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  "documentTitle": "iQIYI, Inc. (IQ)",
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  "authorName": "Wolfpack Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-07 00:00:00",
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  "notes": "The slide uses evidence from Chinese ICP registration records to contrast the original Skymoons entity with the one acquired by IQ.",
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      "text": "Considering the fact that IQ paid RMB 2.4 billion for this supposed “game development company,” we find this to be ridiculous at face value and believe it is indicative of utter incompetence by IQ’s management at best, or a completely fraudulent transaction designed to siphon cash out of the publicly-traded company and into management’s pockets, at worst.",
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      "kind": "list",
      "text": "Skymoons.com (not acquired by IQ)\nCrimoons.net (created by IQ)",
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      "text": "On the other hand, the Skymoons that IQ acquired had to come up with something else. It appears the best its creative team could come up with was www.crimoon.net.",
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      "text": "During our due diligence on Skymoons, we found that IQ didn’t even acquire all of Skymoons’ businesses. Previously, both Jinya and Ningbo Fubang attempted to buy both Chengdu Tianxiang Interactive Digital Entertainment Co. and its sister Chengdu Tianxiang Interactive Technology Co. However, IQ only acquired the first, Chengdu Skymoons Interactive Digital Entertainment Co. Its sister company, Chengdu Skymoons Interactive Technology Co., remained 99% held by He Yunpeng and retained the www.skymoons.com website and multiple permutations thereof.",
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      "kind": "paragraph",
      "text": "form Skymoons, we consider Baidu’s willingness to work with him again on another acquisition highly suspicious.",
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      "kind": "paragraph",
      "text": "While neither site is impressive, the www.crimoon.net site comes across as unsophisticated if not amateurish and generally lacking in content. Considering the fact that IQ paid RMB 2.4 billion for this supposed “game development company,” we find this to be ridiculous at face value and believe it is indicative of utter incompetence by IQ’s management at best, or a completely fraudulent transaction designed to siphon cash out of the publicly-traded company and into management’s pockets, at worst. We invite readers to visit both sites:",
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      "text": "78 China SAIC registration files for Chengdu Tianxiang Interactive Digital Entertainment Co. (成都天象互动数字娱乐有限公司) and its sister Chengdu Tianxiang Interactive Technology Co. (成都天象互动科技有限公司)",
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      "text": "Table showing ICP registration details for crimoon.net.",
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