1.6 billion since its 2013 NYSE IPO, backed by a sprawling portfolio of verticals including Anjuke, Ganji, Zhuan Zhuan and 58 Home.", "thesisSummary": "Grizzly Research argues 58.com (WUBA) is a fraud vehicle masquerading as China's leading online classifieds platform. Chinese SAIC filings show WUBA overstated consolidated revenue to the SEC by a cumulative RMB 4.6 billion over three years, and that its $2.8 billion Ganji acquisition — which backs $2.6bn of goodwill and 50%+ of shareholder equity — saw combined entity revenue collapse from $203m in 2015 to $3.6m in 2018, a reality WUBA hides by refusing to disclose subsidiary financials. Meanwhile, insiders were enriched through two spin-offs: Guazi was effectively gifted to former co-chairman Yang Haoyong for a ~30x return (~$1.7bn), and the online finance business was transferred to CEO Jinbo Yao for a profit-share while WUBA continues bankrolling its receivables. The report urges auditor PwC Zhongtian and regulators to force goodwill impairment, which Grizzly believes would trigger a financial restatement from 2016 and a sharp drop in WUBA equity.", "primaryDemands": [ "Auditor PwC Zhongtian and regulators should force immediate impairment of Ganji goodwill", "WUBA should restate financial statements since 2016 to reflect the inflated revenues identified in SAIC filings", "Company must disclose full terms of the Guazi spin-off and 58 Finance transfer to the CEO", "Regulators should investigate the ~RMB 4.6bn cumulative SEC vs. SAIC revenue discrepancy", "Re-consolidate 58 Home and Guazi, whose deconsolidation appears engineered to inflate operating income" ], "scqaResolution": "PwC Zhongtian and regulators should force an immediate Ganji goodwill impairment, compel a restatement of SEC financials from 2016 onward, re-consolidate 58 Home and Guazi, and investigate the insider spin-off terms.", "thesisOneLiner": "58.com is an accounting house of cards: inflated SEC revenues, a $2.6bn Ganji goodwill that collapsed 95% post-acquisition, and serial insider spin-offs enriching the CEO and former co-chairman.", "precedentsCited": [ "The China Hustle documentary (context for US-listed Chinese fraud risk)", "Ai Wu Ji Wu liquidation (proof that Chinese property platforms can collapse despite marquee backers)" ], "scqaComplication": "Chinese SAIC filings reveal WUBA overstated SEC revenue by a cumulative RMB 4.6bn, while the flagship $2.8bn Ganji acquisition collapsed 95%+ since 2015 and two subsidiaries (Guazi, 58 Finance) were spun to insiders for nominal consideration.", "narrativeInterest": 4, "notableSlidePages": [ 1, 5, 9, 12, 20, 27 ], "peerCompaniesCited": [ "Fang.com (SFUN)", "Zhipin / BOSS直聘", "Ke.com", "Fangdd.com (DUO)", "5i5j (SZ:000560)", "Anjuke", "51job (JOBS)", "Lianjia", "Leju" ], "valuationFrameworks": [ "multiple_comparison", "asset_value" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": 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OF THE COMPANY COVERED HEREIN, AND THEREFORE STANDS TO REALIZE SIGNIFICANT GAINS IN THE EVENT THAT THE PRICE OF 58.COM'S STOCK DECLINES.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:20.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e862eff-3479-407c-9fcb-3b58fbd09aef", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.195 }, "kind": "disclaimer", "text": "This report and all statements contained herein are the opinions of Grizzly Research, and are not statements of fact.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:20.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4320785b-e2d8-4646-ae1e-5c741bce4705", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.135 }, "kind": "disclaimer", "text": "PLEASE REVIEW CAREFULLY IN CONJUNCTION WITH OUR RESEARCH REPORT AND SUPPORTING MATERIALS, INCLUDING THE FULL LEGAL DISCLAIMER ON THE LAST PAGE OF THIS REPORT.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:20.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e810b703-a8a4-4d79-8b03-6589cb9058a1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.105 }, "kind": "title", "text": "IMPORTANT LEGAL DISCLAIMER", "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 20:08:20.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38a2f4a8-60df-4ff0-ae7d-951ea447013c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 2, "textChars": 1021, "nDataPoints": 0, "notes": null, "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:08:17.456+00", "seconds": 2.284, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-e9f945bdaf31/3", "deck": "/decks/019dd923-622c-750b-8b9a-e9f945bdaf31", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-e9f945bdaf31#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b9a-e9f945bdaf31.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.7, "x": 0.15, "y": 0.215 }, "kind": "list", "text": "1. Introduction 4\n2. Reporting Apparently Inflated Financials 5\n3. Ganji Takeover Looks Like a Sham 6\n3.1 Background on Ganji Acquisition 6\n3.2 Ganji Fell Apart Shortly After the Acquisition 7\n3.3 Web Analysis Seems to Confirm that Ganji is in Bad Shape 10\n3.4 Ganji's Founder Cashes Out Quickly 13\n3.5 But Who is to Catch It? 14\n3.6 What If WUBA Decides to Impair Goodwill? 