{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b96-aa4b5c012f2a", "slug": "aa7e6c3950ac", "title": "TAL Education Group (TAL)", "subtitle": "Carson C. Block · 2018-06", "author": "Carson C. Block", "date": "2018-06-13 00:00:00", "pageCount": 71, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "TAL Education Group", "targetTicker": "TAL", "document": { "id": "019dd923-622c-750b-8b96-aa4b5c012f2a", "slug": "aa7e6c3950ac", "title": "TAL Education Group (TAL)", "rawTitle": "MWR TAL Part I 20180613", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "authorDisplay": "Carson C. 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"storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Word-document-style short report (70 numbered body pages) signed off by Director of Research Carson C. Block. Genre is forensic accounting research note rather than a slide deck — heavy footnotes, embedded SAIC screenshots, and reconciled financial tables. Quantifies fraud via two specific asset-parking transactions (Shunshun/DFRL reverse-merger and Guangzhou One-on-One sham disposal-and-buyback) and explicitly invokes the Enron Nigerian-barge analogy. Uses CEO quote contradiction (Rong Luo's Q2 2018 earnings-call guidance vs SAIC-disclosed Shunshun revenue). Marked 'Part I in a series', so campaign_phase is initial_thesis even though further parts are signaled. No explicit price target or upside %; valuation_frameworks set to 'other' since the deck quantifies overstatement rather than building a target-price model.", "kpisCited": [ { "detail": "at least 43.6%, cumulative net income $418M reported vs $291M adjusted", "metric": "Net income overstatement (FY2016-FY2018)" }, { "detail": "at least 39.8%; $153.2M / 28.4% from two asset-parking transactions alone", "metric": "Pre-tax profit overstatement (FY2016-FY2018)" }, { "detail": "at least 21.6%", "metric": "Operating profit overstatement" }, { "detail": "10.4% adjusted vs 11.6% reported", "metric": "FY2018 net income margin" }, { "detail": "2.8% vs revenue CAGR 45.4% and assets CAGR 42.6%", "metric": "Audit fee CAGR since FY2011" }, { "detail": "$27.1M booked plus $24.8M consolidated pre-tax profit; ~$19.7M believed fabricated", "metric": "Shunshun/DFRL valuation gain" }, { "detail": "$50M pre-tax gain, 58.8% of FY2016 pre-tax income and 36.4% of net income", "metric": "GZ 1-1 disposal gain" }, { "detail": "from $900M to ~$7.5bn since FY2016", "metric": "Stock value of Chairman Zhang's shares" }, { "detail": "Rmb (98.5)M in 2016 to Rmb (141.5)M in 2017, +44%", "metric": "Shunshun/DFRL combined losses" }, { "detail": "26.8% post-change vs expected 70%+; combined Shunshun/DFRL fell from 84% to 31%", "metric": "Deferred-revenue conversion rate (DFRL standalone)" } ], "closingAsk": "Apply Occam's Razor: treat TAL's pattern of lies, obfuscations, and inconsistencies as evidence of fraud and reprice the stock accordingly, while watching for further deferred-revenue manipulation in FY2018.", "extraction": { "at": "2026-04-22 19:31:16+00", "model": "unknown-legacy", "runId": null, "seconds": 122.08145, "promptVersion": null }, "scqaReward": "Removing the quantified fraud lowers cumulative net income from $418M reported to $291M (-30%), with FY2018 net margin falling from 11.6% to 10.4%; further fraud likely pervades the core Peiyou business, implying additional downside.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "TAL overstated FY2016-FY2018 net income by at least 43.6% via fraudulent asset-parking accounting", "Two asset-parking transactions (Shunshun/DFRL, GZ 1-1) inflated pre-tax profits by ~$153M, or 28.4%", "Deloitte China audit fees grew 2.8% CAGR while revenue and assets grew >42%, starving the audit" ], "scqaSituation": "TAL Education is a $26bn NYSE-listed Chinese for-profit K-12 tutoring company audited by Deloitte China, widely viewed as a survivor of the 2010-2011 China-fraud wave and a 'real business' with skyrocketing reported growth.", "thesisSummary": "Muddy Waters is short TAL Education, arguing the $26bn Chinese tutoring giant has fraudulently overstated profits since at least FY2016 to mask deteriorating margins. Two asset-parking transactions detailed in this Part I — the 2015 reverse-merger of overseas-consulting subsidiary DFRL into 19-year-old Du Zhang's shell company Shunshun, and the 2015 sham disposal-and-buyback of the Guangzhou One-on-One tutoring business via Changing Edu's special purpose entity Shujia — inflated pre-tax profits by approximately $153.2 million, or 28.4%. Muddy Waters estimates net income was overstated by at least 43.6%, with true FY2018 net margin only 10.4% versus 11.6% reported. Deloitte China, whose audit fees grew at 2.8% CAGR against 45% revenue growth, missed obvious related-party disclosures verifiable in seconds via SAIC filings.", "primaryDemands": [ "Investors should recognize TAL's reported FY2016-FY2018 financials as fraudulent and reprice the stock", "TAL should restate financials to consolidate Shunshun from July 2015 and reverse the $50M GZ 1-1 disposal gain", "TAL should impair a significant portion of Shunshun's $93M of goodwill given mounting losses, staff cuts, and branch closures", "Deloitte China should explain why it failed to flag the DFRL transfer to Shunshun as a related-party transaction" ], "scqaResolution": "Investors should treat TAL's FY2016-FY2018 financials as fraudulent, restate to consolidate Shunshun from July 2015, reverse the $50M GZ 1-1 disposal gain, and impair Shunshun's $93M of goodwill given mounting losses, staff cuts, and branch closures.", "thesisOneLiner": "TAL is a real business with fake financials: two asset-parking transactions inflated FY2016-FY2018 pre-tax profits by $153M (28.4%) while Deloitte China was starved of audit hours.", "precedentsCited": [ "Sino-Forest (non-cash transactions playbook)", "Enron Nigerian barge asset-parking", "Crazy Eddie (Sam Antar on starving auditors)", "Gigamedia, ChinaCast Education, Puda Coal (abusive VIE transactions)", "China Hustle documentary (~400 China-listed frauds)" ], "scqaComplication": "Margins have actually been deteriorating, and management has resorted to two Enron-style asset-parking transactions — Shunshun/DFRL and Guangzhou One-on-One — to manufacture non-cash gains and inflate deferred revenue, while Deloitte's man-hours have not kept pace with the company's complexity.", "narrativeInterest": 5, "notableSlidePages": [ 2, 3, 4, 14, 33 ], "peerCompaniesCited": [ "Sino-Forest", "Enron", "Crazy Eddie", "Gigamedia", "ChinaCast Education", "Puda Coal" ], "valuationFrameworks": [ "other" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "Standard legal disclaimer page for an investment research firm.", "function": "other", "imagePath": "https://imgproxy.kitesheet.com/Lq9159C4aAhwhHm_Aq8pM6LnY6_D6N5C6EKRqTeEkTA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hYTdlNmMzOTUwYWMvcDAwMS5qcGc", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 3, "textChars": 337, "nDataPoints": 0, "notes": "Standard legal disclaimer page for an investment research firm.