{
  "docId": "019dd923-622c-750b-8b97-202fcba3bc0a",
  "docSlug": "4a1cd2416c13",
  "documentTitle": "Joyy Inc. (YY)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-18 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 11,
  "pageCount": 71,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "Includes screenshots of YY's own promotional material as evidence of the claim being contradicted.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/11",
  "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "This constitutes a shortfall of 85.9% compared to YY’s claim.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be93-0ef701fba812",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.58
      },
      "kind": "image",
      "text": "Screenshots of YY promotional video claiming 1.1 billion revenue.",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "670dbf67-b970-48f4-94d5-26185eba40cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue discrepancy: 85.9%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be93-15fda5186c0b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "YY claims its top channel owners earned RMB 1.1 billion in revenues in 2018. We obtained these top channel owners' local credit reports, which showed that their combined revenues were only RMB 156.3 million, which indicates an 85.9% revenue overstatement.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "62d297ed-94fd-458f-8126-fb698c1cc90a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.78
      },
      "kind": "paragraph",
      "text": "However, we obtained China credit reports for these channel owners revealing that their combined 2018 gross revenues were just RMB 156.3 million. This constitutes a shortfall of 85.9% compared to YY’s claim.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a11e016f-687b-44fb-8a8e-bb566b96015f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "We took a random sample of 96 PUs out of the 15,866 PUs with Wuhan IPs collected in our November 2019 to February 2020 data set. We found that 87.5% ±10% (84 of the 96) of the PUs were FUs that displayed indicators of fake or controlled criteria...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a8068db1-9d92-4d0c-bf26-5b077c4a885c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "2018! YY’s 5 biggest channels draw more than 1.1 billion yuan — YY promotional video",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be93-13203749b92c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "15 Statistical calculations performed on https://www.surveysystem.com/sscalc.htm\n16 https://www.yy.com/yue/126413?from=yy.com, translation in screen shot by Google translate",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "58ef9469-628f-4059-9cb0-27f31612a2eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.25
      },
      "kind": "title",
      "text": "Financial Statements for the Top 5 YY Live Channel Owners Show an 85.9% Revenue Discrepancy, Supporting our YY Live ~90% Fraudulent Revenue Estimate",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "406e6645-bf50-4cf2-bb2d-ce20998d1421",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 71,
      "from": 4,
      "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 12,
      "from": 10,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "2cd66876-1cad-4f7b-9942-5061928bc9e3",
      "evidence": "The report reveals that ~90% of YY Live Revenue Is Fake",
      "position": 0,
      "objective": "Is YY's revenue legitimate?",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.8,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}