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  "documentTitle": "iQIYI, Inc. (IQ)",
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  "authorName": "Wolfpack Research",
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  "presentationDate": "2020-04-07 00:00:00",
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  "notes": "The slide uses financial data to argue that IQ's actual capital contribution does not match the claimed amount, as evidenced by the absence of corresponding APIC or receivables on the balance sheet.",
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      "text": "Had IQ actually committed to contribute RMB 796 million, then Xin'ai's current assets should be increased by approximately RMB 757.75 million and recorded as APIC – which it does not.",
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      "text": "Had IQ actually committed to contribute RMB 796 million, then Xin'ai's current assets should be increased by approximately RMB 757.75 million and recorded as APIC – which it does not... or this should appear as “other receivables,” which it also does not.",
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      "text": "Xin'ai's schedule of shareholders shows that IQ's total contribution to the JV is only RMB 38.25 million. IQ's total contribution doesn't change in either of the two subsequent rounds of financing and no additional paid in capital (“APIC”) was ever recorded for IQ.",
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      "text": "When Xin'ai's end of year financial data was reconciled with the APIC reported in the auditor's letter, the total assets equal the total equity and liabilities match up. The tables below are composed of information from Wuhan DDMC's 2018 annual report showing the balance sheet for Beijing Xin'ai.",
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      "text": "47, 48, 49: Footnotes regarding Wuhan DDMC 2018 report and Chinese GAAP accounting practices.",
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      "text": "Xin'Ai Sports JV July-Sept 2018: Registered Capital and Additional Paid In Capital (APIC) Contributions",
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      "text": "Beijing Xin'ai Sports Media Technology Co., Ltd. - Balance Sheet",
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      "text": "Key financial information of significant non-wholly owned subsidiaries",
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