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:45.179+00", "seconds": 2.315, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-aa4b5c012f2a/1", "deck": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a", "deckAnchor": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a.json" }, "components": [ { "bbox": { "h": 0.035, "w": 0.9, "x": 0.05, "y": 0.115 }, "kind": "disclaimer", "text": "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.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:45.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "695cab2a-69a7-466d-80bf-56f1d9484466", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "The reports on this website have been prepared by Muddy Waters Capital LLC... 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We estimate that during FY2016 through FY2018, TAL has overstated net income by at least 43.6%. We estimate that TAL’s cumulative net income margin during this period was only 8.8% (versus 12.4% reported); we estimate its FY2018 net income margin was only 10.4% (versus 11.6% reported). We believe the fraud pervades the core Peiyou business and is migrating into TAL’s online businesses. This is Part I in a series of reports. 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Investors might recall the dark days of 2010 and 2011, during which numerous U.S.-listed China companies went down as frauds. It seemed like every new trading day brought revelations, resignations, or re-ratings. Companies were revealed to be frauds, regardless of their lead bankers, auditors, or top shareholders. 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The perception was that the companies left standing were the “real” companies. 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A Securities and Exchange Commission judge ordered that the practice licenses of the China affiliates of the Big Four, who had issued unqualified audit opinions to blowup after blowup, be suspended for six months. However, the suspensions never came into effect. Instead, the U.S. government settled with the affiliates for $500,000 each, which is roughly equivalent to a yearly audit fee for one small client. In fact, it became difficult for the SEC to act against auditors because auditor working papers supposedly became “state secrets” that would subject an individual to prison time for providing them to a U.S. regulator. 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........................................ 62\nAppendix B: Shunshun Shareholder Registry ........................................................... 63\nAppendix C: DFRL Share Transfer SAIC Record...................................................... 64\nAppendix D: SAIC Financials / Credit Report Reconciliation ................................... 65\nAppendix E: Shunshun / DFRL CY2015 - CY2017 SAIC Financials ....................... 67\nAppendix F: GZ XRS EdTech SAIC Financials.......................................................... 68\nAppendix G: Changing Edu Entity SAIC Financials ................................................... 68", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, 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Shunshun seems a poor choice of a vessel in which to expand an existing, only tangentially related business. 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However, the opposite is true. TAL invested cash in Shunshun.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e65-e3a704197c9b", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.78, "x": 0.11, "y": 0.58 }, "kind": "disclaimer", "text": "17-23: Detailed footnotes citing TAL 20-F filings and media reports regarding the DFRL disposal and investment amounts.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:48.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06cf215f-48a8-481c-904a-4082f21f1361", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.14, "y": 0.18 }, "kind": "list", "text": "DFRL had the license that was necessary for Shunshun to operate as an overseas intermediary education consultant. 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"callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e66-73ddfc4a0cad", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.734, "x": 0.148, "y": 0.305 }, "kind": "list", "text": "Chronological events from June 1, 2015 to August 3, 2015 detailing the merger and share transfer process.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:47.899+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6ee49d7-0ad8-4f21-9655-92091ea6d81a", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "December 31, 2016, DFRL apparently had 277 employees, versus Shunshun’s 49 employees. In CY2016, DFRL also provided 67.5% of Shunshun’s deferred revenues as of December 31, 2016, which as we explain below, appear to be largely fraudulent.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:47.899+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c42e2aec-3f28-4b4e-8144-87ecb743b9fb", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.764, "x": 0.118, "y": 0.748 }, "kind": "source-note", "text": "Footnotes 29-35 detailing SAIC filings and media reports.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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{ "at": "2026-05-02 20:49:47.899+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e289ec35-fb26-4182-b87a-f29127550a76", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6f7a243d-f739-40cc-aaf4-c68c762024ad", "evidence": "The slide explicitly contrasts 'Reality' vs 'TAL's Fiction' to argue for fraudulent activity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:47.899+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 71, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Expose Contradiction", "beatId": "9de0976e-28e1-420f-a107-b337349d49c9", "matchId": "fde0f444-1f6e-4983-80ce-037ebfd50e4a", "beatType": null, "evidence": "The document is primarily composed of slides that expose contradictions in TAL Education's financial reports", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 28, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 5, "name": "Preempt Rebuttal", "beatId": "11c13b7b-b36c-475f-9c6c-e855711d459e", "matchId": "fde0f444-1f6e-4983-80ce-037ebfd50e4a", "beatType": null, "evidence": "The document anticipates potential rebuttals to its claims", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 8, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null }, "matchId": "99149f44-5959-4c86-aa77-8f6fb44bba5b", "evidence": "The document reveals the iceberg principle, where TAL Education's transactions appear legitimate but have hidden implications", "position": 1, "objective": "What are the implications of TAL Education's transactions?", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:58:20.884194+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 71, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "173d833e-f506-46f1-a81b-f0c40e490cd2", "evidence": "The document implies that investors who fail to address these discrepancies may suffer significant financial losses", "position": 2, "objective": "What is the cost of not addressing TAL Education's financial discrepancies?