Zhuang Minghao, vice president at Matrix Partners China, says the bombshell report makes two “fatal” mistakes in its logic.
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Sean Ma said that Muddy Waters’ reports have been “very poor” in the past few years.
In November 18, when the report was released, Joyy’s stocked dropped US$26.53 per share to close at US$73.66.
The company said it is open to cash verification and diligence to be conducted by competent third-party advisers.
The report comes shortly after Baidu agreed to acquire YY Live in a US$3.6 billion deal.