{
  "docId": "019dd923-622c-750b-8b9a-e9f945bdaf31",
  "docSlug": "37ff9313bd57",
  "documentTitle": "58.com Inc. (WUBA)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 5,
  "pageCount": 35,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide uses a bar chart to highlight a divergence between official SEC filings and local Chinese SAIC filings, suggesting financial manipulation post-acquisition.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_grouped"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-e9f945bdaf31/5",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-e9f945bdaf31",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-e9f945bdaf31.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-e9f945bdaf31#slide-5",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "SAIC filings suggest to us that the company has overstated Revenue by a cumulative RMB4.6 billion in the last three years!",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f7-7334-b221-a04bb4b210ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.267,
        "w": 0.59,
        "x": 0.205,
        "y": 0.333
      },
      "kind": "chart",
      "text": "Revenue SEC vs SAIC",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6cc9279-f0a9-4124-9fff-90d34544b616",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Revenue: RMB4.6 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f7-7334-b221-a784907fb432",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.764,
        "x": 0.118,
        "y": 0.143
      },
      "kind": "paragraph",
      "text": "SAIC filings suggest to us that the company has overstated Revenue by a cumulative RMB4.6 billion in the last three years!",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd12d45c-a6ee-4ff8-bdfa-cb16afe2395f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.115,
        "w": 0.764,
        "x": 0.118,
        "y": 0.631
      },
      "kind": "paragraph",
      "text": "Revenue seems to have been overstated by a cumulative RMB4.6 billion in the last three years. The SAIC filings also suggest that WUBA in fact understated revenues to the SEC in early periods...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4e850ed-8dd1-47c5-968b-22ef1b3b06d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.021,
        "w": 0.386,
        "x": 0.307,
        "y": 0.102
      },
      "kind": "title",
      "text": "2. Reporting Apparently Inflated Financials",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "33013c44-3cb8-4b40-bce2-89e9be3da14d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "1ccdb17d-3ba6-40ac-8e5b-983fac9a1d5e",
      "evidence": "The slide includes a bar chart showing the revenue difference between WUBA's SEC filings and SAIC filings.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "bf7fd3f9-d9bb-4a22-a1ae-036d1c1eb0ae",
      "evidence": "The slide explicitly compares two data sources to allege financial inflation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 14,
      "from": 5,
      "beatId": "88daed9b-9d11-441d-92b6-b1257565bf8b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The report highlights various contradictions in WUBA's financials and business practices",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 14,
      "from": 5,
      "name": "Zoom In",
      "slug": "06-zoom-in",
      "bestFor": "Technical deep-dives, case studies, detailed analysis",
      "matchId": "3304c382-5282-4e25-b044-7647c6b2f81b",
      "evidence": "The report highlights various contradictions in WUBA's financials and business practices",
      "position": 0,
      "objective": "What are the specific contradictions in WUBA's financials?",
      "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
      "confidence": 0.8,
      "description": "Start broad, then progressively focus on specific details that prove your point"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}