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  "docSlug": "4a1cd2416c13",
  "documentTitle": "Joyy Inc. (YY)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-18 00:00:00",
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  "notes": "Includes a case study of performer ShenMan and a table detailing net cash outflows for a specific user group.",
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      "kind": "callout",
      "text": "These connections between performers and PUs further support our estimated that YY has fabricated ~90% of gift revenue.",
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      "text": "Net cash outflow: RMB 106,000,701",
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      "kind": "paragraph",
      "text": "These connections between performers and PUs further support our estimated that YY has fabricated ~90% of gift revenue.",
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      },
      "kind": "paragraph",
      "text": "faceoff with another performer. Curiously, in the heat of the competition, Ruitiantian got up and left her seat, after which her devoted patron Yang suddenly sent one of the most expensive virtual gifts, boosting Ruitiantian to victory.",
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      "kind": "quote",
      "text": "“Last night, Rui Tiantian was fighting with a beautiful anchor. During the fight, Rui Tiantian got up and left her seat. Tycoon Yangyang appeared and brushed a jumbo jet, launching her into the lead in a matter of seconds, helping Rui Tiantian's defeat her opponent by a wide margin.” — https://www.yy.com/yue/182938",
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      "text": "31 https://www.yy.com/yue/182938",
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      "kind": "table",
      "text": "Net Cash Outflows by 19,392 PUs Sharing an IMEI with a Single YY Server User",
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      "kind": "title",
      "text": "Case Study: Top Performer ShenMan Regularly Receives Tips When Not Broadcasting",
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      "evidence": "The report provides evidence of circular gifting and fake accounts",
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      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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