Muddy Waters によれば,利用者の約 70% が偽造である。この情報は,GSX の学生利用者とその出席率のデータに基づく。Muddy Waters は,200 以上の有料 K-12 [幼稚園から高等学校卒業まで 13 年間] … So what On May 18, Muddy Waters said it was short GSX Techedu stock because the company was "a near-total fraud." However, investors should still hear them out to decide whether GSX … Muddy Waters Research is an online research publication that produces due diligence-based reports on publicly traded securities, and Muddy Waters Capital LLC is an investment adviser registered with the … Muddy Water's report details its allegations and explains how it found unusual patterns among droves of GSX … GSX data by YCharts. However, after analyzing the report, the Company believes that Muddy Waters lacks a basic understanding of GSX's operations. The opinions, information and reports set forth herein are solely attributable to the applicable Muddy Waters Entity and are not attributable to any Muddy Waters Related Person (defined below) (other than the applicable Muddy Waters Entity). If you are in the United Kingdom, you confirm that you are accessing research and materials as or on behalf of: (a) an investment professional falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or (b) high net worth entity falling within Article 49 of the FPO (each a “Permitted Recipient”). Without users, there is no revenue. If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Use remain in full force and effect, in particular as to this governing law and jurisdiction provision. If you have obtained research published by Muddy Waters Research or Muddy Waters Capital in any manner other than by download from that link, you may not read such research without going to that link and agreeing to the Terms of Use. You should assume that, as of the publication date of a Muddy Waters report, Muddy Waters Related Persons (possibly along with or through its members, partners, affiliates, employees, and/or consultants), Muddy Waters Related Persons clients and/or investors and/or their clients and/or investors have a position (long or short) in one or more of the securities of a Covered Issuer (and/or options, swaps, and other derivatives related to one or more of these securities), and therefore stand to realize significant gains in the event that the prices of either equity or debt securities of a Covered Issuer decline or appreciate. In addition, a former GSX manager corroborated our analysis, and explained various details of GSX’s extensive bot operation. All expressions of opinion are subject to change without notice, and neither Muddy Waters Research nor Muddy Waters Capital undertakes to update or supplement any reports or any of the information, analysis and opinion contained in them. Based on the near total faking of users, we assume that the fraudulent portion of GSX’s revenue is at least equal to the percentage of fraudulent users, although it would not surprise us if the ASP on the real portion of GSX’s business is fraudulently inflated too. However, after analyzing the report, the Company believes that Muddy Waters lacks a basic understanding of GSX's operations. Muddy Waters Research is affiliated with Muddy Waters Capital. The … New York-listed GSX fell 7.4 per cent lower at US$32.84 in New York overnight, after earlier plunging by as much as 16 per cent following the release of the short report on Monday. GSX: Small Classes, Big Lies (GSX US) May 28, 2020 On May 18th, we published our research on GSX in which we concluded that at least 70% of GSX’s purported users are fraudulent, and quite likely the real … Carson Block is still short GSX Techedu Inc (NYSE: GSX) despite the stock's momentum in the opposite direction, the notable short seller said Wednesday in a Bloomberg TV interview.What … BEIJING, May 29, 2020 /PRNewswire/ -- GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in China, today refuted the false allegations in Muddy Waters … We downloaded GSX’s data from more than 200 paid K-12 classes covering 54,065 unique users. Long holders of GSX face the risk that the margin lenders will be forced to aggressively sell the stock, crashing the price. We conclude that GSX is a massive loss-making business. This limitation of liability applies regardless of any negligence or gross negligence of Muddy Waters Research, Muddy Waters Capital or any Muddy Waters Related Persons. GSX, the online education firm that Muddy Waters called out in May, soared more than 200% through August before paring some of its gains. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the state and federal courts located in San Francisco, California and waive your right to any other jurisdiction or applicable law, given that Muddy Waters Research and its affiliates are based in San Francisco, California. Sorry, your blog cannot share posts by email. “Given the infamy of short sellers and unchanging methods, a … On May 20, Muddy Waters tweeted in response to GSX. Posted with permission. In relation to the United Kingdom, the research and materials on this website are being issued only to, and are directed only at, persons who are Permitted Recipients and, without prejudice to any other restrictions or warnings set out in these Terms of Use, persons who are not Permitted Recipients must not act or rely on the information contained in any of the research or materials on this website. GSX Refutes Muddy Waters Research's Follow Up Report GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in … Citron, for example, actually defended Luckin before another prolific short-seller, Muddy Waters, took down the stock. Not financial advice. Under no circumstances should any of these reports or any information herein be construed as investment advice, or as an offer to sell or the solicitation of an offer to buy any securities or other financial instruments. Further, any report on this site contains a very large measure of analysis and opinion. Muddy Waters said they downloaded data from more than 200 paid K-12 education courses which equaled 54,065 unique users. We detailed three behaviors we were highly confident evidenced widespread bot usage: “Precise Joiners”, “GSX… more, We are short GSX because we conclude that it is a near-total fraud. You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link: https://www.muddywatersresearch.com/research/. Regardless of how one cuts it though, GSX is an almost completely empty box. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to this website or the material on this website must be filed within one (1) year after the occurrence of the alleged harm that gave rise to such claim or cause of action, or such claim or cause of action be forever barred. However, such information is presented “as is,” without warranty of any kind, whether express or implied. The Company respects Muddy Waters' efforts. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is n… more. This is not an offer to sell or a solicitation of an offer to buy any security. Muddy Waters Research is an online research publication that produces due diligence-based reports on publicly traded securities, and Muddy Waters Capital LLC is an investment adviser registered with the … These Terms of Use govern current reports published by Muddy Waters Research and supersede any prior Terms of Use for older reports of Muddy Waters Research, which you may download from the Muddy Waters Research’s website. We conclude that at least ~70% of its users are fake, and we think it’s quite likely that at least ~80% of its users are fake. Muddy Waters Research, Muddy Waters Capital and/or the Muddy Waters Related Persons intend to continue transacting in the securities of Covered Issuers for an indefinite period after an initial report on a Covered Person, and such person may be long, short, or neutral at any time hereafter regardless of their initial position and views as stated in the research report published by Muddy Waters Research or Muddy Waters Capital. Muddy Waters Initiating Coverage on TRE.TO, OTC:SNOFF – Strong Sell Sino-Forest Corporation 2011-06-02 Muddy Waters Initiating Coverage on DGW – Strong Sell Duoyuan Global … Muddy Waters Research LLC is an American privately held due diligence based investment firm that conducts investigative research on public companies while also taking investment positions that … TAL Education has almost doubled since … Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. Post was not sent - check your email addresses! You agree that use of the research on this website is at your own risk. GSX has said Muddy Waters doesn’t understand its business model. Carson Block, Muddy Waters Capital CIO and founder, joins 'Power Lunch' to discuss why he's shorting GSX Techedu. You further agree that any dispute between you and Muddy Waters Research and its affiliates arising from or related to this report and / or the Muddy Waters Research website or viewing the material hereon shall be governed by the laws of the State of California, without regard to any conflict of law provisions. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to email this to a friend (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pocket (Opens in new window), Click to share on Telegram (Opens in new window). Buy any security details of GSX 's operations response to GSX founder, joins 'Power Lunch ' discuss. How one cuts it though, GSX stated that the short report is confused and of! That Use of the Research and reports presented on this website is at your own risk Waters that... 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