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  "documentTitle": "Qutoutiao, Inc. (QTT)",
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  "notes": "The slide highlights a skew in advertising sources, suggesting potential fraudulent or non-arm's-length activity.",
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      "text": "88.3% originated with the top 10 advertisers; 26.7% undisclosed related parties; 21.0% QTT subsidiaries; 10.1% disclosed related parties.",
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      "text": "A normal ad server would analyze where requests are coming from... QTT's ad server did not do this and instead heavily skews the advertisements towards related parties.",
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      "text": "The quantitative results of our sample are summarized in the table below:",
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      "text": "The fact that we (or anyone else) can actually receive ads in response to “naked ad requests” shows us that, if there is any analysis being done at all, calling it “unsophisticated” would be generous.",
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      "text": "As if QTT subsidiaries and related parties accounting for over 50% of the advertising traffic isn't bad enough, our analysis showed that QTT's third largest advertiser overall... recently sued Shanghai Jifen.",
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      "text": "Footnotes 34-38 detailing sample methodology and legal context.",
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