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].

Group 1 - The founder and chairman of Prince Group, Chen Zhi, has been arrested in Cambodia and sent back to China for investigation [1] - Prince Group claims to be a multinational business group involved in resorts and hotels in Cambodia, but it has been accused of using fake job advertisements to lure workers into forced labor for telecom fraud [3] - Chen Zhi was formally charged by the U.S. Department of Justice in October 2025 for orchestrating a transnational "pig butchering" cryptocurrency scam, with approximately 127,271 bitcoins seized, valued at $15 billion (approximately 106.9 billion RMB) [3] Group 2 - On October 30 of the same year, assets worth 150 million Singapore dollars (approximately 820 million RMB) belonging to Chen Zhi and Prince Group were frozen in Singapore [4] - The Singapore police seized six properties and issued disposal bans on related financial assets, including bank accounts, securities accounts, and cash [4] - Additional assets under the ban included a yacht, 11 luxury cars, and several bottles of fine wine [4]

Group 1 - The Thai military has destroyed six Cambodian scam bases, including a resort and casino hotel sanctioned by the US for scamming American citizens, as part of efforts to combat transnational crime and protect people from online fraud [1] - The ongoing conflict has resulted in the deaths of 21 Thai soldiers and 21 civilians, with the Thai military claiming control over several key border areas [3] - The Cambodian side reports that 18 civilians have died and 78 have been injured due to the conflict, with 144,000 families displaced, totaling approximately 476,000 individuals affected [5][7] Group 2 - An international conference on combating online fraud was held in Bangkok, attended by over 330 representatives from 60 countries and five international organizations, emphasizing the need for coordinated global action against this growing issue [9] - The Thai Prime Minister stated that online fraud is a global challenge requiring cooperation among nations, while the Foreign Minister highlighted its links to organized crime, human rights violations, and economic losses [9]

Core Viewpoint - The extradition of She Zhijiang, a Chinese national involved in cross-border gambling and fraud, from Thailand to China highlights the effective cooperation between China and Thailand in combating transnational crime [3][4]. Group 1: Criminal Activities - She Zhijiang is accused of creating and operating 239 illegal gambling websites, with involved funds exceeding 12.63 trillion Thai Baht (approximately 2.77 trillion RMB) [3]. - His criminal activities included luring Chinese citizens into illegal transactions through online platforms, primarily based in Myanmar and other Southeast Asian countries [3]. - From January 2018 to February 2021, he allegedly collaborated with others to register shell companies in Hong Kong, developing online gambling platforms and illegally profiting around 150 million RMB [3]. Group 2: Legal Proceedings - She Zhijiang was arrested by Thai police in August 2022, and the Thai prosecution subsequently submitted an extradition request to the criminal court [4]. - In May 2023, the Thai criminal court approved the extradition, which She Zhijiang appealed against [4]. - The appellate court upheld the initial ruling in October 2025, allowing for his extradition to China under the China-Thailand Extradition Treaty [4]. Group 3: International Response - The International Criminal Police Organization (Interpol) issued a red notice for She Zhijiang in May 2021, indicating the international concern regarding his activities [3]. - The United Nations Office on Drugs and Crime reported in 2024 that She Zhijiang has established a vast illegal economic network across Cambodia, Myanmar, Thailand, and the Philippines, prompting sanctions from the US and UK governments [3].

Core Points - The Thai Supreme Court announced the extradition of She Zhijiang, a Chinese national with Cambodian citizenship, to China for trial, highlighting effective cooperation between China and Thailand in combating transnational crime [1] - She Zhijiang is accused of creating and operating 239 illegal gambling websites, with involved funds exceeding 12.63 trillion Thai Baht (approximately 2.77 trillion RMB) [1] - His criminal activities, which include online fraud targeting Chinese citizens, have drawn international attention, leading to sanctions from the US and UK governments [1] Summary by Sections - **Criminal Activities**: She Zhijiang operated a vast illegal economic network across Southeast Asia, including Cambodia, Myanmar, Thailand, and the Philippines, with illegal profits estimated at around 150 million RMB from 2018 to 2021 [1] - **Legal Proceedings**: Following his arrest in August 2022, the Thai prosecution submitted an extradition request, which was approved by the Thai Criminal Court in May 2023. The appeal process concluded with the appellate court upholding the extradition decision in October 2025 [2] - **Extradition Process**: The Thai government is expected to coordinate the extradition within 90 days following the appellate court's decision [2]

Group 1 - The article discusses Venezuela's request for military equipment from China, Russia, and Iran under President Maduro's leadership to prevent potential attacks from the United States [1] - China's position is clear in supporting international cooperation to combat transnational crime and opposing the use of force in international relations, particularly in the Caribbean region [1] - China emphasizes that its normal interactions and cooperation with Venezuela are sovereign state relations that do not target third parties and are not influenced by external factors [1]

Core Viewpoint - China expresses its clear stance against the use of force by the United States in the Caribbean, emphasizing the importance of international cooperation to combat transnational crime and maintain peace in Latin America and the Caribbean [1]. Group 1: China's Position on U.S. Actions - China opposes the U.S. using or threatening to use force in international relations, particularly in the context of its actions against alleged drug trafficking groups in the Caribbean [1]. - The Chinese government calls for the U.S. to engage in normal law enforcement and judicial cooperation through bilateral and multilateral legal frameworks [1]. Group 2: China-Venezuela Relations - China's cooperation with Venezuela is characterized as normal interactions between sovereign nations, which are not aimed at third parties and are not influenced by external factors [1].

Group 1 - Venezuela is seeking military equipment such as missiles and drones from China, Russia, and Iran to defend against potential attacks from the United States [1] - China's position is to support international cooperation in combating transnational crime and oppose the use of force in international relations, particularly in Latin America and the Caribbean [1] - China emphasizes that its cooperation with Venezuela is based on mutual respect and does not target third parties [1] Group 2 - The Chinese government supports Nigeria's efforts to combat violent extremism and uphold its citizens' rights, opposing foreign interference under the guise of religion and human rights [2] - China's stance is to reject any threats of sanctions or military action against Nigeria by the United States [2]

Core Viewpoint - The article discusses China's stance on Venezuela's request for military equipment from countries like China, Russia, and Iran, emphasizing the importance of international cooperation and opposition to the use of force in international relations [1]. Group 1 - China supports strengthening international cooperation to combat transnational crime and opposes the use or threat of force in international relations [1]. - China expresses opposition to actions that undermine peace and stability in Latin America and the Caribbean, particularly regarding unilateral enforcement actions against foreign vessels [1]. - The relationship between China and Venezuela is characterized as normal cooperation between sovereign nations, not targeting third parties or influenced by external factors [1].

Group 1 - The Chinese government supports international cooperation to combat transnational crime and opposes the use of force in international relations, particularly in the Caribbean region [2] - China emphasizes that its normal cooperation with Venezuela is based on mutual respect and does not target third parties [2] - The Chinese government firmly supports Nigeria's efforts to combat violent extremism and opposes foreign interference in domestic affairs under the guise of religion and human rights [3] Group 2 - The Chinese stance is against unilateral actions that exceed reasonable limits in enforcing laws on foreign vessels [2] - China advocates for the use of multilateral legal frameworks for law enforcement and judicial work [2] - The Chinese government expresses its commitment to supporting Nigeria's development path that aligns with its national conditions [3]