15\n4. Guazi Spin-Off Enriches Insiders 17\n5. Sale of Finance Businesses to CEO 18\n6. Accounting Shenanigans Left and Right 20\n6.1 WUBA Deconsolidated its Main Asset 20\n6.2 Deconsolidating Guazi 22\n6.3 Changing How to Count Members 22\n6.4 Mysterious Goodwill Amount Change 23\n6.5 Lots of Capital Raises, Little Cash Flow 24\n7. WUBA's Business Fundamentals are Deteriorating 25\n7.1 WUBA's Business May Have Reached Its Peak 25\n7.2 The Housing Industry in China is Grinding to a Halt 28\n7.3 The Jobs Industry in China is Also in Decline 29\n7.4 Negative Media Coverage, Poor User Experience 31\n7.5 The Coronavirus 32\n8. 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The assets are based in mainland China, disclosure is opaque, and there is little to no legal recourse for Chinese insiders that lie to and steal from US public shareholders. The Public Company Accounting Oversight Board (\"PCAOB\") said the SEC faces obstacles in inspecting the principal auditor's work when it comes to companies operating in China. 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Filings from China suggest to us that the company has been overstating revenues. WUBA's biggest acquisition has seen almost its entire revenue vanish and we believe that over 50% over the shareholder equity should be impaired in light of our findings. We also see a pattern where the best businesses are spun off at deflated prices to insiders, and we believe enhanced due diligence is warranted when investing in Chinese companies.", "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 20:08:18.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8388599a-d449-45d2-8180-c9b5dd5a60d4", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.764, "x": 0.118, "y": 0.145 }, "kind": "paragraph", "text": "58.com Inc. operates various online classifieds platforms and vertical listing platforms in China. The company's main segments are yellow page services, real estate platforms, and job platforms amongst others.", "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 20:08:18.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99326fb9-47cc-4573-a5fa-e796be167382", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.764, "x": 0.118, "y": 0.465 }, "kind": "paragraph", "text": "WUBA presents itself as a prime opportunity for US investors to participate in the growth of the Chinese online economy and has raised over $1.6 billion from investors since becoming a US public company in 2013.", "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 20:08:18.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecb7ae09-3512-493b-99ae-682ca3aba5b9", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.123, "x": 0.438, "y": 0.102 }, "kind": "title", "text": "1. 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The red-boxed parts are Ganji related entities, among which is the company “Beijing Shanjing Kechuang Network Technology Co., Ltd.” (“Shanjing Kechuang”, Chinese name: 山景科创网络技术(北京)有限公司) the main VIE operating Ganji’s business in China.", "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 20:08:19.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70c128ac-5cf5-45df-ab49-4dccb451d1e0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.18 }, "kind": "paragraph", "text": "Because WUBA does not disclose revenues separately for its major subsidiaries, we went to China’s SAIC to obtain Shanjing Kechuang’s financials for the past few years. According to SAIC information, Shanjing Kechuang’s total revenues increased from $0 in 2011 to a peak of $130.7 million in 2015. After 2015, revenue dropped significantly to just $15.8 million in 2016, $7.3 million in 2017 and just $3.6 million in 2018. Astonishingly, Shanjing Kechuang’s revenues in 2018 were only 2.8% of what they were in 2015! 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(“Yangguang Gudi”, Chinese name: 北京阳光谷地科技发展有限公司) from 2011 to 2018. If we add these two entities’ financials together, we see the same trend in total revenue as we see with Shanjing Kechuang alone. The total revenues for the two combined entities increased from $4.6 million in 2011 to a peak of $203.0 million in 2015, and then dropped significantly to $23.2 million in 2016, $9.7 million in 2017 and $3.6 million in 2018. Revenue from the combined entities is only 1.8% of what it was in 2015! 