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  "docSlug": "9fb9cb7289b2",
  "documentTitle": "iQIYI, Inc. (IQ)",
  "authorId": "60_Wolfpack_Research",
  "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 a combination of a quantitative table to show data discrepancy and a narrative argument to suggest fraudulent activity (click farms) based on geographic anomalies.",
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      "kind": "callout",
      "text": "This is 60.3% lower than what IQ's disclosures implied.",
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      "text": "Mobile DAU: -60.30%",
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      "text": "Based on the 175 million average mobile DAUs number disclosed by IQ in October 2019 and the 35.6% of DAUs in tier 1 cities as disclosed in IQ's 2019 report mentioned above, we expected 62.29 million (175m x 35.6%) DAUs in China's tier 1 cities.",
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      "kind": "paragraph",
      "text": "IQ created its own content monitoring and ranking metric to provide a sense of the popularity of its programming. It is called the Content Heat Index and is publicly available on IQ's website.",
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      "kind": "paragraph",
      "text": "Mainland China has 23 provinces, 5 autonomous regions, 4 municipalities... Among these total 32 different regions, Tibet always ranks last for population. Logic suggests Tibet should not show up in the top 10 for any of IQ's shows.",
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      "kind": "paragraph",
      "text": "According to a note on the Heat Index, these lists are compiled from data from the most recent three months. The typical trend for newly released popular programs starts with a spike and then trails off.",
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      "text": "6-9: Footnotes referencing data sources",
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      "kind": "table",
      "text": "Est. Difference in Mobile DAUs for the combeind 19 Tier 1 Cities Ad Agency Backend Data vs. iQIYI Reported DAUs",
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      "kind": "title",
      "text": "IQ's \"Heat Index\" Maps Show Evidence of Click Farm Activity",
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