{
  "docId": "019dd923-622c-750b-8b97-202fcba3bc0a",
  "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",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 5,
  "pageCount": 71,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "table_of_contents",
  "function": "front_matter",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/5",
  "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.775,
        "w": 0.728,
        "x": 0.136,
        "y": 0.121
      },
      "kind": "list",
      "text": "Our Data Analysis and Sampling Indicate that ~90% of YY Live Revenue Is Fake ... 5\nData Collection and Analysis Methodology ... 5\nYY-Controlled PUs Generated Roughly Half of YY Gift Revenue in December 2019 ... 6\nInternal Network FUs and YY Server FUs Revealed Themselves Through Glitches ... 7\nYY Live's Platform Angels Program Shows Only 1 in 3 FUs Can be Spotted by IMEI Sharing ... 8\nSampling Wuhan PUs Indicated that ~87.5% Were Controlled by YY ... 9\nFinancial Statements for the Top 5 YY Live Channel Owners Show an 85.9% Revenue Discrepancy, Supporting our YY Live ~90% Fraudulent Revenue Estimate ... 10\nRoundtripping and Fraud is Rife on YY Live ... 11\nCase Study: \"Modern Brothers\" is a Modern Fraud ... 12\nCase Study: Top YY Performers like \"Big Li\" Get Tens of Millions of RMB in Fake Gift Contributions ... 14\nCase Study: \"Xiaozhou\", YY's Top Performer from October 2019 to January 2020, Exhibits Similar Behavior ... 18\nCase Study: The Same Goes for #2 Top Performer \"Ruitiantian\" ... 19\nCase Study: Top Performer ShenMan Regularly Receives Tips When Not Broadcasting ... 21\nYY Enlists Armies of FUs and FU Bots To Fabricate Gift Revenue ... 23\nCase Study: Performer Liu Yishou Openly Jokes About YY Being a Scam ... 25\nNot surprisingly, as we demonstrate below, we found that YY-controlled bots supply Liu Yishou with fake gifts ... 26\nA Channel Owner Illustrates the Interlocking Revenue Inflation Scheme with YY ... 27\nTime to Upgrade the FraudTech: Slip-Ups Reveal YY-Controlled Gifting ... 29\nCase Study: FU Bot Activity For Dafashijian, or \"Killing Time\" (打发时间) ... 29\nCase Study: Thin Noodle (小面 or 遗失机器猫的大熊) ... 30\nCase Study: FU Bot Activity For Orange Juice, a Live Broadcast Room Manager (果粒橙) ... 32\nCase Study: Bot Activity For \"Alright\" or \"nonoKe\" (可以的 or nono 可) ... 34\nOne Example of a YY Bot Farm: Over 1,100 IPs Emanating from a Small Chinese City ... 37\nYY's Dating Channels are Not a Secret Cash Cow for Remaining Revenues ... 38\nAnomalies in YY's Chinese Financials Suggest Fake Cash and Fraud ... 41\nBigo Tells the Same Lies About Revenue as YY Live, But it Helped David Li Get Richer ... Error! Bookmark not defined.\nCase Study: Top Bigo User RCT_KHAN is One of Bigo's Best Con-Jobs ... 45\nEven in our Conservative Case, 59.1% of Bigo's Revenue Seems Fraudulent ... 51\nThe Bigo Acquisition Was a Multiyear, Multilevel Scam Benefiting YY Insiders ... 53",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e9ad53d-19ae-44a7-bb2e-986e964c6760",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.021,
        "w": 0.085,
        "x": 0.136,
        "y": 0.097
      },
      "kind": "title",
      "text": "Contents",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "667895d4-b4fb-46e8-a6d0-42c47a47dafa",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 71,
      "from": 4,
      "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}