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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": "The slide uses a forensic accounting approach to identify a discrepancy of RMB 1.326 billion, suggesting potential capital control violations or fabricated cash balances.",
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      "text": "As a result, we conclude that the vast majority of the RMB 1.326 billion that was supposedly transferred offshore either constituted a violation of Chinese capital controls or the cash was never there in the first place.",
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      "text": "Cash transfers: 1,326,163",
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      "text": "From these calculations, we can infer that substantially all of the cash transferred to YY's WFOEs during 2018 should have gone to the offshore WFOEs...",
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      "text": "64 As displayed in the preceding table... 65 To be consistent with YY's 2018 consolidated cash flow presentation...",
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      "text": "Combined Onshore and Offshore WFOE Cash Balance, Non-Huya: 1,297,805; Less Onshore WFOE Cash Balance, Non-Huya: (137,684); Offshore WFOE Cash Balance, Non-Huya: 1,160,121",
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      "text": "Detailed cash flow reconciliation table showing calculation of 1,326,163 RMB transfer.",
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      "text": "YY's Non-Huya VIE Cash Flows Filed with SEC Show Significant Cash Transfers to WFOEs",
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      "text": "The Vast Majority of YY's 2018 WFOE Cash Balances Were Offshore",
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