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:58:20.917248+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "tension", "title": "The slide uses a forensic accounting style to highlight discrepancies between SAIC filings and 20-F disclosures.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 8, "textChars": 1441, "nDataPoints": 0, "notes": "The slide uses a forensic accounting style to highlight discrepancies between SAIC filings and 20-F disclosures.", "elementsJson": [ "paragraph", "callout_box", "data_table", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:49.099+00", "seconds": 3.807, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-aa4b5c012f2a/15", "deck": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a", "deckAnchor": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.21 }, "kind": "callout", "text": "Ironic Fact: TAL was likely the first Shunshun investor to actually record a cash contribution into the Shunshun entity.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:49.099+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8e0f020-1cba-4f33-8507-618c3730eeef", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.29 }, "kind": "paragraph", "text": "TAL seems to have deliberately obfuscated DFRL was transferred to Shunshun. In the same 20-F in which TAL disclosed it owned 30% of Shunshun, it separately disclosed the disposal of DFRL.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:49.099+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f891691-21ff-4cd8-b3c2-ecfb0849e1a7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "If all of this were on the up and up, why would TAL lie about the timeline, and claim it invested in Shunshun four months after it reversed merged its overseas education consulting business into Shunshun?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:49.099+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "761815d8-479a-4b73-9bc7-bb18ee385e21", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.76, "x": 0.12, "y": 0.42 }, "kind": "paragraph", "text": "TAL Beijing, Beijing Dongfangrenli and its original shareholders entered into a series of contractual arrangements on December 27, 2011. In August 2015, all of the equity interests of Beijing Dongfangrenli were transferred as part of our consideration in a purchase agreement for a long- term investment. Thus TAL Beijing, Beijing Dongfangrenli and its original shareholders entered into a VIE Termination Agreement in July 2015.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:49.099+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfefee29-7458-4bd5-8c47-adcc2905d05c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "TAL seems to have deliberately obfuscated DFRL was transferred to Shunshun. In our opinion, this failure to identify DFRL / Shunshun as a related party transaction is to avoid scrutiny of the propriety of the transactions and the subsequent valuation gains.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e65-9b07adde2765", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.12, "y": 0.89 }, "kind": "source-note", "text": "36 TAL FY2016 20-F, p. 75", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:49.099+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ece53961-4188-4657-9489-49766676db5e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.65 }, "kind": "table", "text": "FY2016 Subsidiary list: Beijing Dongfangrenli Science & Commerce Co., Ltd. FY2017 Subsidiary list: Beijing Dongfangrenli Trade Development Co., Ltd.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:49.099+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41a19d70-d982-4acc-b67f-cd8b55f9f07b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.55 }, "kind": "title", "text": "DFRL’s Name Change – Was it Sent into TAL’s Witness Protection Program?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:49.099+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a4655c5-9088-4160-a969-31d2e5535e12", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "cf000a99-5106-403c-ad3c-6bf43e2cbf7b", "evidence": "The slide systematically identifies discrepancies in financial reporting to suggest intentional obfuscation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:49.099+00", "model": 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At 5x, FreeS Fund earns a 30% carry. Below is a slide from FreeS Fund's marketing deck in 2015 explaining the structure.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:48.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b0a7663-e37b-4c64-afc7-4b976269a282", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.625 }, "kind": "paragraph", "text": "We note that Mr. Li was at IDG when TAL transferred, and then bought back, Guangzhou 1-on-1 to / from an IDG portfolio company. These transactions, which are the focus of the second part of this report, generated for TAL approximately $60 million in accounting profits.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:48.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "488c782c-25db-477c-b880-dd39e73e92bc", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.225 }, "kind": "paragraph", "text": "TAL chose to downplay the new fund's massive initial success - it did not mention it by name in its disclosure, only referring to FreeS Fund as “a noncontrolling interest holder”. We think FreeS Fund's stunning success deserves more recognition.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:48.755+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc5aee5e-bdfc-40e3-accd-f2ce20ac0110", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.12, "y": 0.875 }, "kind": "source-note", "text": "59 http://tech.qq.com/a/20160329/052492.htm 60 https://www.crunchbase.com/organization/freesfund#section-overview", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"title": "The slide uses a forensic accounting argument, citing SAIC filings and historical patterns of Chinese corporate fraud to build a case for financial manipulation", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 92, "componentCount": 11, "textChars": 3894, "nDataPoints": 2, "notes": "The slide uses a forensic accounting argument, citing SAIC filings and historical patterns of Chinese corporate fraud to build a case for financial 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We also believe that most – to all – it – is fraudulent.