iQIYI “massively [inflated] its user numbers and revenue while at the same time hiding the fraud from auditors and investors', said US-based securities analysis firm Wolfpack Research.
U.S.-based securities analysis firm and activist investor Wolfpack Research has publicly accused Chinese streaming platform iQIYI of fraud.
Wolfpack says its 37-page report was “based on months of research including polling over 1,500 users in the key cities in China, digging up the Chinese credit reports, which show the real numbers, and conducting interviews with insiders and former insiders.” Wolfpack says the way that iQIYI booked subscription revenue is suspicious, and that iQIYI wrongly books revenue from video subscriptions brought in under dual membership schemes involving third party companies, such as credit card and phone suppliers.
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