{
  "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": 2,
  "pageCount": 71,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "executive_summary",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a confrontational tone to frame the company as a fraudulent entity, contrasting it with Baidu's public ethics statement.",
  "elementsJson": [
    "data_table",
    "headline_text",
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/2",
  "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We conclude that YY Live is ~90% fraudulent.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be91-b78a854774e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Market Cap: $8 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be91-be0d6657f463",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.764,
        "x": 0.118,
        "y": 0.392
      },
      "kind": "paragraph",
      "text": "While trawling the sewers of the world's capital markets over the past 10 years, irony has never been in short supply. And yet, nothing could prepare us for the surreality of Baidu announcing its intention to buy YY Live from JOYY...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f20c0749-4912-40c9-bbd2-86b4435ec3bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.775
      },
      "kind": "quote",
      "text": "Baidu resolutely cracks down on all violations of the law and discipline, and has zero tolerance for any behavior that touches the red line of professional ethics. It will never relax for anyone, at any time!",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "084dc0c2-8533-4ea0-940c-f7bc9062cd88",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Baidu resolutely cracks down on all violations of the law and discipline, and has zero tolerance for any behavior that touches the red line of professional ethics. It will never relax for anyone, at any time! — Baidu ethics committee",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be91-ba263da0d9ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.764,
        "x": 0.118,
        "y": 0.865
      },
      "kind": "source-note",
      "text": "Footnotes referencing Baidu ethics statement and executive corruption.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "894c87d5-b7e6-40ec-b2af-1f48f91268b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.195,
        "w": 0.764,
        "x": 0.118,
        "y": 0.125
      },
      "kind": "table",
      "text": "Report Date: November 18, 2020; Industry: Internet Fraud; Company: Joyy Inc.; Stock Price: $100.19; Ticker: YY US; Market Cap: $8 billion; Average Daily Volume (30-day): $109.5 million",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b26f3267-9962-4687-b5dc-ae5032f2edb2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.764,
        "x": 0.118,
        "y": 0.335
      },
      "kind": "title",
      "text": "YY: You Can't Make This Stuff Up. Well...Actually You Can",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30f43f5f-08fc-4d5f-b845-350ff98a901c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "5c0572a5-89e7-4c39-930f-91a1c5115f0b",
      "evidence": "This slide has a clear executive summary with key points highlighted.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6ae75449-a862-4ea8-9f3e-94fbdbf7514c",
      "evidence": "The slide explicitly labels the industry as 'Internet Fraud' and details a 90% fraud claim.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}