{
  "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": 52,
  "pageCount": 71,
  "prevPage": 51,
  "nextPage": 53,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Includes a screenshot of Bigo's FAQ regarding Bigo ID changes as evidence of policy contradiction.",
  "elementsJson": [
    "paragraph",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/52",
  "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-52",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe these fake user profile swaps are essentially Bigo’s “FU” witness protection program.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be96-a2af0c4e6d5c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.3,
        "x": 0.35,
        "y": 0.35
      },
      "kind": "image",
      "text": "Screenshot of Bigo Help & Feedback FAQ regarding Bigo ID changes.",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98866b9f-1fc4-4873-8775-706533517e90",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Bigo revenue fraud rate: 59.1%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be96-a7bf8cb65bcc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.74
      },
      "kind": "paragraph",
      "text": "Our base case is that ~80% of Bigo's revenue is fake... we still estimate that 59.1% of Bigo's revenue is fake.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19a6f729-ff9d-477a-a856-145bf0cd0261",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Fahmi NAGA is not a new contributor who leapt up to the number two position and got ahead of RCT_HYUN BIN. The total beans contributed and rankings for the top recipients didn't change.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc58d77c-073d-4f7a-b007-d208c5b3cb2d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.7
      },
      "kind": "title",
      "text": "Even in our Conservative Case, 59.1% of Bigo's Revenue Seems Fraudulent",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "38a8f0e7-7621-4ea7-b702-c1eaaf2b23d9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "17d35f7a-2f98-43b2-8d0d-175e3cc59b00",
      "evidence": "The slide explicitly links user profile manipulation to revenue fraud estimates.",
      "confidence": 0.9
    }
  ],
  "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
    },
    {
      "to": 68,
      "from": 33,
      "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Appendix Data",
      "beatSlug": null,
      "evidence": "The report includes extensive data and examples to support its claims",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}