浑水做空YY全文：一个由机器人构成的虚拟王国.docxVIP

Report Date: November 18, 2020 Industry: Internet Fraud Company: Joyy Inc. Stock Price: $100.19 Market Cap: $8 billion Ticker: YY US Average Daily Volume (30-day): $109.5 million YY: You Can’t Make This Stuff Up. Well…Actually You Can While trawling the sewers of the world’s capital markets over the past 10 years, irony has never been in short supply. And yet, nothing could prepare us for the surreality of Baidu announcing its intention to buy YY Live from JOYY, which happened just as we were preparing to reveal that our year-long investigation shows YY Live is about 90% fraudulent. It was