{
  "docId": "019dd923-622c-750b-8b98-72ad4dd9da96",
  "docSlug": "86dfa89096f8",
  "documentTitle": "Momo, Inc. (MOMO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-27 00:00:00",
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  "pageNumber": 19,
  "pageCount": 70,
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  "notes": "Uses a red circle annotation to draw attention to the specific date of resignation.",
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      "kind": "paragraph",
      "text": "Recent Development - Resignations and Appointment of Board Directors\n\nOn November 24, 2017, each of Ms. Sichuan Zhang, Mr. Feng Yu and Mr. Joseph C. Tsai resigned from the Company's board of directors for personal reasons, effective as of the same date. Upon resignation of these directors, the board of directors of the Company consisted of six members, namely Mr. Yan Tang, Mr. Yong Li, Mr. David Ying Zhang, Mr. Neil Nanpeng Shen, Dr. Dave Daqing Qi and Mr. Benson Bing Chung Tam.\n\nOn November 28, 2017, the board of directors of the Company has appointed Mr. Li Wang, the Chief Operating Officer and Co-president of the Company, as a new member of the board. As a result, the board size of the Company has been increased to seven. Mr. Wang joined the Company as its operation director in July 2011. Mr. Wang has been the Company's Chief Operating Officer since June 2014 and Co-president since April 2017. Prior to joining the Company, Mr. Wang worked at NEC China Co., Ltd. Mr. Wang received his bachelor's degree in management from Beijing University of Aeronautics and Astronautics in China in 2004.",
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      "kind": "paragraph",
      "text": "The SAIC charges against Beijing Momo were filed on November 2nd, 2017 and later resolved on November 27th, 2017. It was during this period, on November 24th 2017, that three Momo Directors resigned for \"personal reasons\" without further elaboration.",
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      "kind": "source-note",
      "text": "Source: Momo Q3 '17 Earnings Press Release",
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      "kind": "title",
      "text": "Red Flag 1: Three Momo Directors Resign For \"Personal Reasons\" Following SAIC Charge",
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      "evidence": "Highlights suspicious timing of board resignations relative to regulatory charges.",
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      "arcName": "Overcoming the Monster",
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      "evidence": "Slides 7-69 systematically expose contradictions and red flags in Momo's business, including undisclosed charges, complex VIE structure, and regulatory risks.",
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      "evidence": "Slides 17-28 expose the iceberg of Momo's problems, revealing undisclosed charges and complex VIE structure.",
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      "objective": "What are the implications of Momo's undisclosed charges and complex VIE structure?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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