Core Viewpoint - The article reveals serious compliance issues surrounding AppLovin, a Nasdaq-listed company, highlighting its involvement in money laundering and securities fraud linked to illegal fundraising in China and Southeast Asia [1][2][3] Group 1: Allegations of Financial Misconduct - AppLovin is accused of serving as a money laundering tool for multinational criminal organizations, facilitating the injection of illegal funds into the U.S. capital market [1] - The company's major shareholder, Hao Tang, is identified as a fugitive wanted by Chinese authorities, with connections to $957 million in illegal fundraising from a collapsed P2P platform [1] - AppLovin's business model is described as "advertising as money laundering," where illegal funds are funneled through the platform, incurring high platform fees, and then returned to shareholders as legitimate earnings [2] Group 2: Operations in China - Evidence contradicts AppLovin's claims of having "no business in China," as it registered a subsidiary in Beijing in 2018 and established a branch in Hangzhou in 2022 [2] - The company reportedly maintained an operational team of over 15 people in China, focusing on core technology development and product optimization [2] - AppLovin is accused of transferring U.S. user data to related parties in China, raising significant data security concerns [3] Group 3: Corporate Governance Issues - AppLovin allegedly engaged in coercive practices to strip Chinese employees of stock options, revealing a pattern of governance akin to organized crime [3] - The company has faced scrutiny from U.S. regulatory bodies, including the Department of Justice and SEC, which have initiated investigations into its operations and shareholder background [3] - AppLovin's dual narrative of "false accusations" and "uncontrollable shareholders" is challenged by regulatory obligations for transparency regarding major shareholders [3]

2018年末，正值团贷网危机前夕，香港上市公司致浩达控股有限公司（Geotech Holdings）发生控制权 变更，收购方星优环球有限公司（Star Merit Global Limited）的唯一股东正是陈志。报告分析认为，致 浩达控股有限公司实际上是陈志在香港的上市平台，旨在将柬埔寨的灰色资产资本化。而在这一过程 中，唐浩作为资深资本运作者，被指为陈志提供了关键的资本通道支持，两人的协作关系昭然若揭。 洗钱闭环：旗下互联网平台被指充当"洗钱机器" 这种资本层面的合作延伸到了柬埔寨本土业务。报告指控太子集团旗下互联网生活服务平台充当了资金 清洗的通道。 近日，美国做空机构CapitalWatch发布了一份针对纳斯达克上市公司AppLovin的深度调查报告。虽然报 告的调查对象是美国科技巨头，但核心指控却指向太子集团及其实控人陈志。报告详细披露了 AppLovin大股东与陈志在资本运作与技术层面的深度关联，指出太子集团旗下互联网公司疑充当了跨 国洗钱链条中的关键一环。 AppLovin大股东被指继承"团贷网"非法集资款 报告首先起底了AppLovin第二大个人股东唐浩的财富来源，提出严厉指控：其持有美股巨头 ...

华尔街见闻昨日提及，做空机构Capitalwatch发布重磅报告，指控AppLovin核心股东Hao Tang与跨国犯罪组织头目勾结，通过柬 埔寨超级应用WOWNOW将非法资金转化为广告费流入AppLovin，完成资金清洗闭环。 仅仅一天后，Capitalwatch再爆猛料称，针对AppLovin的指控仅仅是揭开了一个庞大洗钱网络的冰山一角，机构的调查核心并非 单纯针对AppLovin，而是追踪来自中国P2P平台"团贷网"的非法资金流向。他们发现这些资金通过复杂的地下网络注入了包括 AppLovin在内的十几家美国上市公司。 Capitalwatch称，手中掌握关键证据并已提交监管，并放话"好戏还在后头"。而美国证券交易委员会（SEC）和美国外国投资委 员会（CFIUS）已于昨日下载了其发布的报告原文。 面对市场关于"为何不公开更多原始证据"的质疑，Capitalwatch回应称，手中掌握着高度敏感的"核弹级"原始材料，不过出于法 律审慎和保护线人安全的考虑，暂时选择不公开这些原始文件。 然而，该机构明确表示，这批"核弹级"材料已进入监管视野。文章称："我们已将整理、编目好的完整证据链正式递交给美国监 管机构 ...

