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  "docId": "019dd923-622c-750b-8b9d-6030e51dece5",
  "docSlug": "1eb2461a3ce2",
  "documentTitle": "Qutoutiao, Inc. (QTT)",
  "authorId": "60_Wolfpack_Research",
  "authorName": null,
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-10 00:00:00",
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  "pageNumber": 21,
  "pageCount": 56,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The slide uses a network graph to visualize the concentration of ad traffic, highlighting the 'abnormal' nature of QTT's ecosystem compared to a control group.",
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        "h": 0.55,
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      "kind": "image",
      "text": "Network diagram showing ad traffic clusters",
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      "kind": "legend",
      "text": "Ad Title, Landing Page, Direct App Download",
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      "text": "In a normal advertising ecosystem, we would expect the ad traffic to be dispersed the way they are in the highlighted black box. In our sample, the density of advertising traffic on QTT's platform is absurdly higher than that of a normal advertising ecosystem – the top ten advertisers accounted for 88% of QTT's advertising traffic. This abnormal distribution was consistent over 12 separate samples over a recent two-week period.",
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      "text": "The large clusters represent a huge number of ad titles leading back to the same URL. The orange dots are “direct app download” URLs, meaning a click on any of the ads connected to that URL automatically initiates a download of the related app. The green dots represent “landing pages,” which are standalone web pages created specifically for a marketing or advertising campaign. We found that these large clusters formed around undisclosed related parties owned by Eric Tan or QTT subsidiaries.",
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