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e67-3742dd1408ca", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: $24.8 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e67-3e147189ce5a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.3 }, "kind": "paragraph", "text": "Deferred revenue is a liability that results when a student prepays a fee, and remains on the balance sheet until the service has been delivered, which, in the case of Shunshun / DFRL, is placement at an overseas school and receipt of visa. When the service is delivered, the deferred revenue is recognized as revenue on the income statement.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1293e928-9677-4b2c-93f8-875513d1d276", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.4 }, "kind": "paragraph", "text": "There are generally costs to deliver the service that are matched to the deferred revenue as it is recognized. By consolidating Shunshun in July, TAL likely maximized the (real) deferred revenue and profit because the students admitted to study overseas should have been about to receive their visas, allowing TAL to recognize the deferred revenue. (Also, TAL's costs were largely already incurred). Regardless, we assume that fraudulent deferred revenue would have no matching costs – fraudulently creating marginally profitable revenue would not seem to be worth the risk of exposure.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fa24b86-3742-48ff-a085-a1bd8268c5e2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.55 }, "kind": "paragraph", "text": "At least $19.7 million of Shunshun / DFRL's $24.5 million deferred revenue balance appears purely fraudulent. PRC law requires that each corporate entity file financial statements with SAIC (the State Administration of Industry and Commerce) each year along with copious amounts of other data provided as part of the annual inspection. SAIC financials in our experience are often prepared by a relatively low-level accounting or finance department functionary who is essentially copying the financials provided to the tax bureau. Therefore, unless there is intervention by someone at the top of a company, we believe SAIC financials are usually going to present a pretty clear picture of the company's financials.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a54f362-dc8a-48da-8faa-3ee9345b63fd", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.7 }, "kind": "paragraph", "text": "In the early days of exposing China frauds (2010-2011), firms such as MW often caught companies with their pants down by finding SAIC financials that completely contradicted their SEC filings. In early 2011, the frauds became attuned to this vulnerability, and almost certainly at the behest of top management, began filing fraudulent SAIC financials on a go forward basis as well as trying to amend their historical financials. There is no penalty in China for filing fraudulent financials with SAIC. (Tax fraud on the other hand is a serious crime.) It is therefore now rare to find a China fraud that is too lazy or stupid to file fraudulent financials with SAIC.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fff9343-49ca-4d4a-a0ec-91f43388d525", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.85 }, "kind": "paragraph", "text": "As a result, we look for indicia that the SAIC accounts are fraudulent – often these take the form of internal inconsistencies (e.g., balance sheet to income statement), inconsistencies with other group entities' financials, or significant amendments. There are two indicia of fraud in Shunshun", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b758bf0-e3ed-4285-b62c-64a29c6df966", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "paragraph", "text": "When TAL acquired enough Shunshun / DFRL to begin consolidating the business, TAL reported Shunshun / DFRL purportedly had a deferred revenue balance of $24.8 million. The timing of TAL's consolidating investment suggests that maximizing deferred revenue was an important goal of the re-acquisition. We believe that most – to all – of that deferred revenue fell to the pretax income line. We also believe that most – to all of it – is fraudulent.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7a00c8c-7f46-4ec0-995e-956d771ee4a4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Actually, the revenue recognition of the Shunshun business is based on they need to get an offer and they need to get a visa. So I think in general, most of them will come to recognize maybe in Q3 or Q4 next fiscal quarter. — TAL FY17 Q1, FY17 Q3 Earnings Calls", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e67-39008d0af0bf", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.9 }, "kind": "source-note", "text": "61 TAL FY2017 20-F, p. F-48\n62 TAL FY17 Q1, FY17 Q3 Earnings Calls, for example: \"Actually, the revenue recognition of the Shunshun business is based on they need to get an offer and they need to get a visa. So I think in general, most of them will come to recognize maybe in Q3 or Q4 next fiscal quarter.\"", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00d532fb-2489-4606-9d54-bc0ff3caa2ab", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "title", "text": "DFRL's Financials Appear to be Falsified, Giving TAL up to $24.8 Million of Fraudulent Profit in FY 2018", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60ae5325-e6a8-447d-96ed-b1145b882684", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ff081084-c3e7-4661-bc5f-7263b29a8044", "evidence": "The slide explicitly outlines a methodology for identifying financial fraud in Chinese companies by comparing SAIC filings to SEC filings.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:50.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 71, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Expose Contradiction", "beatId": "9de0976e-28e1-420f-a107-b337349d49c9", "matchId": "fde0f444-1f6e-4983-80ce-037ebfd50e4a", "beatType": null, "evidence": "The document is primarily composed of slides that expose contradictions in TAL Education's financial reports", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 28, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 5, "name": "Preempt Rebuttal", "beatId": "11c13b7b-b36c-475f-9c6c-e855711d459e", "matchId": "fde0f444-1f6e-4983-80ce-037ebfd50e4a", "beatType": null, "evidence": "The document anticipates potential rebuttals to its claims", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 71, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "173d833e-f506-46f1-a81b-f0c40e490cd2", "evidence": "The document implies that investors who fail to address these discrepancies may suffer significant financial losses", "position": 2, "objective": "What is the cost of not addressing TAL Education's financial discrepancies?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:58:20.917248+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 23, "type": "tension", "title": "The slide serves as a forensic accounting analysis identifying a specific 'Fraud Indicator'.