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  "documentTitle": "KE Holdings (BEKE)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-16 00:00:00",
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  "notes": "The slide highlights a discrepancy between public reporting (SAIC registries showing equity stakes) and the 'pilot program' described by the manager, which avoids equity reporting.",
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      "text": "Transcript of an interview between an Investigator and a Deyou manager regarding investment structure, equity, and commission rates.",
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      "text": "As described, Deyou would not take an equity stake or seek a profit distribution. Instead, it just increases its commission rates from 8% to 9%, which is a 12.5% increase.",
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      "text": "This does not refer to the Pontus investments in Deyou franchise stores which can be seen in the SAIC company registries. Furthermore, reviews of the Pontus Development HK operations also show systematic investments into the Deyou connected stores...",
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