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The reports are the property of the applicable Muddy Waters Entity that published that report. Sorry, your blog cannot share posts by email. The king of shorting fraudulent Chinese firms, MW, has joined the chorus of about 4-5 other firms singing the same tune … 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 … 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 … 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. Muddy Water's report details its allegations and explains how it found unusual patterns among droves of GSX … 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. 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 U.S. Securities and Exchange Commission. GSX has said Muddy Waters doesn’t understand its business model. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping” data). 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. They said that a former GSX manager verified their analysis, and … 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 … 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. 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). We also conclude that GSX greatly understates expenses. However, such information is presented “as is,” without warranty of any kind, whether express or implied. 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. 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. 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. Carson Block, Muddy Waters Capital CIO and founder, joins 'Power Lunch' to discuss why he's shorting GSX Techedu. 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). GSX, the online education firm that Muddy Waters called out in May, soared more than 200% through August before paring some of its gains. Sign up for our mailing list and receive research reports and other related news and updates from Muddy Waters Research. In addition, a former GSX manager corroborated our analysis, and explained various details of GSX’s extensive bot operation. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. But MW doesn't regard this as an … GSX data by YCharts. Each report specifies the publisher and owner of that report. You accept all risks in relying on the information on this website. TAL Education has almost doubled since Block … 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. This is not an offer to sell or a solicitation of an offer to buy any security. So what On May 18, Muddy Waters said it was short GSX Techedu stock because the company was "a near-total fraud." 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. 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. 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. Regardless of how one cuts it though, GSX is an almost completely empty box. 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. 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 … TAL Education has almost doubled since … 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 are short GSX because we conclude that it is a near-total fraud. 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, after analyzing the report, the Company believes that Muddy Waters lacks a basic understanding of GSX's operations. Without users, there is no revenue. We conclude that GSX is a massive loss-making business. Posted with permission. However, investors should still hear them out to decide whether GSX … 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 … This website is owned by Muddy Waters Research. By downloading from, or viewing material on this website, you agree to the following Terms of Use. 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. Face the risk that the short report is confused and full of ignorance about its business model of the Muddy... Has almost doubled since … Posted with permission a former GSX manager corroborated our analysis, explained! 200 paid K-12 classes covering 54,065 unique users without warranty of any kind, whether or... Business model of Use to critically assess the information, analysis and opinion on this website offer... Agree that Use of Muddy Waters Entity only the risk that the lenders... 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