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0.12, "y": 0.33 }, "kind": "paragraph", "text": "When we compare “58 Tong Cheng”, WUBA’s own website and Ganji side by side, we see that though acquired for $2.8B, Ganji has certainly not been thriving. Before the acquisition happened, Ganji was competing toe to toe with WUBA. However, around the time of the acquisition, popularity of Ganji quickly trended downwards and has consistently decreased at an alarming rate to what appears to be marginal compared to WUBA. Meanwhile, perhaps more disturbingly, WUBA has not shown an increase in popularity, indicating that the acquisition had very little positive synergies, and that WUBA and Ganji’s customer base together is actually shrinking. This acquisition neither organically/strategically grew Ganji as an operating subsidiary of WUBA, nor did it increase WUBA’s own web traffic. We see this as overwhelming evidence that the goodwill attributed to this acquisition should now be significantly, if not completely, impaired.", "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 20:08:19.266+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "353045f0-2518-40e3-9605-1d669c4ffc95", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.78 }, "kind": "paragraph", "text": "Findings from Alexa Traffic Ranks also validate our thesis. Due to limited data, we were only able to focus on the performance of websites since 2017. However, we can clearly see that Ganji.com, indicated by the light blue line in the middle, is ranking close to 10,000 and are lower in line with fang.com, Zhipin.com, ke.com and fangdd.com. 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However, Ganji is valued at 2.8 Billion, that is over 240% more!", "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 02:31:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b222-2cc5f48638cf", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Valuation (USD Bil): 244%", "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": "2026-04-23 02:31:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b222-3642d7ffe88f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.12, "y": 0.42 }, "kind": "paragraph", "text": "On average the other websites and their corresponding companies that have comparable traffic rankings are valued at 0.81 billion USD. However, Ganji is valued at 2.8 Billion, that is over 240% more!", "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 20:08:20.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "023d50fc-f0f4-49a7-b432-eeea3f5e5c32", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.12, "y": 0.68 }, "kind": "paragraph", "text": "Later in the technology section, WUBA claims that Our proprietary technology supports very high user traffic during peak traffic periods such as the Chinese New Year, which is the peak season for job and rental home searches.", "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 20:08:20.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ce2b22a-eddb-4d38-9bef-ea8b19d2d8c4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.12, "y": 0.48 }, "kind": "paragraph", "text": "We also note that management did not talk about Ganji's growth during its earnings call. This is troublesome because we believe management has clarity on how Ganji has performed through 2018.", "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 20:08:20.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d43892e6-2331-4da2-b2f5-182a9d466855", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.12, "y": 0.6 }, "kind": "paragraph", "text": "In the most recent 20-F, WUBA mentioned that We experience seasonality in our business. 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Our revenues are typically lower during the holidays in China, particularly during the Chinese New Year, which occurs in the first quarter. — 20-F, WUBA", "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 02:31:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b222-317160281111", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.12, "y": 0.36 }, "kind": "source-note", "text": "[1] https://cj.sina.com.cn/articles/view/1649036617/624a4d4902000ltig\n[2] https://m.gelonghui.com/p/256464", "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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WUBA recognized only a tiny portion of its share in 58 Home's losses, which inflated net and operating income dramatically.", "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 20:08:20.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "665b41e8-8d02-4c0e-8bbb-8b481754455d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "We believe WUBA is employing multiple accounting shenanigans to manipulate financial results for the US public markets.", "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 20:08:20.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85cdbd60-30f7-4020-ab89-3a58a8071da3", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.1, "x": 0.11, "y": 0.81 }, "kind": "source-note", "text": "Source: company 20Fs", "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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If I may, can I just follow up with Rick's comments about the macro situations? 