Chinese social media and entertainment site Joyy Inc. rejected allegations of fraud by Muddy Waters Research, saying the report it published was full of “misinformation, erroneous statements and misleading conclusions.”
Shares of Chinese social media and entertainment site Joyy Inc. plunged more than 26% after a research firm accused it of being a “multibillion-dollar fraud”.
On Nov. 17, Baidu released its financial results for the third quarter of 2020, ending on Sept. 30.
Baidu has almost completed negotiations to buy JOYY’s operations in China, according to business digital media Jiemian. The deal excludes JOYY’s overseas business, which is said to continue running independently.