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 83, "componentCount": 9, "textChars": 2369, "nDataPoints": 6, "notes": "The slide serves as a forensic accounting analysis identifying a specific 'Fraud Indicator'.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:50.631+00", "seconds": 4.512, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-aa4b5c012f2a/23", "deck": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a", "deckAnchor": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.15, "x": 0.11, "y": 0.2 }, "kind": "callout", "text": "Fraud Indicator #1:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.631+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d41968b8-42d8-4032-ab09-5858c7e7f25f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The changes to DFRL's CY2016 financials added Rmb 129 million (~US $19.7 million) to its assets and Rmb 131 million (~US $19.7 million) to its liabilities.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e66-d02699f13ef2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.34 }, "kind": "paragraph", "text": "These changes came on May 31, 2017, five months after calendar year end, over one month after its April earnings release for fiscal year 2017, and just under a month before its June submission of its audited financials and 20-F to the SEC.64", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.631+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e4ebf80-897a-4479-849c-753e3e5f6974", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.23 }, "kind": "paragraph", "text": "The changes to DFRL's CY2016 financials added Rmb 129 million (~US $19.7 million) to its assets and Rmb 131 million (~US $19.7 million) to its liabilities. Its assets were substantially all composed of cash, pre-payments to suppliers (compensation to consultants), and other receivables from customers. DFRL's updated liabilities were almost entirely (97.4%) composed of pre-payments or advances from customers, or as listed in TAL's books, \"deferred revenue\".", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.631+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f91c573-231b-4040-92fc-09e3ec2d2a34", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "paragraph", "text": "The documents below will first show where the changes were found, how they match up with the detailed financial information in DFRL's credit report, and then we present a table to compare before and after.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.631+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c196f7f4-a77c-46ce-8a0f-4b8a851a0024", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "/ DFRL's financial statements. The first is significant post hoc changes to DFRL's SAIC accounts – these changes were executed just before TAL filed its 20-F disclosing the deferred revenue. Among the amendments was an improbable near three times increase in deferred revenue. Further, comparing the CY2016 deferred revenue balance to CY2017 recognized revenue makes the changed deferred revenue balance (which matches the 20-F) implausible.63", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.631+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca8e9034-7514-49c6-8eb8-29023a885f2b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "CFO Rong Luo explained on multiple occasions that a unique aspect of Shunshun's model is that revenue recognition can take up a full year, or longer. — Footnote 63", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e66-d4dbb3e338a4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "64 TAL FY2017 and Q4 6-K, dated April 28, 2017. The totals for current and non-current deferred revenue in the earnings release matches that in TAL's FY2017 20-F.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.631+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38069c7d-4630-42ea-a5b1-18d0ebf083ad", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.81 }, "kind": "source-note", "text": "63 We also obtained Shunshun and DFRL's CY2017 SAIC financials and reviewed them to assess the conversion of CY2016 deferred revenue to CY2017 revenue. CFO Rong Luo explained on multiple occasions that a unique aspect of Shunshun's model is that revenue recognition can take up a full year, or longer. DFRL's CY2017 revenue totaled only Rmb53.4 million. 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They are in Appendix E. 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August 2015.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e67-7db6b96d9be0", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.12, "y": 0.17 }, "kind": "list", "text": "Mounting losses: In CY 2017, Shunshun/DFRL’s combined loss increased from $14.8 million to $21.0 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Fewer contracts: Our fieldwork indicates that the peak for new client contracts was likely in CY2016. Staff reduction: The 2017 Annual Reports for Shunshun / DFRL show declining headcount. DFRL dropped the number of official employees for whom it made social welfare tax payments from 277 in CY2016 to 184 in CY2017. Shunshun slashed its staff in half from 49 to 24. Branch closures: Shunshun’s website shows that it has cut its branch network by half, from 16 at peak to 8 offices in early CY2018. A Shunshun employee told our investigators two more closings are likely in the offing. Cash crunch: Shunshun’s credit report (not including that of DFRL) shows its year-end cash position dropped from $6.6 million (Rmb 42.9 million) in CY2016 to just $36 thousand (Rmb 0.2 million) in CY2017.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff163c11-bac4-461b-8554-50f578f815ac", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "goodwill impairment: $93 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e67-866a37c36b57", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.45 }, "kind": "paragraph", "text": "We believe that TAL should restate its financials to include the costs to develop Shunshun consolidated as of the date of initial investment in July 2015 or the transfer of DFRL in August 2015. We estimate such a restatement would result in an additional decrease to operating and net profit of $10.17 million in FY2015, and $6.28 million in FY2016.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "177184b3-acdf-4a25-9450-f93c57006b67", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.54 }, "kind": "paragraph", "text": "In addition to restating to consolidate Shunshun’s combined FY2016 and FY2017 operational losses of ($16.5) million, we also believe that the fair value gains accrued in FY2016 of $1.9 million and FY2017 of $25.2 million, as well as at least $19.7 million in likely fraudulent FY2017 deferred revenue (that would enter TAL’s books as revenue in FY2018) should be adjusted out of earnings. As of the end of FY2017, the revenue had not been recognized; however, based on company disclosures, we expect it to have been recognized over the course of FY2018. Moreover, we strongly suggest that investors and analysts consider the negative impact of the ongoing losses and low deferred revenue to revenue conversation rate at Shunshun and to make adjustments to FY2018 after the audited financials are released.