One Theme Is Popping Up Among These Chinese Companies: Fraud

Posted by Wayne Duggan

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Three months after Muddy Waters Research sounded the alarm on Luckin Coffee Inc – ADR NASDAQLK, the firm is now accusing popular Chinese online video platform IQIYI Inc of overstating 2019 revenue numbers.

If the allegations prove true, it would be the third high-profile Chinese stock that Muddy Waters has helped expose in 2020.

The Latest Short Seller Allegations

iQiyi is often compared to Netflix, Inc. Parent company Baidu Inc holds a 56% stake in iQiyi.

In a Tuesday report, short sellers Muddy Waters and Wolfpack Research said iQiyi’s 2019 revenue numbers are inflated by at least $1.13 billion.

In a statement, iQiyi said the short report is filled with errors and misleading conclusions…CLICK for complete article

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