All the dots are connecting now.
1. The pro-China / Chinese staff and shareholders has been dominating Cover at least since the start of 2020, which is why #hololive's introduction to China was successful.
#桐生ココ #桐生ココ卒業
2. The domestic competitors have always been unhappy about hololive's dominance in the Vtuber industry in China.
#桐生ココ
3. Haachama read off youtube analytics with the list of "top countries" containing Taiwan on Sep 24th. The Chinese fans as well as (the pro-China management of) Cover asked her to apologize.
Some Chinese staff & shareholders in Cover are worried about their competitors' internet bot armies, and want #Haachama to graduate in order to avoid a potential shitstorm.
#桐生ココ Image
4. Coco took this as CCP bootlicking, so she did the exact same thing - reading off "Taiwan" on the list of "top countries" in the Asacoco the very next day (9.25) in order to pressure Cover to actually do something to protect its talents instead of punishing them and apologizing
5. Immediately after the 9.25 incident, Yuehua Entertainment came in, and used their internet army to hype the issue on Weibo (the Chinese Twitter). This is why #KiryuCoco 's incident on 9.25 had spread to all Chinese netizens including those who don't watch Vtubers.
This resulted in a nation-wide boycott, and it was impossible for Cover to overturn it.
After hololive was forced out of China, Yuehua debuted ASoul and gained lots of previous #hololive fans. Image
6. After leaving the Chinese market, Cover ran into internal conflict about the direction to take in the future, but the pro-China faction gained the upper hand. When the Chinese antis spammed Coco's Youtube channel, Cover gave absolutely no help at all.
Concrete Evidence: On Jan 8th, Coco mistakenly pasted a phrase she wanted to ban on the screen. Given the spam situation had not really improved since October, the only possible reason is: Cover had not issued any moderators to combat the spam

2:26:33
ImageImage
7. Not only Cover refused to help, they were extremely reluctant in approving any plans by Coco, which is why she ran out of ideas and had to take breaks so often. They also banned Asacoco and alienated her from all her colleagues but only a few close to her (e.g. Kanata).
These bans was only removed when the pro-China faction was sure that Coco's going to graduate, which is why she collaborated with Mori (6.8) and streamed Asacoco(6.17) again.
8. On Feb 13th, Cover's staff logged into Coco's channel and gave mods to the Chinese antis. We aren't sure if this was deliberate.
#桐生ココ Image
9. After Coco's graduation was announced, Botan immediately got a sponsored stream of Diablo Immpotal made by NetEase, a Chinese company.
(And COD mobile too) ImageImageImageImage
This was after not getting any sponsored streams from any Chinese company since Sep 25th.
Even ASUS (Taiwanese) cancelled Fubuki's sponsored stream on Dec 17th.
10. Haachama was also bullied by the pro-China / Chinese staff, which is why she has been in a mentally unstable state since Sep 24th.
After Coco's announcement, Cover proceeded with the next part of their plan. Haachama was afraid of that, so she decided to stop streaming indefinitely in order to protect herself.
-- Cover did all of the above in an attempt of re-entering the Chinese market and persuading the Chinese companies to remove their bans on hololive.
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