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 … This website is owned by Muddy Waters Research. 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 … 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 represent that you have sufficient investment sophistication to critically assess the information, analysis and opinion on this website. Citron, for example, actually defended Luckin before another prolific short-seller, Muddy Waters, took down the stock. On May 18, research firm Muddy Waters told the world it was short GSX Techedu stock. Use of Muddy Waters Research reports is limited by the Terms of Use on its website, which are as follows. The … Previously, GSX stated that the short report is confused and full of ignorance about its business. 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. We conclude that GSX is a massive loss-making business. Without users, there is no revenue. 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 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 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. 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. GSX, the online education firm that Muddy Waters called out in May, soared more than 200% through August before paring some of its gains. By downloading from, or viewing material on this website, you agree to the following Terms of Use. You agree that use of the research on this website is at your own risk. TAL Education has almost doubled since Block … 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. 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 king of shorting fraudulent Chinese firms, MW, has joined the chorus of about 4-5 other firms singing the same tune … 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. You agree that each Muddy Waters Related Person is a third-party beneficiary to these Terms of Use. 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). We also conclude that GSX greatly understates expenses. 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. Copyright © 2020 Muddy Waters Research, All Rights Reserved. But MW doesn't regard this as an … I am more than happy to report a bull case for GSX providing it is presented with DD. However, such information is presented “as is,” without warranty of any kind, whether express or implied. However, after analyzing the report, the Company believes that Muddy Waters lacks a basic understanding of GSX's operations. 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. 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 accept all risks in relying on the information on this website. Copyright © 2020 Muddy Waters Research, All Rights Reserved. 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 … 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. Read More Latest Reports Joyy Inc. MW is Short Joyy … “Given the infamy of short sellers and unchanging methods, a … 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. Our conclusions are based on GSX’s own user and attendance data files (i.e., this is not from “scraping” data). Muddy Water's report details its allegations and explains how it found unusual patterns among droves of GSX … 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. By analyzing the available data, Muddy Waters … 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. Carson Block, Muddy Waters Capital CIO and founder, joins 'Power Lunch' to discuss why he's shorting GSX Techedu. TAL Education has almost doubled since … 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. 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. TAL Education called the report erroneous and deceptive. 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 … 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. The Company respects Muddy Waters' efforts. Reports are based on generally available information, field research, inferences and deductions through the applicable Muddy Waters Entity’s due diligence and analytical process. 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. 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