{
  "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": 70,
  "pageCount": 77,
  "prevPage": 69,
  "nextPage": 71,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 27,
  "notes": "Includes specific footnotes referencing BEKE 20-F and F-1A filings.",
  "elementsJson": [
    "data_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/70",
  "deckHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0#slide-70",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In total, the collected data suggested that BEKE inflated its new home and existing home sales GTV by 65% in 2Q-3Q 2021.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb48-b76abe2e7916",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "GTV inflation: 126%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb48-bd7f22942f93",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.032,
        "w": 0.762,
        "x": 0.119,
        "y": 0.192
      },
      "kind": "paragraph",
      "text": "In total, the collected data suggested that BEKE inflated its new home and existing home sales GTV by 65% in 2Q-3Q 2021.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "276e6479-fc60-4870-b93d-9e5893a6e673",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.762,
        "x": 0.119,
        "y": 0.258
      },
      "kind": "paragraph",
      "text": "Detailed text explaining verification of brokerage brands, city coverage, and listing completeness compared to SEC filings.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a57be972-78aa-46f7-9aad-45fa7ca24ad8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We believe that ACN, from its inception, is similar to the Multiple Listing Service, or MLS, in the United States. — BEKE F-1A, dated Nov. 16, 2020, p. 2",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb48-b9b84368270d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.762,
        "x": 0.119,
        "y": 0.815
      },
      "kind": "source-note",
      "text": "Footnotes 98-102 referencing BEKE SEC filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a17ec1d-1489-45c6-99d0-bb367204b153",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.115,
        "w": 0.762,
        "x": 0.119,
        "y": 0.093
      },
      "kind": "table",
      "text": "Table comparing Reported vs MW estimate GTV for 2Q 2021, 3Q 2021, and 2Q-3Q 2021.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37ac8bf5-c691-4e63-94c2-cb28f2040239",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.021,
        "w": 0.296,
        "x": 0.119,
        "y": 0.234
      },
      "kind": "title",
      "text": "Data Verification Checks",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80579d13-4538-4c91-b365-e6f9787091c8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "cc8a12b7-d246-4d11-a552-cc1927abcd72",
      "evidence": "Table comparing Reported vs MW estimate GTV for 2Q 2021, 3Q 2021, and 2Q-3Q 2021.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "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
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}