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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 highlights a specific case (Ruitiantian) where a performer and their top contributor share an IMEI, implying they are the same entity or closely linked, contradicting the platform's appearance of independent user-performer relationships.",
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      "text": "Collectively, the group showed a net cash outflow of RMB 12.0 million. Yet, YY would have recorded RMB 17.1 million in revenues from gifts given to Ruitiantian, as shown below.",
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      "text": "net cash outflow: RMB 12.0 million",
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      "text": "YY works hard to keep the illusion of independence between Top Performers and Top PUs. An internal YY news story told of Ruitiantian’s amazing victory with the help of her top contributor, Yang, during a",
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      "text": "Top Performer Ruitiantian's IMEI is Shared with a Network of Top PUs, Including “Yang”, Her Top Contributor",
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