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  "documentTitle": "58.com Inc. (WUBA)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-01 00:00:00",
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  "notes": "This is a classic short-seller research report conclusion, framing the company as a 'fraud vehicle'.",
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      "text": "In conclusion, our analysis leads us to believe that WUBA is a fraud vehicle that primarily exists to enrich insiders and to raise money from US investors on the back of fake financials.",
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      "text": "In conclusion, our analysis leads us to believe that WUBA is a fraud vehicle that primarily exists to enrich insiders and to raise money from US investors on the back of fake financials.",
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      "text": "WUBA faces significant challenges ahead. Besides the industry-wide headwinds we have uncovered a range of issues that we believe the company and its auditors should address. The company seems to overstate overall revenues. The company’s biggest acquisition in its history has unbeknownst to investors completely fallen apart. The seemingly most successful businesses were spun-off to insiders for basically no consideration.",
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      "text": "We uncovered what we believe are plenty of accounting shenanigans that seemed to be aimed at dressing up the public financials. Investors should demand answers on these issues.",
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      "text": "We urge the company’s auditors to look carefully at WUBA’s accounting treatments in order to justify whether or not the company is acting nefariously in not impairing its goodwill. We believe that once the inevitable does occur, WUBA’s equity will ultimately face a sharp turn lower.",
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      "text": "8. Conclusion",
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