{
  "docId": "019dd923-622c-750b-8b9a-539b4b45e826",
  "docSlug": "9fb9cb7289b2",
  "documentTitle": "iQIYI, Inc. (IQ)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-07 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 29,
  "pageCount": 37,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a direct quote from a 20-F filing to contrast with a contractual requirement, alleging management dishonesty.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/29",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-539b4b45e826",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-29",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.42
      },
      "kind": "callout",
      "text": "We believe the above statement is a bald-faced lie by IQ’s management.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1e4d8d6-1aed-4e4f-99b4-2634e6e37ddb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.78,
        "x": 0.11,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "Since both companies use the same logo and Skymoons / 天象互动 name, we wonder if IQ’s management might find He Yunpeng’s Skymoons.com website a convenience.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c9b71a7-1d3a-4ad0-9150-e450e24cadaa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.61
      },
      "kind": "paragraph",
      "text": "Not only would converting Skymoons’ historical financials into U.S. GAAP not require “undue cost,” it wouldn’t have cost IQ anything at all – Skymoons had delivered GAAP financial statements to IQ prior to the deal’s closing date.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ae87533c-11f5-43d2-9cf2-93d3e2054afa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Look around and ask yourself, “which looks like it might be owned by a NASDAQ listed tech company with a market cap of over $12 billion?”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1b5150c-a8c5-4bcf-8353-e98245eabd29",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.33
      },
      "kind": "quote",
      "text": "The unaudited pro forma revenue and net loss for the years ended December 31, 2017 and 2018 is not presented as the historical financial information of the acquired business of Skymoons prepared under US GAAP is not available without undue cost...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6602c375-c89e-4080-b493-32c6c7342f41",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.11,
        "y": 0.48
      },
      "kind": "quote",
      "text": "The Target Companies have delivered to the Purchasers: (i) all capital verification reports... (ii) the audited balance sheets of the company for 2016 and 2017 prepared on a consolidated basis under the US GAAP...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e50407e8-3e8e-4eda-a0ad-cd91bc41218f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“The unaudited pro forma revenue and net loss for the years ended December 31, 2017 and 2018 is not presented as the historical financial information of the acquired business of Skymoons prepared under US GAAP is not available without undue cost, given the acquiree underwent a reorganization prior to the Company’s acquisition.” — IQ 2018 20-F, p. F-32; “The Target Companies have delivered to the Purchasers: (i) all capital verification reports of the Group Members and all relevant notes and schedules thereto issued by the accountants engaged by them from the date of incorporation of the Target Companies, the details of which are set forth under Schedule VIII: List of Financial Reports; (ii) the audited balance sheets of the company for 2016 and 2017 prepared on a consolidated basis under the US GAAP, and the relevant audited income statements and cash flow statements, together with all relevant notes and schedules, and in the absence of audited statements, the management statements shall be provided (hereinafter collectively referred to as the “Financial Statements”)” — IQ 2018 20-F, Exhibit 4.66, Section 4.1.1(j)(ii) (p. 19)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-203f-7169-9f92-537133417afd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.11,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "79 IQ 2018 20-F, p. F-32\n80 IQ 2018 20-F, Exhibit 4.66, Section 4.1.1(j)(ii) (p. 19)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "402be89e-7631-4873-8c25-ce8f87dd12cd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6f0daec9-95e7-40b7-903b-81eea7af8b54",
      "evidence": "Contrasting management's public claim of 'undue cost' with contractual evidence of existing documents.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 21,
      "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}