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In the past it's been very fast-growing segment, but in the recent months we are starting to see the impact of a - of a slowing down economy as well.” — WUBA Management (Q4 2018 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": { "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 02:31:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b224-1ddd71a68f8b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.25, "y": 0.25 }, "kind": "title", "text": "7.3 The Jobs Industry in China is Also in Decline", "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 20:08:21.099+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37c22dfa-ad47-44fc-9c76-5efa83a83fbe", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 30, "type": "evidence", "title": "The slide uses direct quotes from corporate earnings calls to validate a thesis about market slowdown.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 87, "componentCount": 13, "textChars": 2744, "nDataPoints": 0, "notes": "The slide uses direct quotes from corporate earnings calls to validate a thesis about market slowdown.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:08:23.289+00", "seconds": 5.13, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-e9f945bdaf31/30", "deck": "/decks/019dd923-622c-750b-8b9a-e9f945bdaf31", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-e9f945bdaf31#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b9a-e9f945bdaf31.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "And in 51job, Inc.'s (JOBS) Q1 2019 conference call, further validates that the job market is really not doing well in 2019:", "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 02:31:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b223-e4e6e856c395", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.66, "x": 0.17, "y": 0.1 }, "kind": "paragraph", "text": "And for, let's say, the workers that are remaining in the hometown, will these present more opportunity to us or is that more - potentially more naturally based to the recruitment side? So any color will be helpful. Thank you.", "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 20:08:23.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14d45bc4-b645-4a59-a593-4f6716087bcd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.66, "x": 0.17, "y": 0.37 }, "kind": "paragraph", "text": "So I think hiring will continue to be difficult, and I think established companies will continue to actively recruit. As we said, we think that the SMEs will probably have a more - have more volatility in their hiring activities.", "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 20:08:23.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34729343-5c93-40c7-bd29-c67cd58288cb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.66, "x": 0.17, "y": 0.25 }, "kind": "paragraph", "text": "So - but people are a little bit taking a wait-and-see attitude to their recruitment plan. So unlike 2018, right after Chinese New Year, people are rushing to hire people. I think, this year, I think people are taking a slower approach to their recruitment plans.", "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 20:08:23.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3acd068c-e20e-49e0-a45b-f71da0fb0127", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.66, "x": 0.17, "y": 0.32 }, "kind": "paragraph", "text": "... But in general, hiring is getting more and more difficult as the demographics in China is shifting to a more - a less supply of labor versus the economic growth of the economy.", "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 20:08:23.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "630db05f-2047-4d87-82fe-ed2e7c653710", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.66, "x": 0.17, "y": 0.16 }, "kind": "paragraph", "text": "Rick Yan [JOBS' CEO]\nYeah, I think I will say that, as we said in our comments, I think the market is - we're seeing a slower growth, but we're still seeing demand. We haven't heard a lot of employers saying that they're not recruiting or laying off staff now.", "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 20:08:23.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a42d3871-87e2-4d32-97f2-99893353a176", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.66, "x": 0.17, "y": 0.43 }, "kind": "paragraph", "text": "And in 51job, Inc.'s (JOBS) Q1 2019 conference call, further validates that the job market is really not doing well in 2019:", "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 20:08:23.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f537d5ec-d862-4f78-a2ad-3ba0821ebe09", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.66, "x": 0.17, "y": 0.71 }, "kind": "paragraph", "text": "More recently in Q3 2019 conference call, 51jobs, Inc. once again pointed out the difficulties of the job market:", "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 20:08:23.