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In no event shall Muddy Waters Research, Muddy Waters Capital or any Muddy Waters Related Persons be liable for any claims, losses, costs or damages of any kind, including direct, indirect, punitive, exemplary, incidental, special or, consequential damages, arising out of or in any way connected with any information on this website. The Company respects Muddy Waters' efforts. 29, 2020, 12:49 PM. GSX Refutes Muddy Waters Research's Allegations. Despite their recent swoon, the ADRs are still up 36% this year through Wednesday, outperforming peers New Oriental Education & Technology Group Inc. and TAL Education Group. Send to a Friend. 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. On May 20, Muddy Waters tweeted in response to 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 U.S. Securities and Exchange Commission. Moreover, it claims corroboration from a former GSX Techedu insider. You (or any person you are acting as agent for) agree to hold harmless Muddy Waters Research, Muddy Waters Capital and its affiliates and related parties, including, but not limited to any principals, officers, directors, employees, members, clients, investors, consultants and agents (collectively, the “Muddy Waters Related Persons”) for any direct or indirect losses (including trading losses) attributable to any information on this website or in a research report. Giving investment advice requires knowledge of your financial situation, investment objectives, and risk tolerance, and Muddy Waters Capital has no such knowledge about you. 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 Research's latest 6-page report, dated May 28, 2020. The reports are the property of the applicable Muddy Waters Entity that published that report. The Company respects Muddy Waters' efforts. The Company respects Muddy Waters' efforts. You agree that use of the research on this website is at your own risk. Muddy Waters is short GSX Techedu. 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 Research's latest 6-page report, dated May 28, 2020. 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 Research's latest 6-page report, dated May 28, 2020.After thoroughly analyzing the report, the Company would like to respond to some of the specific allegations: Sign up for our mailing list and receive research reports and other related news and updates from Muddy Waters Research. BEIJING, May 19, 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 Research's latest report, dated May 18, 2020. GSX Refutes Muddy Waters Research's Follow Up Report. Now what. The research and reports presented on this website express the opinion of the applicable Muddy Waters Entity only. With respect to their respective research reports, Muddy Waters Research and Muddy Waters Capital makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is n… more --GSX Techedu Inc., a leading online K-12 large-class after-school tutoring service provider in China, today refuted the false allegations in Muddy Waters … GSX Techedu Inc. May 29, 2020, 06:49 ET. China stock GSX Techedu sold off Monday after short seller Muddy Waters claimed almost all of the online-only education firm's purported students are in fact bots.. 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 Research's latest 6-page report, dated May 28, 2020.After thoroughly analyzing the report, the Company would like to respond to some of the specific allegations: 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 latest report about another Chinese company he believes is a fraud, online education provider GSX Techedu (GSX). Sign up for our mailing list and receive research reports and other related news and updates from Muddy Waters Research. 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. 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. 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. Making GSX’s denials even more farcical is that it openly recruits engineers to help it run bot farms, which we show in this report. However, such information is presented “as is,” without warranty of any kind, whether express or implied. 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 Research’s latest 6-page report, dated May 28, 2020.After thoroughly analyzing the report, the Company would like to respond to some of the specific allegations: A former GSX manager corroborated our conclusions, and even detailed how GSX’s bot operations work. 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/. 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. 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. To the best of the applicable Muddy Waters Entity’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that the applicable Muddy Waters Entity believe to be accurate and reliable, and who are not insiders or connected persons of the Covered Issuers or who may otherwise owe a fiduciary duty, duty of confidentiality or any other duty to the Covered Issuer (directly or indirectly). 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. They said that a former GSX … 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. On a high-volume move, GSX Techedu (GSX -5.3%) trades lower after Muddy Waters issues a negative report.As usual, the short-selling firm doesn't hold back, calling GSX a near-total fraud. 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. 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 Research says at least 70 percent of the Beijing-based GSX’s users are bots and that the real number is likely 80 percent or more. The educational software provider said research firm Muddy Waters “lacks a basic understanding” of its business after an assessment that at least 70 percent of GSX users are bots that dragged its stock down 7.3 percent on Monday. Sorry, your blog cannot share posts by email. Muddy Waters says that GSX founder and CEO Larry Xiangdong Chen recently pledged at least $318 million of his own stock. Post was not sent - check your email addresses! Use of Muddy Waters Research reports is limited by the Terms of Use on its website, which are as follows. Muddy Water's 25-page report is detailed and explains how it came to its conclusions every step of the way. 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. On a high-volume move, GSX Techedu (GSX -5.3%) trades lower after Muddy Waters issues a negative report.As usual, the short-selling firm doesn't hold back, calling GSX a near-total fraud. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. The Company respects Muddy Waters' efforts. GSX’s responses since consist largely of drivel, designed to obfuscate and lie. GSX’s response: “Muddy Waters is bluffing.” Teen Teacher Born in a poor village in northern China, Chen’s father helped him enroll in a tuition-free vocational training school for teachers. Muddy Waters Capital does not render investment advice to anyone unless it has an investment adviser-client relationship with that person evidenced in writing. The Company respects Muddy Waters' efforts. Copyright © 2021 Muddy Waters Research, All Rights Reserved. Muddy Waters is Short Groupe Casino (CO:FP) Groupe Casino Guichard-Perrachon SA: 2015-12-17: Muddy Waters is Short TeliaSonera (TLSN.ST) TeliaSonera AB: 2015-10-15: Muddy Waters is Short Noble Group Ltd (NOBL:SP) Noble Group Ltd: 2015-04-08: Bolloré (BOL FP): Complexity Creating Arbitrage with over 95% Upside: Bolloré S.A: 2015-02-17 Previously, GSX stated that the short report is confused and full of ignorance about its business. Despite their recent swoon, the ADRs are still up 37% this year through Wednesday, outperforming peers New Oriental Education & Technology Group Inc. and TAL Education Group. This is not an offer to sell or a solicitation of an offer to buy any security. Muddy Waters will continue to disclose more evidence for further explanation. We detailed three behaviors we were highly confident evidenced widespread bot usage: “Precise Joiners”, “GSX IP Joiners”, and “Burst Joiners”. 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. The Company respects Muddy Waters' efforts. Further, any report on this site contains a very large measure of analysis and opinion. 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. 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. 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 Techedu Inc., a leading online K-12 large-class after-school tutoring service provider in China, today refuted the false allegations in Muddy Waters … GSX Techedu is a "near-total fraud" and at least 70 percent of users are bots, Muddy Waters Research said. It said it downloaded GSX's data from more than … 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 Research's latest 6-page report, dated May 28, 2020. PR Newswire Asia. 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. Muddy Waters Capital Founder & CIO Carson Block joined Yahoo Finance's Jen Rogers, Myles Udland, and Dan Roberts to discuss his latest short call on GSX Techedu. Carson Block, the founder of Muddy Waters Capital LLC, has renewed his short-selling attack on Chinese after-school tutoring platform GSX Techedu Inc., which he … However, after analyzing the report, the Company believes that Muddy Waters lacks a basic understanding of GSX's operations. We refer to Muddy Waters Research and Muddy Waters Capital collectively as “Muddy Waters” and individually these entities are referred to as a “Muddy Waters Entity”. The Company respects Muddy Waters' efforts. After thoroughly analyzing the report BEIJING, May 19, 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 Research’s latest report, dated May 18, 2020. 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