Huanju responds to muddy water shorts: report contains a lot of wrong information, executes $300 million stock buyback

2020/11/1922:16:04 technology 2931

Tencent Securities News on November 19th, Huanju Group responded to Muddy Water’s shorting today. The announcement stated that the Muddy Waters report contained a lot of wrong information and statements, as well as misleading conclusions. Muddy Water’s doubts were due to not understanding the business of the entire live broadcast industry. Mode; The company has strong cash flow and cash reserves; plans to implement a $300 million stock repurchase plan.

Huanju Group refutes the full text of the Muddy Waters report:

1. Yesterday, Muddy Waters issued a short-selling report on JOYY, which caused market anxiety and unrest, resulting in abnormal stock price fluctuations. The company believes that the report contains a lot of wrong information and statements, as well as misleading conclusions.

2. The question of muddy water is because I don't understand the business model of the entire live broadcast industry. JOYY-related operating data has the same industry data for reference, which conforms to the industry logic. Live broadcasting has become an important means of income in the Internet industry. There are many well-known Internet listed companies that use live broadcasting as their main source of income.

3. The company has strong cash flow and cash reserves. In order to refute the Muddy Waters Report’s doubts on the authenticity of the company’s profits, the company can provide cash balances and bank deposit statements at home and abroad, which can be verified and investigated by competent third-party institutions. In August 2020, the board of directors agreed to pay 300 million US dollars in dividends in the next three years, and has paid 25 million US dollars in dividends in the third quarter of 2020, which also confirms the company's confidence in strong cash flow.

4. When JOYY acquired BIGO, it strictly followed the due corporate governance procedures and obtained all necessary approvals. Since the acquisition 20 months ago, BIGO's revenue has grown rapidly from US$181 million in the second quarter of 2019 to US$490 million in the third quarter of 2020. Bigo live ranked sixth in the global revenue ranking of non-gaming apps released by AppAnnie in September.

5. In order to show the company's confidence in the long-term prospects, JOYY will continue to implement the US$300 million share repurchase program.

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