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa11f100-dd8d-4468-acca-f5a70324e9b5", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.66, "x": 0.17, "y": 0.48 }, "kind": "quote", "text": "\"Amidst economic uncertainty in China, we saw a slower start to 2019 as employers show greater caution in their recruitment plans in the new year.\"", "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 20:08:23.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74c5695b-b288-49a5-9f92-731e12acbe52", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.66, "x": 0.17, "y": 0.76 }, "kind": "quote", "text": "\"Market conditions have been very challenging this year as ongoing economic concerns and U.S.-China trade tensions have significantly influenced the spending and recruitment plans of employers.\"", "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 20:08:23.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a069e519-a6f9-48e8-9776-2d498e10e038", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.66, "x": 0.17, "y": 0.62 }, "kind": "quote", "text": "\"...In general, we feel that the market has shifted to a wait-and-see mentality as employers are anxiously searching for any clarity or direction as to where things are heading. Many are also dragging out and lengthening the recruitment process which has hindered the velocity of natural turnover in the jobs marketplace.\"", "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 20:08:23.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a81010fb-4e10-4855-a821-c7365ec25319", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.66, "x": 0.17, "y": 0.53 }, "kind": "quote", "text": "\"We observed a lackluster post-Chinese New Year recruitment season, which saw a considerable swing in the supply and demand pendulum as the number of active applicants materially outpaced the increase in new job vacancies. While our platforms saw record levels of resume submissions by job seekers, employers exhibited a lot of hesitancy and were slower to post new positions.\"", "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 20:08:23.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0ae4b19-4daa-452b-996b-e6587f39a0b3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Amidst economic uncertainty in China, we saw a slower start to 2019 as employers show greater caution in their recruitment plans in the new year.\" — 51job, Inc. 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However, negative press and continued mentions of the platform being unreliable may eventually take a significant toll on user’s trust in the site, limiting the number of new users who are likely to choose the site in the future.", "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 20:08:21.741+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b920431-b615-4bf1-bfc8-c594a9ec094a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.506 }, "kind": "paragraph", "text": "The outbreak of the Corona Virus has been a widely reported event. The number of reported infections and death cases is increasing daily. It has been widely speculated that the official numbers are tainted, and that the reality on the ground looks far worse than portrayed in international media. Fact is that we have never seen such widespread quarantine measures. 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More alarmingly are perhaps how these prostitution networks actually acquired their WUBA listings in the first place. According to the article, there are sellers of “WUBA certified corporate accounts” for prices ranging from 20 to 60 yuan. 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One reporter actually conducted underground due diligence and had his personal information leaked on the spot. 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Besides the industry-wide headwinds we have uncovered a range of issues that we believe the company and its auditors should address. The company seems to overstate overall revenues. The company’s biggest acquisition in its history has unbeknownst to investors completely fallen apart. 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THE OPINIONS EXPRESSED IN THIS REPORT ARE NOT INVESTMENT ADVICE NOR SHOULD THEY BE CONSTRUED AS INVESTMENT ADVICE OR ANY RECOMMENDATION OF ANY KIND.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:30.694+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05de138d-1116-4efe-99b0-1d8a6f648f89", "parentComponentId": null }, { "bbox": { "h": 0.048, "w": 0.764, "x": 0.118, "y": 0.337 }, "kind": "disclaimer", "text": "This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:30.694+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "380b9884-883a-43b8-8c31-1b52e777de6c", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.764, "x": 0.118, "y": 0.202 }, "kind": "disclaimer", "text": "To the best of our ability and belief, all information contained herein is accurate and reliable... 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