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  "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",
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  "pageNumber": 16,
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  "slideType": "expose_contradiction",
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  "notes": "The slide uses investigative evidence to expose fraudulent gift inflation on the YY platform.",
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      "text": "Overall, we believe ~85% or more of the XHL-reported RMB 18.2 million in gifts Big Li received to win the December 2019 annual competition originated from YY’s FUs.",
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      "kind": "image",
      "text": "Left: Big Li, in a 2018 broadcast. Right: Big Li receiving his crown at the 2019 annual award ceremony and thanking Pingshen, his top contributor, for helping lift him to victory.",
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      "text": "gift revenue: 96%",
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      "text": "Overall, we believe ~85% or more of the XHL-reported RMB 18.2 million in gifts Big Li received to win the December 2019 annual competition originated from YY's FUs. Our analysis indicated that out of the RMB 13.7 million of such gifts for which XHL captured in-depth data, YY-controlled FUs contributed RMB 13.1 million, or 96% of the total. We believe that the majority of the remaining PUs contributing to Big Li in December 2019 are bot FUs that gave gifts repeatedly when Big Li was off the air:",
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      "text": "Day to day, Big Li runs a variety show on YY, cracking jokes and bantering with other performers and fans. The Hebei native calls his 8.4 million purported fans Li's Army, and his streams each boast hundreds of thousands of views. As the number-three performer on the YY platform, Big Li receives tens of millions of RMB in donations each year. In December 2019 alone, 28 million RMB, or 40% of that month's gifts, came from Big Li's #1 Top PU, Pingshen. That's a pretty good payday for a former average Joe from Hebei.",
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      "text": "However, our investigation revealed that Pingshen shares Big Li's IMEI. We found fourteen other PUs whose IMEIs were also connected to Big Li, including eight Top PUs. Over the four-month period, gift contributions from these eight accounts amounted to much more than Big Li received.",
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      "text": "24-28: Footnotes detailing data sources and specific definitions for PUs, FUs, and UID.",
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