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cf5ab3e-ed36-4a2a-a7ba-ab6e9b1be968", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.13 }, "kind": "paragraph", "text": "We see justifications for a significant impairment, including:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9398722f-cb5b-4df2-beda-a37c7b50a4b3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "TAL FY2017 1Q earnings call, CFO Rong Luo, “In July of 2017, Shunshun’s CFO explained on the 2017 Q1 earnings call that Shunshun’s revenue recognition is delayed by ten to twelve months.” — TAL FY2017 1Q earnings call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e67-835133b149a8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.75 }, "kind": "source-note", "text": "71 As TAL appears to have fraudulently inflated deferred revenue acquired from Shunshun via its subsidiary DFRL, we believe it was unlikely that the proper discounting of deferred revenue obtained through an acquisition per ASC 805 was applied... 72 TAL FY2017 1Q earnings call, CFO Rong Luo, “In July of 2017, Shunshun’s CFO explained on the 2017 Q1 earnings call that Shunshun’s revenue recognition is delayed by ten to twelve months.”", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "daab6520-24fc-4dda-8377-0af44ebd4fbf", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "title", "text": "Should TAL Impair Any of Shunshun’s $93 Million of Goodwill?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fa925a9-88fb-4671-99f4-7d0d3c7a86e6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 71, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Expose Contradiction", "beatId": "9de0976e-28e1-420f-a107-b337349d49c9", "matchId": "fde0f444-1f6e-4983-80ce-037ebfd50e4a", "beatType": null, "evidence": "The document is primarily composed of slides that expose contradictions in TAL Education's financial reports", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 71, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 24, "name": "Appendix Data", "beatId": "f1a1059e-e779-4948-a18b-bd7e979146da", "matchId": "fde0f444-1f6e-4983-80ce-037ebfd50e4a", "beatType": null, "evidence": "The document includes extensive data and financial reports to support its claims", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 71, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "173d833e-f506-46f1-a81b-f0c40e490cd2", "evidence": "The document implies that investors who fail to address these discrepancies may suffer significant financial losses", "position": 2, "objective": "What is the cost of not addressing TAL Education's financial discrepancies?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:58:20.917248+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 31, "type": "tension", "title": "The slide is a research note exposing potential financial fraud. It uses strong, accusatory language ('abusive', 'fraudulent', 'sham').", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 77, "componentCount": 9, "textChars": 1569, "nDataPoints": 5, "notes": "The slide is a research note exposing potential financial fraud. It uses strong, accusatory language ('abusive', 'fraudulent', 'sham').", "elementsJson": [ "headline_text", "paragraph", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:51.019+00", "seconds": 3.563, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-aa4b5c012f2a/31", "deck": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a", "deckAnchor": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We conclude that this claimed transaction fraudulently inflated pre-tax profits by up to $59.4 million from FY2016 through FY2018.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e67-fb5b702180c0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "pre-tax profit: $60 Million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e67-ff41b278514b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.69 }, "kind": "paragraph", "text": "Only 15 months later, TAL claimed to have allowed “the buyer” to return the business... We suspect substantially all of this deferred revenue fell to the pre-tax income line. Moreover, we believe most – if not all – of this deferred revenue was fraudulent.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04bb44ac-7105-4518-a663-dbec466f78af", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.82 }, "kind": "paragraph", "text": "We see it as obvious that TAL always intended to take the business back... Scratching the surface, though, reveals an extraordinary set of facts – facts that cause us to believe that each purported transfer of the business was a complete sham.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0706f66b-102b-48c7-bb00-b3c0754f365c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.33 }, "kind": "paragraph", "text": "After acquiring DFRL in 2011, TAL set the company up as one of its VIEs... There are legitimate reasons why a company would cancel its VIE agreement, but parking the business to generate fraudulent profits is clearly not one of them.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "194d7d54-20c2-4de3-82fd-64265b071069", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.17 }, "kind": "paragraph", "text": "We and many others have been warning for years about the risks to U.S. investors of the VIE structures common in China companies... By roundtripping DFRL, TAL now joins the ignominious list of VIE abusers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b125efa-38fb-42e5-adab-f69538e9eba8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.53 }, "kind": "paragraph", "text": "TAL’s Guangzhou One-on-One transactions were so egregious that “asset parking” would be a kind description... We conclude that this claimed transaction fraudulently inflated pre-tax profits by up to $59.4 million from FY2016 through FY2018.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6916b88a-e8bf-4360-ba55-71d47d6cea6c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.47 }, "kind": "title", "text": "Transaction 2 – Guangzhou One-on-One (GZ 1-1) – Asset Parking Leading to Estimated Improper Pre-Tax Profit Inflation of Approximately $60 Million", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:51.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6123f813-3b44-4e7f-bc30-6161dadec9c2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.11 }, "kind": "title", "text": "What’s Mine is Mine, What’s Yours is Mine: DFRL Joins the List of Abusive VIE Transactions", "attrs": 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"/decks/019dd923-622c-750b-8b96-aa4b5c012f2a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe this was contrived and that these transactions lacked substance.