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  "documentTitle": "Qutoutiao, Inc. (QTT)",
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  "notes": "Includes a screenshot of a shareholder table from Qixin.com to prove Li Feng's involvement.",
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      "text": "We do not believe the Audit Committee is made up of truly independent directors. For instance, according to Chinese filings, the Chairman of QTT's Audit Committee, Li Feng (李峰), appears to be a 12% shareholder of one of QTT's most significant undisclosed related party advertisers.",
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      "text": "\"Report and approve\" - The Audit Committee of the board of Qutoutiao is now composed of independent directors. Qutoutiao abides by all relevant U.S. securities laws and regulations and NASDAQ listing rules.",
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      "text": "Related party transactions are a major feature of the QTT story. While developing our report, the Wolfpack team debated at length which of the many undisclosed related party transactions we should include.",
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      "text": "\"Identify\" - Our financial reporting team maintains and regularly updates a full list of affiliate companies to facilitate our identification of related party transaction.",
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      "text": "“Identify” - Our financial reporting team maintains and regularly updates a full list of affiliate companies to facilitate our identification of related party transaction. — Qutoutiao, Inc.",
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      "text": "7. In our view, QTT has continued to deceive investors with regards to the scope, nature and quantity of its related party transactions:",
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