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Chinese livestreamer JOYY hit by accounting fraud allegations

Revelation comes after Baidu announced plan to buy YY Live arm

Nasdaq-listed Chinese livestreaming company JOYY denies allegations of accounting fraud at its domestic business YY Live (Screenshot from JOYY's website).

BEIJING -- Chinese livestreaming company JOYY has been hit by allegations of accounting fraud almost immediately after receiving a takeover bid from Chinese search engine Baidu for its domestic business, YY Live.

JOYY, which is listed on Nasdaq, denies the allegations. But they could still disrupt the Baidu transaction, which was scheduled to complete in the first half of next year.

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