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.
“We estimate [iQIYI] inflated its 2019 revenue by approximately RMB 8-13 billion, or 27%-44%. [iQIYI] does this by overstating its user numbers by 42%-60%. Then, [iQIYI] inflates its expenses, the prices it pays for content, other assets and acquisitions in order to burn off fake cash to hide the fraud from its auditor and investors,” the Wolfpack report says.
Wolfpack compared the amounts of advertising revenue that iQIYI stated to investors with that filed by its advertising companies and reported to China’s State Administration for Industry and Commerce, and concluded that the company had exaggerated 2017 ad revenues by as much as three times.
Chi-na!
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