{
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  "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": 23,
  "pageCount": 71,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The slide highlights a discrepancy between the streamer's inactivity (no broadcasts) and the continued flow of gifts, suggesting fraudulent activity.",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In light of the abundance of revenue inflation evidence we uncovered, we believe such contribution patterns are hallmarks of yet more fake sales.",
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      "kind": "image",
      "text": "Screenshot of a live-streaming profile interface showing contribution data and gift logs.",
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      "kind": "paragraph",
      "text": "In late July of 2020, data on ShenMan’s broadcasting room showed her last broadcast had been 29 days prior. According to both XHL and YY’s own platform contribution records, over the course of a week in which she had not performed, ShenMan received RMB 9,958 in gift contributions. In light of the abundance of revenue inflation evidence we uncovered, we believe such contribution patterns are hallmarks of yet more fake sales.",
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      "kind": "paragraph",
      "text": "According to XHL’s data for ShenMan, over the course of the 30 days prior to July 23, she did not perform on 28 days. Nevertheless, over the same period, 10,452 PUs sent her gifts of less than RMB 10. The purple line starting below at June 25th shows that the trend of off-air gifts was continuous and regular, suggestive of bot activity responsible for the flow of low-value gifts:",
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      "evidence": "The slide explicitly argues that observed contribution patterns are 'hallmarks of yet more fake sales' and 'suggestive of bot activity'.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
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      "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting",
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  "loops": [
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      "evidence": "The report provides evidence of circular gifting and fake accounts",
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      "objective": "What is the extent of YY's fraudulent practices?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
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