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  "documentTitle": "58.com Inc. (WUBA)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-01 00:00:00",
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  "notes": "The slide uses a skeptical tone to point out inconsistencies in financial reporting and metric definitions.",
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      "text": "paying members: 3600",
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      "text": "Below is the new definition WUBA gave since Q1 2019 \"Paying business users refer to users who are identified as business users with unique identity\"",
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      "text": "We noticed that starting in Q1 2019, WUBA changed its disclosure of the number of paying members. Using the numbers disclosed in Q1 to Q3 2019 and matching the corresponding paying member numbers in 2018...",
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      "text": "This is definition that WUBA gave in and before Q4 2018: \"The Company defines subscription-based paying membership accounts as registered accounts...\"",
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      "text": "As we discussed above, WUBA spun-off and deconsolidated Guazi after it was acquired. Peer-to-peer used car platform Guazi was acquired as part of the Ganji acquisition in 2015...",
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      "text": "The Company defines subscription-based paying membership accounts as registered accounts through which users have purchased the Company's subscription-based membership services and whose membership subscriptions are active at any point during a given period. Some paying merchant members purchase membership services from more than one Company platform which contributes separately to the revenues of each platform. — 58.com",
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