China Streaming Platform iQIYI Accused of Fraud by Activist Investor Wolfpack

10.07.2020 - 04:04

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variety.com

variety.com:

By Patrick Frater Asia Bureau Chief U.S.-based securities analysis firm and activist investor Wolfpack Research has publicly accused Chinese streaming platform iQIYI of fraud.

iQIYI “massively [inflated] its user numbers and revenue while at the same time hiding the fraud from auditors and investors by overpaying for content, acquisitions and other assets,” Wolfpack said. “IQIYI is nearing its 10-year anniversary and it has never been profitable and its losses are accelerating.

Although people call it the ‘Netflix of China,’ it is far from Netflix.” In a short statement, iQIYI replied: “The company believes that the [Wolfpack] report contains numerous errors, unsubstantiated statements and misleading conclusions and interpretations

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