繼瑞幸咖啡之後,愛奇藝也爆出財務造假大綱

A short seller firm has accused Chinese video-streaming platform Iqiyi of reporting inflated revenue figures and user numbers in 2019, following just days after US-listed Luckin Coffee's explosive revenue fraud disclosure last Thursday.

一家做空公司控告中國的視頻流媒體平臺愛奇藝在2019年報告虛增收入和用戶數量。而不久前的上週四，在美國上市的瑞幸咖啡剛被披露收入欺詐，成爲爆炸性新聞。

The Beijing-based company often referred to as the "Netflix of China" is another high-profile target for short sellers following beverage chain Luckin Coffee's spectacular downfall, as US-listed Chinese companies find themselves under increasing scrutiny.

這家總部位於北京的公司經常被稱爲“中國的網飛”，繼飲品連鎖品牌瑞幸咖啡轟然倒臺之後，它成了做空公司又一高調目標。在美國上市的中國公司都發現受到的監視越來越多。

Muddy Waters Research tweeted a link to a Wolfpack Research report on Tuesday, alleging that Iqiyi had inflated its 2019 revenue by 27% to 44% and overstated user numbers by 42% to 60%.

渾水調研公司在推特上發了週二的一份Wolfpack Research報告的鏈接，指控愛奇藝2019年的收益報告虛增了27%，變成了44%，用戶增長率虛增了42%，變成了60%。

The Wolfpack report claimed Iqiyi had also blown up 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."

這份Wolfpack報告聲稱愛奇藝也虛報了開支、爲其內容支付的費用、其他資產，以及購置的產業，“目的是要抵消虛增的收入，從而對審計師和投資者隱瞞欺詐行爲。”

The research, which Muddy Waters assisted with, included a survey of 1,563 people in Iqiyi's target demographic which found that VIP users of the video streaming site often scored free memberships through package deals with its partners, including Xiaomi TV and .

渾水調研公司輔助進行的這項研究中對愛奇藝目標人羣中的1,563人進行了調查，發現這個視頻流媒體網站的VIP用戶經常能在其合作伙伴，包括小米TV和京東商城的套餐服務中獲得免費會員。

The company records the membership revenue in full and lists its partner's share as expenses, inflating both revenue and expenditures, according to the report.

報告中說，該公司將會員費用全部記入收益中，並將分給其合作伙伴的金額列爲支出，這樣就虛增了收益和支出。

Iqiyi said in a statement Wednesday that a report by short seller Wolfpack Research "contains numerous errors, unsubstantiated statements and misleading conclusions and interpretations."

愛奇藝週三在聲明中說做空公司Wolfpack Research的報告“錯誤頻出，包含未經證實的說法、誤導性的結論和解釋。”

Nasdaq-listed Iqiyi did not provide details backing its claims about the report, but said that it has always been committed to maintaining "high standards of corporate governance and internal control" in compliance with US securities regulations.

在納斯達克上市的愛奇藝並未提供細節來支持其對報告的評論，但該公司稱一直堅持符合美國證券法規的“高標準的公司監管和內部控制”。