◆ Contrarian Corpus
Campaigns / Wolfpack Research → Qutoutiao, Inc.
Wolfpack Research vs. Qutoutiao, Inc.

Qutoutiao, Inc. · QTT

2 decks published between 2019-12-10 and 2020-01-17 — 79 pages, 22 analysed slides total.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2019-12-10 initial thesis

    b084d8_7dc8900b2a404d6c86431c145e576ea0

    56pp · research_note

    Qutoutiao is a low-tech China Hustle: ~74% of revenue is fabricated through fake accruals via in-house ad-agent Dianguan, and CEO Eric Tan funnels ad traffic to his own undisclosed related parties.

    N 4 V 3 C 3
    ⌂ ” ⚑
  2. 2020-01-17 follow up

    b084d8_b7b0659b502a4ff0898e9577afd5724b

    23pp · research_note

    QTT's rebuttal is non-responsive: revenue, cash, interest income, customer advances, and related-party transactions still don't reconcile between its SEC filings and Chinese filings — the fraud case stands.