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  "documentTitle": "Momo, Inc. (MOMO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-27 00:00:00",
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  "pageNumber": 31,
  "pageCount": 70,
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  "notes": "The diagram illustrates a complex corporate structure linking Momo to Pokermaster through various entities and app stores.",
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      "text": "Momo has been invested since July 2015 via an undisclosed VIE, albeit in small amount, in a very popular and highly rated illegal (in China) gambling operation (Pokermaster 德扑圈).",
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      "kind": "diagram",
      "text": "Corporate structure diagram showing links between Momo, investment vehicles, Pokermaster entities, and app stores.",
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      "text": "Momo has invested, via its VIE, in Pokermaster (德扑圈), a Texas Hold'em poker app. The app can be download inside or outside China via the Apple or Google stores\nUsers can purchase virtual chips, gamble on card games via the app, and then withdraw the funds in China via an agent or offshore if they have an offshore account. The Chinese app and the international app are the same platform and users can gamble across border",
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      "text": "Momo has been invested since July 2015 via an undisclosed VIE, albeit in small amount, in a very popular and highly rated illegal (in China) gambling operation (Pokermaster 德扑圈). The website/app was exposed by CCTV on April 15th, 2018 and has now been shut down. It is unknown what action the Chinese government may take once it realizes the connection.",
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      "kind": "source-note",
      "text": "Source: Spruce Point Consultant, SAIC, ASIC, Apple, Google",
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      "kind": "title",
      "text": "Red Flag 4: MOMO's Investment In An Illegal Gambling Enterprise",
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