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The slide presents a Q&A format in both Chinese and English, highlighting potential conflicts of interest or hidden control structures within ANTA's distribution network.ANTA Sports Products Limited (2020.HK) · Carson C. Block
Research note Short seller Beat · Expose Contradiction2 hits
08
The slide contains two interview excerpts (Mr. D and Mr. E) detailing the relationship between the brand and its distributors, and the practice of separating semi-subsidiaries from the listed company to improve financial reporting.ANTA Sports Products Limited (2020.HK) · Carson C. Block
Research note Short seller Beat · Expose Contradiction2 hits
09
The slide uses a Q&A transcript to establish corporate control, followed by a summary paragraph linking specific managers to the parent company.ANTA Sports Products Limited (2020.HK) · Carson C. Block
Research note Short seller Beat · Expose Contradiction2 hits
04
The slide highlights discrepancies in margins for Henan Ruili compared to other entities and reconciles 2018 revenue figures.ANTA Sports Products Limited (2020.HK) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Pattern Hunter2 hits
06
The slide uses investigative research to challenge corporate transparency regarding e-commerce operations.ANTA Sports Products Limited (2020.HK) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Pattern Hunter2 hits
07
The slide uses screenshots of Tmall store pages and references SAIC annual inspection reports to prove the discrepancy in store ownership.ANTA Sports Products Limited (2020.HK) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Pattern Hunter2 hits
08
The slide uses screenshots of corporate registry data and a Tmall store page to highlight a discrepancy in business ownership and management claims.ANTA Sports Products Limited (2020.HK) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Pattern Hunter2 hits
09
The slide uses a government report and a screenshot of a Tmall store page to verify the store's existence and longevity.ANTA Sports Products Limited (2020.HK) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Pattern Hunter2 hits
10
The slide uses a screenshot of a Fila store on Tmall to illustrate a broader point about corporate governance and financial transparency.ANTA Sports Products Limited (2020.HK) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Pattern Hunter2 hits
05
The slide explains the sensitivity of LTV calculations to churn assumptions and provides a methodology for calculating implied churn.eHealth Inc. (EHTH) · Carson Block
Research note Short seller Beat · Critique of EHTH's Business PracticesLoop · Zoom In2 hits
06
The slide uses tables to demonstrate that eHealth's churn assumptions imply unrealistically long customer lives, leading to an overstated commissions receivable balance.eHealth Inc. (EHTH) · Carson Block
Research note Short seller Beat · Critique of EHTH's Business PracticesLoop · Zoom In2 hits
07
The slide uses expert testimony to argue that the company's growth strategy relies on low-loyalty customers, creating a churn-heavy business model.eHealth Inc. (EHTH) · Carson Block
Research note Short seller Beat · Critique of EHTH's Business PracticesLoop · Zoom In2 hits
08
The slide includes a screenshot of an EHTH TV advertisement and references footnotes 12 and 13.eHealth Inc. (EHTH) · Carson Block
Research note Short seller Beat · Exposure of EHTH's ContradictionsLoop · Iceberg2 hits
09
Includes a detailed table of membership metrics and a critique of the churn formula.eHealth Inc. (EHTH) · Carson Block
Research note Short seller Beat · Exposure of EHTH's ContradictionsLoop · Iceberg2 hits
10
The slide argues that EHTH ignores ongoing service costs to justify booking multi-year commissions upfront.eHealth Inc. (EHTH) · Carson Block
Research note Short seller Beat · Exposure of EHTH's ContradictionsLoop · Iceberg2 hits
11
The slide uses direct quotes from earnings calls to highlight management's alleged dishonesty regarding operational costs.eHealth Inc. (EHTH) · Carson Block
Research note Short seller Beat · Exposure of EHTH's ContradictionsLoop · Iceberg2 hits
07
The text describes the use of a third-party database (Xiaohulu) and custom web scraping to validate YY's internal accounting.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
08
The slide details the identification of fraudulent gift revenue by linking PU IDs to YY-controlled internal network IPs and shared IMEIs.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
09
The slide uses a table to quantify identified FUs and a visual case study to demonstrate how the platform incentivizes fake activity.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
33
Includes a data table showing IP address logs and a profile screenshot of the 'Orange Juice' account.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
34
Includes a recruitment ad for room managers and a dashboard screenshot showing high-volume gifting activity from a single user.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
35
Includes a screenshot of a dashboard and a data table highlighting local host IP usage.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
36
The slide presents evidence of bot-like behavior through IP address switching and local host IP usage in transaction logs.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
37
The slide presents evidence of potentially fraudulent or manipulated user location data, suggesting YY-controlled FUs (Fake Users) are masking their true location.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
38
The slide uses a forensic research approach to expose fraudulent activity (bot farms) by analyzing IP patterns and gift-giving behavior.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
39
Includes forensic analysis of IP addresses in Heihe and specific user activity patterns indicating VPN usage.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
40
This page is a text-heavy research note detailing fraudulent activity (bots, circular revenue) in YY's dating channels.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
41
The slide provides evidence of high-earning performers and estimates total revenue potential for the dating channel category.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
42
This is a page from a short-seller research report (Muddy Waters Research).Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits
43
The slide uses a red box to highlight a specific discrepancy in 'Long-term deposits'.Joyy Inc. (YY) · Carson Block
Research note Short seller Beat · Expose Contradiction2 hits