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e67-d1f63c14b501", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.744, "x": 0.128, "y": 0.825 }, "kind": "disclaimer", "text": "81 http://www.gd-n-tax.gov.cn/pub/003025/dq_51391/tzgg/201802/t20180212_1848338.html\n82 TAL FY2017, p. F-49\n83 Instead, TAL’s purchase price accounting for the GZ 1-1 re-acquisition presented the total purchase consideration of $50,000,000 as netting out against $49,999,939 (combined intangible assets: $4.6m student base, -$1.2m deferred tax liabilities, and $46.6m goodwill) to just $61.00, almost zero.\n84 https://www.oddup.com/article/this-shanghai-based-startup-is-trying-to-disrupt-the-education-industry-lands-us-18m-funding", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:53.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac3bf7bd-b321-49e9-b3e5-889762ff38cb", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.744, "x": 0.128, "y": 0.755 }, "kind": "paragraph", "text": "We suspect that Changing Edu agreed to participate in this scheme because TAL had become a significant shareholder. Moreover, Changing Edu appears to have attracted notice as a top-tier venture investment with almost $90 million of “funding” from TAL.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:53.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bfb37b2-eeb3-4e06-8a4d-a539ba2d5bd4", "parentComponentId": null }, { "bbox": { "h": 0.385, "w": 0.744, "x": 0.128, "y": 0.205 }, "kind": "paragraph", "text": "We learned about Shujia from multiple conversations our investigators had with GZ 1-1 and Changing Edu staff. In the course of our diligence we also obtained SAIC financials and credit reports for Changing Edu’s VIE, Shanghai company, and Guangzhou companies. Shujia was established on April 3, 2016. In our interviews with Changing Edu former managers, we learned that Shujia had been planned as a “Special Purpose Entity” to be the counterparty in the GZ 1-1 transaction. In our interviews with TAL was not interested in taking Shujia as part of the purported re-acquisition. Shujia was originally 100% held by Shanghai Qingqing. Changing Edu’s co-founder, Guozhi Hu was the original Executive Director and Legal Representative. On January 20, 2016, Guozhi Hu was replaced in these positions by Mr. Xiansuo Lin, who had previously acted in a similar capacity for four of TAL’s branch offices in Chengdu. Mr. Lin remained the listed representative for Shujia until November of 2017, at which time he was replaced by Changing Edu’s Chairman, Changke Liu. By this time, it appears Shujia had largely become an orphaned company. In January 2018, a local tax office in Guangzhou posted Shujia as among its list of “irregular tax payers”, meaning that the company had not kept up with basic administrative reporting and tax payment compliance. After the “re-acquisition” of GZ 1-1, Mr. Lin appears to have returned to rejoined TAL in Beijing with a promotion.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:53.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bde3c464-4e52-45e0-ad1e-fd81b9a36858", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.744, "x": 0.128, "y": 0.625 }, "kind": "paragraph", "text": "TAL reported that just 15 months after the disposal, it was buying back GZ 1-1 at the same price because Changing Edu felt that GZ 1-1 “no longer fit with its overall business strategy”. The consideration for the supposed repurchase was non-cash: merely cancellation of shares previously issued to TAL. (Sino-Forest reported billions of fraudulent sales and profits through non-cash transactions.) Upon reconsolidation, TAL did not reverse its previous $50 million gain. We believe this was contrived and that these transactions lacked substance.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:53.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7355d7c-69f8-4a0f-b50b-e4441d863379", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.605, "x": 0.128, "y": 0.595 }, "kind": "source-note", "text": "Sources: Shujia SAIC files and National Tax Office Guangzhou Yuexiu District Announcement.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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71, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "173d833e-f506-46f1-a81b-f0c40e490cd2", "evidence": "The document implies that investors who fail to address these discrepancies may suffer significant financial losses", "position": 2, "objective": "What is the cost of not addressing TAL Education's financial discrepancies?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:58:20.917248+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { 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Feng Li, whose new venture fund exited Shunshun for 8x in one year, was still with IDG at this time. He appears to have been closely involved in Changing Edu.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d38b487d-e59d-478b-a945-a6304bfb571d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.22 }, "kind": "paragraph", "text": "The table below shows TAL's purported investments into Changing Edu, including the supposed return of GZ 1-1. This table does not include the recent $55 million Round D from October 2017, in which TAL also participated.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:50.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff5e3a16-28fc-46fc-be8f-7cc038505fff", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.12, "y": 0.54 }, "kind": "source-note", "text": "References: 85, 86, 87, 88", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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This group includes teachers, staff, parents, Peiyou learning center staff (often located on a different floor in the same building), and building management.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:52.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6dda4ce-7041-4c41-8544-63fd019a598e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“In 2015 [GZ 1-1] used cards to track students, each learning center and student had a card, which showed Xueersi’s brand, then around September 2015 they started using a cell phone app from Changing Edu in place of the card. They used it for about three months and then changed back to using a card again.” — Teacher at GZ 1-1 (2014-2016)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e68-db10a40d2290", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "92 As was shown in a job advertisement in a prior section, this confusion appears to be because Shujia was specifically marketing itself as “Aizhikang” and misrepresenting itself as being a part of the TAL brand.