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    BIDU   US0567521085

BAIDU, INC.

(BIDU)
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Baidu : Short-seller Muddy Waters takes aim at Chinese social media firm JOYY

11/18/2020 | 03:50pm EDT

(Reuters) - China's JOYY Inc shares dropped 20% on Wednesday after U.S. short-seller Muddy Waters accused the social media platform of being a "multibillion-dollar fraud" and decided to bet against the stock.

"We conclude that YY's component businesses are a fraction of the size it reports, and that the company's reported user metrics, revenues, and cash balances are predominantly fraudulent," Muddy Waters said in a report on its website. [https://bit.ly/3lErXvU]

The comment from the short-seller comes days after Chinese search engine giant Baidu Inc decided to acquire JOYY's domestic streaming platform YY Live for $3.36 billion in cash.

Muddy Waters said the deal announcement came just as it was preparing to reveal that its year-long investigation shows YY Live is an "ecosystem of mirages" and "about 90% fraudulent".

JOYY did not immediately respond to a request for comment.

The live streaming platform recorded 41.3 million monthly active users, on average, according to its third-quarter earnings report.

Short interest on JOYY stands at 4.6 million, or 5.7% of outstanding shares, as of Oct. 30, according to Refinitiv data.

(Reporting by Ayanti Bera in Bengaluru; Editing by Arun Koyyur)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BAIDU, INC. -1.69% 192.33 Delayed Quote.-9.53%
JOYY INC. 0.10% 87.58 Delayed Quote.9.39%
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Financials
Sales 2021 126 B 19 543 M 19 543 M
Net income 2021 16 889 M 2 615 M 2 615 M
Net cash 2021 139 B 21 475 M 21 475 M
P/E ratio 2021 4,01x
Yield 2021 -
Capitalization 69 176 M 69 176 M 10 709 M
EV / Sales 2021 -0,55x
EV / Sales 2022 -0,66x
Nbr of Employees 41 000
Free-Float 74,4%
Chart BAIDU, INC.
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Baidu, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends BAIDU, INC.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 37
Average target price 2 197,80 CNY
Last Close Price 192,33 CNY
Spread / Highest target 1 411%
Spread / Average Target 1 043%
Spread / Lowest Target 506%
EPS Revisions
Managers and Directors
NameTitle
Yan Hong Li Chairman & Chief Executive Officer
Cheng-Chun Yu Chief Financial Officer
Hai Feng Wang Chief Technology Officer
Cui Shanshan Senior VP-Human Resources & Administration
Ji An Ding Independent Director
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