{
  "docId": "019dd923-622c-750b-8b98-72ad4dd9da96",
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 28,
  "pageCount": 70,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Includes a flow chart showing disclosed vs. undisclosed entities and a table highlighting suspicious financial figures.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-72ad4dd9da96/28",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96#slide-28",
  "components": [
    {
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      "kind": "callout",
      "text": "Beijing Momo invested RMB 230,000 in one of its top 5 agencies, Beijing Mushang Culture Media, on November 30th, 2017 and failed to disclose the subsidiary in its 2017 20-F (filed April 2018).",
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      "kind": "diagram",
      "text": "Flow chart showing Momo's relationship with disclosed and undisclosed agencies.",
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      "kind": "list",
      "text": "Bullet points detailing the suspicious financial findings and the argument for potential money laundering.",
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      "kind": "paragraph",
      "text": "Beijing Momo invested RMB 230,000 in one of its top 5 agencies, Beijing Mushang Culture Media, on November 30th, 2017 and failed to disclose the subsidiary in its 2017 20-F (filed April 2018). Beijing Mushang's financial reports are highly suspicious and may potentially suggest money laundering.",
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      "kind": "source-note",
      "text": "Source: China Filings of Beijing Mushang Culture Media",
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      "text": "Financial table for Beijing Mushang Culture Media comparing 2016 and 2017 figures.",
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      },
      "kind": "title",
      "text": "Red Flag 3: MOMO's Undisclosed Ownership of Talent Agencies And Related Party Transactions",
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      "evidence": "The slide explicitly frames the findings as a 'Red Flag' and 'evidence that Momo is using this agent to potentially syphon money'.",
      "confidence": 0.95
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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.",
      "position": 1,
      "objective": "What are the implications of Momo's undisclosed charges and complex VIE structure?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
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