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  "documentTitle": "KE Holdings (BEKE)",
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      "text": "Labor Dispatch: Pursuant to the Labor Law of the PRC... An employer is required to strictly control the number of dispatched laborers not to exceed 10% of the total number of its labor force.",
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      "text": "The evidence is clear that BEKE is materially inflating its agent count. The discrepancy cannot be accounted for by labor dispatching and outsourcing agencies.",
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      "text": "Labor dispatching and outsourcing agencies may legally only make up 10% of the employees",
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      "text": "It is clear that GTV and revenues are a function of the number of agents BEKE employs, meaning that such agent overstatement tracks closely with other independent data points showing GTV and revenue exaggeration.",
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      "text": "The evidence is clear that BEKE is materially inflating its agent count. The discrepancy cannot be accounted for by labor dispatching and outsourcing agencies. BEKE’s own SEC disclosures state that PRC labor laws limit the number of dispatched and temporary laborers to 10% of the total labor force.",
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      "text": "Again, such figures likely understate the true extent of BEKE’s misrepresentations, as SAIC data includes a number of non-agent employees, particularly given that BEKE’s headquarters are in Beijing.",
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      "text": "Table listing various BEKE entities and their employee counts from SAIC data, totaling 14,236 vs 27,000 claimed.",
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