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  "documentTitle": "Joyy Inc. (YY)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-18 00:00:00",
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  "notes": "The slide uses forensic accounting on IMEI data to link specific user accounts to a performer, exposing a net cash outflow discrepancy.",
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      "kind": "callout",
      "text": "Accordingly, we believe that YY helps Big Li prop up his and other performers’ popularity—and YY revenues—by spending far more than he gets.",
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      "text": "Net cash outflow: RMB 24.9 million",
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      "text": "From October 2019 to January 2020, his core group of IMEI-linked PUs sent out RMB 38.4 million in gifts to Mr. Li and other performers...",
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      "text": "Accounts Bearing IMEIs Associated with Mr. Li's Give Gifts Exceeding His YY Income",
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