做空机构Capitalwatch发布针对美国纳斯达克上市公司AppLovin Corporation的做空报告，指控该公司核心股东结构涉嫌系统性合规风险和重大金融 犯罪。 报告称，AppLovin主要股东Hao Tang及其背后的资本网络涉嫌将来自中国和东南亚的非法资金注入美国资本市场核心。 据Capitalwatch最新发布的报告显示，AppLovin不仅在SEC文件中存在重大欺诈性隐瞒，其管理层还被指控对反洗钱（AML）法律视而不见，客观 上协助了被美国司法部（DOJ）定性为跨国犯罪组织（TCO）的太子集团（Prince Group）完成资产合法化。 报告指控，Hao Tang背负中国P2P平台团贷网数十亿美元的金融黑洞，并称其为中国司法追逃对象。 报告称，AppLovin成为跨国犯罪头目陈志（太子集团、Prince Group实控人）等进行资产洗钱的最终出口，团贷网非法集资款项和东南亚"杀猪 盘"诈骗收益通过该平台流入美国股市。 报告详细描述了一个闭环：非法资金通过柬埔寨的超级应用WOWNOW转化为广告费，流入AppLovin平台，最终通过营收分润和股价增值变为 合法的美元资产。 Capitalwatc ...

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 [2][5]. Group 1: Allegations of Illegal Funding and Money Laundering - The report claims that AppLovin's major shareholder, Hao Tang, and his capital network are suspected of injecting illegal funds from China and Southeast Asia into the U.S. capital markets [3]. - AppLovin is accused of significant fraudulent concealment in SEC filings and of ignoring anti-money laundering (AML) laws, thereby facilitating the legitimization of assets for the Prince Group, classified as a transnational criminal organization by the U.S. Department of Justice (DOJ) [5]. - The report details a closed loop where illegal funds are converted into advertising fees through a Cambodian super app, WOWNOW, flowing into AppLovin's platform and eventually becoming legitimate U.S. dollar assets through revenue sharing and stock price appreciation [6]. Group 2: Technical Complicity - AppLovin's technology algorithms, Array and AXON, are described as "digital weapons" that assist criminal groups in precisely targeting victims and distributing malware [7]. - The report indicates that AppLovin's SDK includes commands that effectively strip users of their choice, turning their devices into tools for advertisers [27]. Group 3: Connections to Southeast Asian Crime Networks - The Prince Group, led by Chen Zhi, is identified as providing ongoing cash flow and laundering infrastructure for Hao Tang, with the group being designated as a transnational criminal organization by U.S. authorities [17][18]. - The report highlights that the DOJ has seized approximately $15 billion in cryptocurrency linked to Chen Zhi, underscoring the Prince Group's significant financial capabilities [18]. Group 4: Financial Interconnections - The report reveals a deep connection between Hao Tang and Chen Zhi in the Hong Kong capital market, particularly during a critical period for Tang when he sought offshore funding avenues [20][21]. - AppLovin's relationship with the Prince Group extends beyond capital investment, as its technology products are implicated in facilitating illegal activities [23]. Group 5: Money Laundering Mechanism - The report outlines a money laundering scheme where the Prince Group uses AppLovin as a central hub for laundering funds through digital advertising transactions, creating a "money laundering machine" [28]. - The process involves the Prince Group opening advertising accounts on AppLovin, paying hundreds of millions for ad traffic, and then AppLovin recognizing this income as legitimate revenue [30][31]. Group 6: Compliance Crisis and Regulatory Risks - AppLovin is described as being on a compliance volcano, with the report warning that if the funds of major shareholders are proven to be criminal proceeds, the company faces delisting risks [34][35]. - The report calls for immediate action from regulatory bodies, including freezing shares held by Hao Tang and Ling Tang, and conducting a forensic audit of AppLovin's advertising revenue sources [38].

做空机构Capitalwatch发布针对美国纳斯达克上市公司AppLovin Corporation的做空报告，指控该公司核 心股东结构涉嫌系统性合规风险和重大金融犯罪。报告称，AppLovin主要股东Hao Tang及其背后的资 本网络涉嫌将来自中国和东南亚的非法资金注入美国资本市场核心。 据Capitalwatch最新发布的报告显示，AppLovin不仅在SEC文件中存在重大欺诈性隐瞒，其管理层还被 指控对反洗钱（AML）法律视而不见，客观上协助了被美国司法部（DOJ）定性为跨国犯罪组织 （TCO）的太子集团（Prince Group）完成资产合法化。 此次做空引发市场高度关注。早在1月18日，社交平台X上已有消息称Capitalwatch将针对某千亿体量上 市公司发布报告，市场曾猜测对象或为AppLovin。鉴于Capitalwatch此前对诺辉健康财务造假的指控最 终导致后者在2025年退市，投资者普遍担忧此次针对AppLovin的指控可能引发监管风暴。 核心指控：非法资金来源与洗钱网络 报告基于法国波尔多上诉法院判决书、美国证券交易委员会（SEC）13G文件、美国司法部（DOJ）对 陈志的起诉书等文 ...

