Further, any report on this site contains a very large measure of analysis and opinion. 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. However, investors should still hear them out to decide whether GSX … TAL Education has almost doubled since Block … 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). 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. They said that a former GSX manager verified their analysis, and … This is not an offer to sell or a solicitation of an offer to buy any security. We conclude that GSX is a massive loss-making business. But MW doesn't regard this as an … By downloading from, or viewing material on this website, you agree to the following Terms of Use. 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 You further agree to do your own research and due diligence before making any investment decision with respect to securities of the issuers covered herein (each, a “Covered Issuer”) or any other financial instruments that reference the Covered Issuer or any securities issued by the Covered Issuer. However, after analyzing the report, the Company believes that Muddy Waters lacks a basic understanding of GSX's operations. You further agree that you will not communicate the contents of reports and other materials on this site to any other person unless that person has agreed to be bound by these Terms of Use. 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 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 U.S. Securities and Exchange Commission. Giving investment advice requires knowledge of your financial situation, investment objectives, and risk tolerance, and Muddy Waters Capital has no such knowledge about you. You understand and agree that Muddy Waters Capital does not have any investment advisory relationship with you or does not owe fiduciary duties to you. “Given the infamy of short sellers and unchanging methods, a … 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] … 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. GSX Refutes Muddy Waters Research's Allegations BEIJING , May 19, 2020 / PRNewswire / -- GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after … The Company respects Muddy Waters' efforts. 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. We also conclude that GSX greatly understates expenses. So what On May 18, Muddy Waters said it was short GSX Techedu stock because the company was "a near-total fraud." Regardless of how one cuts it though, GSX is an almost completely empty box. Posted with permission. Muddy Waters vowed to “show more GSX fraud” soon. Despite their recent swoon, the … 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. Previously, GSX stated that the short report is confused and full of ignorance about its business. We are short GSX because we conclude that it is a near-total fraud. The reports on this website have been prepared by either Muddy Waters, LLC (“Muddy Waters Research”) or Muddy Waters Capital LLC (“Muddy Waters Capital”). GSX data by YCharts. If you access this website, download or receive the contents of reports or other materials on this website as an agent for any other person, you are binding your principal to these same Terms of Use. The research and reports presented on this website express the opinion of the applicable Muddy Waters Entity only. Copyright © 2020 Muddy Waters Research, All Rights Reserved. The … Muddy Waters Capital does not render investment advice to anyone unless it has an investment adviser-client relationship with that person evidenced in writing. 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”). It went through the company's user data and said it's "highly confident" over 70% of users are fake and … I am more than happy to report a bull case for GSX providing it is presented with DD. 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. This website is owned by Muddy Waters Research. TAL Education called the report erroneous and deceptive. Sign up for our mailing list and receive research reports and other related news and updates from Muddy Waters Research. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping” data). In addition, a former GSX manager corroborated our analysis, and explained various details of GSX’s extensive bot operation. Muddy Waters is short GSX Techedu 6) My friend Carson Block of Muddy Waters Research was spot on in his warnings about Luckin Coffee, so investors would be wise to carefully consider his … 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 Citron, for example, actually defended Luckin before another prolific short-seller, Muddy Waters, took down the stock. The failure of Muddy Waters Research or Muddy Waters Capital to exercise or enforce any right or provision of these Terms of Use shall not constitute a waiver of this right or provision. 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 … Neither Muddy Waters Research nor Muddy Waters Capital will update any report or information on its website to reflect changes in positions that may be held by a Muddy Waters Related Person. 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. On May 20, Muddy Waters tweeted in response to GSX. Each report specifies the publisher and owner of that report. Muddy Waters’ misunderstanding may be because it didn’t try its live courses, or it did and ignored part of the process, a GSX spokeswoman wrote in an email. Use of Muddy Waters Research reports is limited by the Terms of Use on its website, which are as follows. Long holders of GSX face the risk that the margin lenders will be forced to aggressively sell the stock, crashing the price. The Company respects Muddy Waters' efforts. Muddy Waters Capital is an investment adviser with the U.S. Securities and Exchange Commission and is not registered as investment adviser in any other jurisdiction. Muddy Waters' Carson Block on his latest short, GSX Techedu May 18, 2020 Muddy Waters Capital Founder & CIO Carson Block joined Yahoo Finance's Jen Rogers, Myles Udland, and Dan … Muddy Waters’ report came weeks after Citron Research called GSX “ the most blatant Chinese stock fraud since 2011.” Citron accused … Neither Muddy Waters Research nor any Muddy Waters Related Person (including Muddy Waters Capital) are offering, selling or buying any security to or from any person through this website or reports on this website. Advice to anyone unless it has an investment adviser-client relationship with that person evidenced in writing your own.. 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