Shares in Chinese technology group Joyy fell as much as 26 per cent on Wednesday after a short-seller labelled its livestreaming site a fraud, in a move that is likely to further hurt investor confidence in US-listed mainland internet groups.
The report by Muddy Waters was published just days after Baidu, one of China’s biggest tech companies, announced a $3.6bn deal to buy YY Live, Joyy’s mainland Chinese livestreaming platform.
Carson Block, founder of Muddy Waters, said YY Live was about “90 per cent fraudulent” and suggested Baidu was attempting to buy growth in the form of an “almost completely fake business”. He made the comments in a 71-page report that was based on a year-long investigation.
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