Core Viewpoint - AppLovin has experienced significant volatility in its stock price, particularly in October, due to an SEC investigation into its data collection practices, which has raised concerns among investors [1][3]. Group 1: Stock Performance - AppLovin's stock rebounded towards the end of October, finishing the month down 11% after a sharp decline of nearly 24% earlier in the month [2]. - The stock fell 14% on October 6 following reports of the SEC investigation [3]. Group 2: Analyst Opinions - Citigroup described the sell-off as a buying opportunity, labeling the pullback as "extreme" [4]. - Oppenheimer reiterated a long-term price target of $740 for AppLovin [4]. - Deutsche Bank initiated coverage with a buy rating, highlighting AppLovin's "best-in-class" technology and growth potential in new markets like e-commerce [5]. Group 3: Company Actions - AppLovin shut down a product related to allegations from short-sellers, indicating a proactive response to the concerns raised [4][6]. - The company stated that the Array product was not economically viable and was merely in testing [5]. Group 4: Upcoming Earnings - AppLovin is set to report third-quarter earnings, with analysts expecting a revenue increase of 12% to $1.34 billion and adjusted earnings per share to rise from $1.25 to $2.39 [8].

Core Viewpoint - AppLovin, a rapidly growing tech company valued over $200 billion, is under scrutiny from regulators regarding its consumer data practices, including potential investigations by multiple state attorneys general and a reported SEC probe over data privacy issues [1][2][6]. Regulatory Investigations - The SEC is investigating whether AppLovin misled investors about its data collection and ad-targeting methods, following allegations from short-sellers that the company used digital "fingerprints" to improperly track users for targeted advertising [2][6]. - AppLovin is reportedly being investigated by federal and state regulators concerning its consumer data usage, with Delaware leading the probe [5][6]. - State regulators have reached out to short sellers as part of a preliminary investigation into AppLovin, indicating the seriousness of the allegations [5][6]. Allegations and Company Response - Allegations include claims that AppLovin illegally tracked children and served inappropriate ads, with a short-seller report suggesting the company assigned unique digital identifiers to underage accounts labeled "do not track" [8][14]. - AppLovin has denied these allegations, asserting that users must explicitly consent to download applications from its ads and that the product "Array" was merely a test [5][9]. - The company maintains that it operates within industry-standard policies regarding ad content and data privacy [9][12]. Business Performance - Despite the ongoing investigations and allegations, AppLovin's stock has surged 80% this year, and the company has been added to the S&P 500, indicating strong market interest in its AI-powered advertising software [12][13]. - Founded in 2012, AppLovin has shifted its focus from mobile gaming to app monetization software, positioning itself as a competitor to major players like Meta and Google [12][13]. Legislative Context - The investigations occur amid heightened legislative efforts to protect children online, including a reintroduction of an updated version of the Children’s Online Privacy Protection Act (COPPA) aimed at barring targeted ads for individuals under 17 [24][25]. - Legal challenges are also emerging against AppLovin, including a lawsuit from a California resident alleging unauthorized tracking of her data despite disabling location services [25][26].

RT Olivia Solon (@oliviasolon)AppLovin has shut down a product linked to user and short-seller allegations that apps were being downloaded to mobile phones without consentThe product, called Array, was offered to device-makers and carriers to promote or preload apps on phones. ...

Core Insights - Stack Capital Group Inc. reported its financial results for Q1 2025, with a Book Value per Share (BVpS) of $12.06, down from $12.29 as of December 31, 2024 [4] - The Company made significant investments in various technology sectors, including AI, autonomous robotics, and travel, with notable portfolio companies such as CoreWeave, Shield AI, and Omio [4][6] Financial Performance - As of March 31, 2025, Stack Capital's total Book Value was $129.7 million [4] - The Company invested an additional US$2.2 million in CoreWeave prior to its IPO, which subsequently saw a share price increase of 45% from March 31, 2025, contributing an estimated $0.45 increase to the BVpS [4][6] - Shield AI raised US$240 million at a valuation of US$5.3 billion, enhancing its position within Stack Capital's portfolio [4] Portfolio Highlights - The breakdown of Book Value per Share as of March 31, 2025, includes: - SpaceX: $2.18 - Locus Robotics: $1.32 - Canva: $1.29 - Omio: $1.11 - Hopper: $1.07 - Newfront Insurance: $1.07 [3][5] - Following the quarter-end, SpaceX received FAA approval to increase its Starship launches to 25 per year, which is expected to benefit its Starlink satellite communications business [4] - Locus Robotics launched its 'Array' autonomous mobile robot, which significantly reduces manual labor in warehouse operations [4] Strategic Developments - Omio expanded its services into Southeast Asia, adding over 14,000 bus routes and aiming to become a comprehensive multi-modal travel provider by Q4 2025 [4] - The Company is focused on maximizing long-term performance through a diversified portfolio of high-growth businesses, which are not widely available to most Canadian investors [6]