高调做空报告来了，Capitalwatch指控APPLovin“广告即洗钱”，协助“东南亚杀猪盘”

Core Viewpoint - Capitalwatch has released a short-selling report accusing AppLovin Corporation of systemic compliance risks and significant financial crimes related to its core shareholder structure [1][3]. Group 1: Allegations of Illegal Funding and Money Laundering - The report claims that AppLovin's major shareholder, Hao Tang, is linked to illegal funds from the Chinese P2P platform, Tuandai Network, amounting to approximately 9.57 billion USD [3][8]. - It is alleged that Hao Tang has connections to a gambling network, acquiring around 21.5 billion RMB (approximately 3.1 billion USD) in gambling proceeds [8]. - The report outlines a closed loop where illegal funds are converted into advertising fees through a Cambodian app, WOWNOW, and subsequently laundered through AppLovin [3][14]. Group 2: Family Conspiracy and Key Connections - The report identifies Ling Tang, who is believed to be Hao Tang's sister, as a significant shareholder in AppLovin, holding approximately 7.7% of the company [9][10]. - Evidence suggests that illicit funds were transferred to accounts controlled by Ling Tang, indicating a family conspiracy in the money laundering operations [10]. Group 3: Southeast Asian Criminal Network - The Prince Group, led by Chen Zhi, is identified as a key player in providing ongoing cash flow and laundering infrastructure for Hao Tang [11]. - The report highlights that the Prince Group has been designated as a transnational criminal organization by U.S. authorities, with Chen Zhi facing serious charges related to telecom fraud and money laundering [11]. Group 4: Capital Market Intersections - The report reveals a connection between Hao Tang and Chen Zhi through the Hong Kong capital market, particularly involving Geotech Holdings, which served as a platform for capitalizing on gray assets [13]. Group 5: Technological Complicity - AppLovin's technologies, Array and AXON, are accused of facilitating the operations of criminal groups by enabling the distribution of malicious software and online scams [14][15]. - The report claims that AppLovin's SDK includes commands that compromise user choice, effectively turning victims' devices into tools for advertisers [15]. Group 6: Money Laundering Mechanism - The report describes a laundering scheme where the Prince Group uses AppLovin's advertising platform to convert illicit funds into legitimate revenue through inflated advertising expenditures [16][17]. Group 7: Compliance Crisis and Regulatory Risks - AppLovin is said to be facing a compliance crisis, with potential risks of delisting if it is proven that major shareholders' funds are derived from criminal activities [18]. - The report calls for immediate regulatory action, including freezing shares held by Hao Tang and Ling Tang, and conducting a forensic audit of AppLovin's advertising revenue sources [19].