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  "sourceTypeLabel": "Short seller",
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      "text": "We have observed three primary methods through which YY commits fraud: Paying User bots, recycled gifts from performers, and channel owners.",
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      "text": "Approximately 84% of YY’s reported consolidated revenue appears to be fraudulent. Changing our base case assumptions to more company-favorable / conservative assumptions yields consolidated fraudulent revenue of approximately 73%.",
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      "text": "We conclude that YY Live, Bigo, and YY’s online dating business are substantially fraudulent, with specific estimates for revenue fraud across segments.",
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      "text": "We are short JOYY Inc. (YY) because we conclude that YY is a multibillion-dollar fraud. We conclude that YY’s component businesses are a fraction of the size it reports, and that the company’s reported user metrics, revenues, and cash balances are predominantly fraudulent.",
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      "text": "To Baidu we say, “You’ve announced that you’re going to pay seven percent of your market cap in cash for a business that’s almost entirely fraudulent. The enormous scale of this fraud will be inescapable in due diligence. You say there are real ethics and respect for the law at Baidu? Show us.”",
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