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  "documentTitle": "Joyy Inc. (YY)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2020-11-18 00:00:00",
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  "notes": "The slide uses a calculation table to derive implied PRC revenue and then transitions into a narrative critique of the 'Hello' app's legitimacy.",
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      "text": "The Hello App Appears Derelict, With Longstanding YY Links Despite Supposed Bigo Origin",
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      "text": "Implied Minimum Bigo PRC Revenue: 456,199",
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      "kind": "paragraph",
      "text": "Bigo's onshore revenue appears to be limited to the apps and investments held by the VIE Baiguoyuan, which should be substantially all derived from Hello and its sister apps.",
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      "kind": "paragraph",
      "text": "Our investigators performed primary diligence on Hello and found little current activity, cementing our belief that the app generates little revenue. Furthermore, Hello appears to have been set up by YY, not Bigo.",
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      "kind": "paragraph",
      "text": "We monitored several livestreaming rooms and found them to be a joke. Not only was the content terrible in our view, but they were mostly devoid of participants and performers.",
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      "text": "Source: JOYY 6K quarterly earnings. *Bigo and Hago. Per the JOYY 4Q19 earnings call, Hago's revenue is small in absolute scale and not contributing much.",
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      "text": "Table showing 3Q 2019, 2Q 2020, and 3Q 2020 revenue metrics for Bigo, including non-PRC revenue, total revenue, implied PRC revenue, and YoY growth.",
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      "kind": "title",
      "text": "JOYY Live Streaming Revenue by Geography Excluding Huya",
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