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  "documentTitle": "iQIYI, Inc. (IQ)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
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  "presentationDate": "2020-04-07 00:00:00",
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  "nDataPoints": 21,
  "notes": "The slide uses data to support an allegation of financial fraud/revenue inflation.",
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      "text": "We believe that IQ and DDMC conspired to over-report the price IQ paid for \"If Time Flows Back.\"",
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      "text": "While the 1.7x premium IQ paid for the “The Drug Hunter” was only slightly above the 2018 average, IQ paid double the average premium for “If Time Flows Back” at 3.0x.",
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      "text": "We believe that IQ and DDMC conspired to over-report the price IQ paid for “If Time Flows Back.” This was a mutually beneficial agreement between the two partners; the premium made up a significant portion of DDMC’s profit in 2018, and IQ was able to burn off some of the fake cash it had on its balance sheet from inflating its revenues.",
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      "text": "Due to the developing partnership between IQ and DDMC as well as IQ’s ability to be a long-term customer for DDMC, we would expect IQ to have considerable leverage in price negotiations with DDMC. However, instead of IQ using its leverage over DDMC to get discounts, the opposite occurred.",
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      "text": "Sources: iResearch, CITIC Securities Research & Development Dept.",
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      "text": "Table showing Program, Year, Online Platform Price, and TV Station Price for 7 programs from 2012-2018.",
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      "text": "2012-2018 Copyright License Costs for Top TV Programs",
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