{
  "docId": "019dd923-622c-750b-8b97-3ced42d9dbe0",
  "docSlug": "b32b6e967105",
  "documentTitle": "KE Holdings (BEKE)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 36,
  "pageCount": 77,
  "prevPage": 35,
  "nextPage": 37,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a combination of narrative text and a table excerpt from a SEC filing to build a case for data manipulation.",
  "elementsJson": [
    "paragraph",
    "headline_text",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/36",
  "deckHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0#slide-36",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We found that in Beijing, BEKE has 28 major and minor subsidiaries (including VIEs). These entities reported a total of only 14,236 employees per SAIC data, indicating that BEKE is exaggerating the number of its agent in Beijing by 90%.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb45-596bebeff57c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "employee count: 90%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb45-639ace214a74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.509
      },
      "kind": "paragraph",
      "text": "We reviewed BEKE's IPO and secondary F-1 prospectuses, its 2020 20-F and the public SAIC corporate registry databases to map out the structure and identify companies that might be significant employers in Beijing.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6120d64d-b1ff-4899-a7e2-6e43d792092c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.093
      },
      "kind": "paragraph",
      "text": "We contacted six Shanghai Lianjia stores who told our investigator that Lianjia stores do not employ part-time or temporary agents and that Lianjia pays social insurance for its employees.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85c36ec6-ee9b-4de6-9e26-cee11e196bda",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "As of December 31, 2020, our employees were mainly based in mainland China. A large portion of our employees are based in Beijing where our headquarters is located, and the rest are mainly at our subsidiaries and branches across the nation. — BEKE 2020 20-F",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb45-5c223d9ca5e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.828
      },
      "kind": "source-note",
      "text": "Footnotes 51, 52, 53 detailing sources for the claims.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd18fd84-bf15-47bc-80dd-5779f011160d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.68,
        "x": 0.16,
        "y": 0.318
      },
      "kind": "table",
      "text": "Table showing employee breakdown by function as of Dec 31, 2020.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7229174b-6359-44c7-8111-9596b168b4b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.62,
        "x": 0.19,
        "y": 0.208
      },
      "kind": "title",
      "text": "ii. Beijing: SAIC Data Shows over 100% Overstatement in Agent Count",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c8d28b7-9721-454a-992c-bfa4cba06411",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "facb17dc-c973-4b4c-a87c-88840ef17e9f",
      "evidence": "The slide explicitly compares company-reported data with independent registry data to allege overstatement.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 76,
      "from": 3,
      "beatId": "ddedf5e8-3914-43cf-aba0-b4c0cc55dd1d",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Repeated instances of contradictions and discrepancies in BEKE’s reporting",
      "position": 0,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 53,
      "from": 6,
      "beatId": "d6258a57-2813-4874-af77-9bec6ca2bd69",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Appendix Methodology",
      "beatSlug": null,
      "evidence": "Detailed methodology for data collection and analysis",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 64,
      "from": 11,
      "beatId": "382ec6e2-a400-4ea9-8b1f-5841c2e59259",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "Anticipating and addressing potential rebuttals to the findings",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}