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  "documentTitle": "Joyy Inc. (YY)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-18 00:00:00",
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  "notes": "The slide uses two tables to reconcile total cash balances against specific onshore WFOE credit report data to infer offshore cash holdings.",
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      "text": "As a result of the small onshore cash balance at year-end 2018, we know that that almost all of the RMB 1.298 billion total cash balance was offshore: namely, RMB 1.160 billion.",
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      "text": "Cash balance: 137,684",
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      "text": "As a result of the small onshore cash balance at year-end 2018, we know that that almost all of the RMB 1.298 billion total cash balance was offshore: namely, RMB 1.160 billion.",
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      "text": "To establish the onshore-offshore split of this cash, we consulted YY’s Chinese credit reports. The credit reports indicated that the onshore, non-Huya WFOEs had no more than RMB 138 million in cash at the end of 2018.",
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      "text": "Cash and Cash Equivalents in the YY Onshore and Offshore WFOEs",
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