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  "docSlug": "86dfa89096f8",
  "documentTitle": "Momo, Inc. (MOMO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-27 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 22,
  "pageCount": 70,
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  "nextPage": 23,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a color-coded organizational chart to distinguish between disclosed (green) and undisclosed (red) entities.",
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      "kind": "callout",
      "text": "Our forensic analysis has identified that Momo owns at least two, including what we believe to be one of their top five, talent agencies.",
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      "kind": "diagram",
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      "kind": "list",
      "text": "Hunan Qindao Culture Spread is disclosed in related party transactions in Momo's 20F Filing (Note 15), but has never been mentioned by management in calls or in the context of Momo's operations or strategy shift towards agencies",
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      "kind": "paragraph",
      "text": "Our forensic analysis has identified that Momo owns at least two, including what we believe to be one of their top five, talent agencies. It is unclear how many additional talent agencies they may own through other undisclosed VIEs, but it appears that Momo is conducting undisclosed related party transactions. It also raises obvious concerns around conflicts of interest around the fairness of treatment across broadcasters/agencies affiliated vs. unaffiliated with Momo.",
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      "kind": "source-note",
      "text": "Source: SAIC, Spruce Point Consultant, Company Reports",
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      "kind": "title",
      "text": "Red Flag 3: MOMO's Undisclosed Ownership of Talent Agencies + Related Party Transactions",
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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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      "objective": "What are the implications of Momo's undisclosed charges and complex VIE structure?",
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