Patrick Frater Asia Bureau ChiefU.S.-based investment firm Muddy Waters has alleged massive fraud at YY.com, the Chinese live streaming arm of NASDAQ-listed JOYY.
Earlier this week Chinese internet search giant Baidu proposed the acquisition of YY.com for $3.6 billion in cash.Muddy Waters, which specializes in short-selling companies whose shares it expects to decline, issued its independent research into YY.com on Thursday.
JOYY shares tumbled 26% to $73.66. After hours, the stock appeared to rebound by 15% with an indicative price of $84.51.In a preamble to its 71-page report, Muddy Waters said: “nothing could prepare us for the surreality of Baidu announcing its intention to buy YY Live from JOYY, which happened just as we were.
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