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Campaigns / Muddy Waters → GSX Techedu Inc.
Muddy Waters vs. GSX Techedu Inc.

GSX Techedu Inc. · GSX

2 decks published between 2020-05-18 and 2020-05-28 — 31 pages, 31 analysed slides total.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2020-05-18 initial thesis

    2020 05 MW_GSX_05182020

    25pp · research_note

    GSX Techedu is a near-total fraud: at least 73% — likely 80%+ — of paid K-12 users are bots, and Chairman Chen's $319M pledged stock heightens crash risk.

    N 4 V 2 C 2
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  2. 2020-05-28 follow up

    2020 05 MW_GSX_05282020

    6pp · research_note

    GSX's rebuttals to our fraud report are evasive techno-drivel; meanwhile GSX openly recruits engineers to run cell-phone bot farms, confirming it is a nearly empty box.