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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": "This slide is a narrative-heavy research note detailing allegations of corporate fraud and revenue manipulation.",
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      "kind": "callout",
      "text": "YY has created the illusion of a third-party relationship while allowing the company to maintain control of its Potemkin ecosystem of fake viewers and inflated revenues.",
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      "text": "The platform-channel owner-performer triangle is under YY's control. The top 11 channel owners serving YY were created from the platform itself... YY has created the illusion of a third-party relationship while allowing the company to maintain control of its Potemkin ecosystem of fake viewers and inflated revenues.",
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      "text": "\"Our weight accounted for 70% of the total [performers], and any of the names that were mentioned on the platform, everyone knew they were from our company,\" — a senior talent manager. \"It's like this,\" he told our investigator. \"plainly speaking... because Mr. Li's [Chairman David Li's] support for our company is so great, all of our three channels were provided by Mr. Li for free. We did not spend any money [to buy them].\" — Anonymous investigator source.",
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      "text": "37 https://www.newton.com.tw/wiki/王琡琦 38 Chinese lawsuit: 北京华信普雷文化传媒有限公司等合同纠纷二审民事判决书 39 For example, Yujia is the parent company of L+. 40 Source: XHL data",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The report provides evidence of circular gifting and fake accounts",
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