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  "docSlug": "4a1cd2416c13",
  "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": "Includes screenshots of the Hello app interface and a SAIC corporate registration record for Baiguoyuan Networks.",
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      "text": "We further believe that these apps operated in order to help inflate Bigo’s topline, boosting both its historical and recent contributions to YY, yielding both ongoing revenue inflation and past fair value gains.",
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      "text": "SAIC corporate record for Baiguoyuan Networks",
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      "text": "Screenshots of Hello app interface",
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      "text": "As evidence that the VIE’s operating business is mostly composed of Hello, public SAIC records for Baiguoyuan Networks, Bigo’s China VIE, show www.520hello.com as the website of record.",
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      "text": "We believe that Hello and its sister apps continue to exist out of convenience for management, who likely find onshore revenue fabrication is easier and cheaper than offshore. We further believe that these apps operated in order to help inflate Bigo’s topline, boosting both its historical and recent contributions to YY, yielding both ongoing revenue inflation and past fair value gains. Furthermore, this revenue inflation was a way for David Li to artificially inflate Bigo’s valuation. By including the Baiguoyuan VIE’s likely fake China-based revenues in Bigo revenues, David Li received a larger payout from YY.",
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