Leidi.com Rakuten reported on February 8
Huanju Group announced today that the sale of its YY Live business to Baidu has basically been completed.
Huanju Group also pointed out that on November 18, 2020, after Muddy Waters issued a short-selling Huanju Group report, the audit committee, legal auditors and data analysis expert team conducted a comprehensive review of allegations related to YY Live business.
The review concluded that the allegations and conclusions reached regarding YY Live's business in the report have not been confirmed.
In November 2020, Baidu and Huanju Group signed an agreement under which Baidu spent US$3.6 billion to acquire YY Live Broadcast . The transaction is expected to be completed in the first half of 2021.
After the completion of the transaction, YY Live will join Baidu. In the future, the two parties will realize mutual empowerment in technology, traffic, ecology and other aspects, forming a scale effect.
However, as soon as this transaction was announced, it was caught by muddy water. Carson Block, the founder of Muddy Waters, said that is a fraudulent technology company that falsifies transactions and fabricates user data.
Muddy Waters stated in a report published on its official website that YY Live in Huanju Times is almost a scam. Among the fans who rewarded by YY Live (50% of the gifts), a large number of fans are almost all inside Huanju Network-operated robots.
Muddy Water believes that YY is a multi-billion-dollar fraud, a paying user ("PU") robot from YY’s own server-in the example of Muddy Water’s data, YY’s own server is disguised as a PU, accounting for approximately Half of the total value of all gifts has been sent.
Muddy Waters also questioned: What will Baidu, which wants to acquire YY Live, do? Does Baidu want to grow by buying from a company that has almost all business fraud?
Since then, Huanju Group has issued an announcement in response, saying that the report contains a lot of wrong information and statements.And misleading conclusions. In order to show the company's confidence in the long-term prospects, JOYY will continue to implement its $300 million share repurchase program.
It is reported that after Muddy Waters shorted Huanju Group, the founder of Huanju Group Li Xueling also went to Beijing to visit Baidu and responded to the short selling. At that time, Baidu's due diligence on YY live broadcast had been completed.
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Founded by senior media person Lei Jianping, he is the author of the headline contract. If reprinted, please indicate the source.
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