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  "documentTitle": "iQIYI, Inc. (IQ)",
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  "notes": "This is a forensic research note alleging accounting fraud via non-monetary barter transactions.",
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      "text": "IQ's barter sublicensing revenues are so inflated that they wouldn't come close to being believable even if IQ bartered every single TV episode produced in China in each of the last three years.",
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      "text": "revenue: RMB 8-13 billion",
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      "text": "Our analysis found that IQ inflated its 2019 revenue by approximately RMB 8-13 billion, or 27%-44%.",
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      "text": "IQ's reported barter sublicensing revenues imply it traded every single TV episode produced in China in 2018 and 2019 for ~RMB 79,000 and ~RMB 64,000 each, respectively.",
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      "text": "IQ's barter sublicensing revenues are so inflated that they wouldn't come close to being believable even if IQ bartered every single TV episode produced in China in each of the last three years.",
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      "kind": "quote",
      "text": "The Group also enters into nonmonetary transactions to exchange online broadcasting rights of licensed copyrights with other online video broadcasting companies from time to time.",
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      "kind": "quote",
      "text": "\"The Group also enters into nonmonetary transactions to exchange online broadcasting rights of licensed copyrights with other online video broadcasting companies from time to time. The exchanged licensed copyrights provide rights for each party to broadcast the licensed copyrights received on its own website only. Each transferring party retains the right to continue broadcasting the exclusive content on its own website and/or sublicense the rights to the content it surrendered in the exchange.\" — IQ 2018 20-F, p. F-24",
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      "text": "13 According to China's SARFT, there were 10,646 total TV episodes produced in China in 2019; 14 According to China's SARFT, there were 13,726 total TV episodes produced in China in 2018; 15 https://www.sec.gov/news/press-release/2019-186; 16 IQ 2018 20-F, p. F-24",
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      "text": "2. IQ Inflates its Revenues:",
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      "kind": "title",
      "text": "Barter Transactions: A Black Box",
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