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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During the period of purported non-ownership, TAL appears to have remained the lessee for substantially all the learning centers. TAL’s CFO claims to have transferred 10 learning centers to Changing Edu, but SAIC files show only one lease was assumed by Shujia. This does not appear to be a clerical issue. The former Changing Edu senior manager confirmed that few learning center leases were transferred. 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In the interview with the former Changing Edu senior manager, we learned that leases at many, if not most, of the learning centers were not transferred from TAL to Shujia.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:52.304+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87900ccf-ade5-49ab-bcef-2e80fde2aeca", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "2015年3月30日，华忆公司（甲方、出租方）与天河学而思（乙方、承租方）签订《天河购物中心租赁合同》两份（针对涉案物业的三层、四层各签订一份，除租赁标的物不一致外，其余条款均一致），约定甲方分别将坐落在甲方同意将涉案物业的三层、四层出租给乙方课外辅导和人力资源培训业务使用，建筑面积均为2344.82平方米（含分摊共用建筑面积）。租期8年，2015年4月1日至2015年5月31日为免租装修期。2015年6月1日至2016年3月31日，月租金额（含管理费及税）257930.2元，110元/平方米，年租金（含管理费及税）2579302元；2016年4月1日至2017年3月31日，月租金额（含管理费及税）257930.2元，110元/平方米，年租金（含管理费及税）3095162.4元。1、租金以合同年为结算周期，由乙方在每年3月5日前以银行转账到指定账户的方式缴付下一个合同年租金给甲方。逢法定假日顺延至假日的次日。2、应甲方资金分配需要，租金缴纳需分配至两个账户中，租金账户分配情况如 — Chinese Court Filing (2017) 粤 01 民终 18443 号.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e69-0e3aeb768122", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.81 }, "kind": "source-note", "text": "97-100: Footnotes detailing interview sources and legal case references.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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It therefore appears that no learning center deposits were transferred to Shujia nor paid in the four months in CY2015 immediately after Changing Edu supposedly took over GZ 1-1. 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As at Feb 29, 2016 the current amounts due totaled US$2.59 million and $1.34 million non-current. The loans were made to three different parties. As at Feb 28, 2017 TAL had $3.4 million in current amounts due from related parties. Additionally, the total deposits and lease payments for the learning centers would very likely be far in excess of these amounts. Therefore, we do not see an indication that prepayments made by TAL but not transferred and/or lease payments made by TAL on behalf of Shujia were reported fully and properly, if reported in any form at all.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Opacity is the friend of fraud, and in this case is a failing on the part of Deloitte.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e67-ba206fc96225", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.75, "x": 0.13, "y": 0.56 }, "kind": "paragraph", "text": "TAL's disclosures fall far short of meeting the requirements for the transactions involving learning center leases, teacher payments, and student tuition. Given the large number of investees in which TAL holds an interest for which it provides little or no detail, we suspect these findings represent only a small portion of larger systemic problems.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:56.607+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12469e23-3692-48e0-bdfd-12760bf96a05", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.75, "x": 0.13, "y": 0.3 }, "kind": "paragraph", "text": "ASC 850-10-50-1: The disclosures shall include: a. the nature of the relationship(s) involved, b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements, c. The dollar amounts of the transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period, d. Amounts due from or to related parts as of the date of each balance sheet presented, and, if not otherwise apparent, the terms and manner of settlement...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:56.607+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a40f326-f020-4154-9dd9-d5995b91c1a1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.13, "y": 0.14 }, "kind": "paragraph", "text": "TAL's related party disclosures generally fail to provide required detail. Opacity is the friend of fraud, and in this case is a failing on the part of Deloitte. In FY2016 and FY2017, TAL's related party disclosures do not identify the counter parties associated with current balances due, the nature of the transaction, nor the dollar amounts of the transactions themselves as required by ASC 850", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:56.607+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cdbec5c3-fd47-4f96-bb1a-287daf1a8d9b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.13, "y": 0.67 }, "kind": "source-note", "text": "Reference: 104", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Expose Contradiction", "beatId": "9de0976e-28e1-420f-a107-b337349d49c9", "matchId": "fde0f444-1f6e-4983-80ce-037ebfd50e4a", "beatType": null, "evidence": "The document is primarily composed of slides that expose contradictions in TAL Education's financial reports", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 71, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 24, "name": "Appendix Data", "beatId": "f1a1059e-e779-4948-a18b-bd7e979146da", "matchId": "fde0f444-1f6e-4983-80ce-037ebfd50e4a", "beatType": null, "evidence": "The document includes extensive data and financial reports to support its claims", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 71, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "173d833e-f506-46f1-a81b-f0c40e490cd2", "evidence": "The document implies that investors who fail to address these discrepancies may suffer significant financial losses", "position": 2, "objective": "What is the cost of not addressing TAL Education's financial discrepancies?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:58:20.917248+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 43, "type": "tension", "title": "This is a forensic accounting analysis arguing that a business disposal was a sham transaction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 1042, "nDataPoints": 1, "notes": "This is a forensic accounting analysis arguing that a business disposal was a sham transaction.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:52.271+00", "seconds": 3.051, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-aa4b5c012f2a/43", "deck": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a", "deckAnchor": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a#slide-43", "deckJson": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The lack of deferred revenue and cash transfer reinforces our view that TAL was merely parking GZ 1-1 at Changing Edu with no intention of actually relinquishing control of the business.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e68-2bfb76ab4ef4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.35 }, "kind": "paragraph", "text": "US GAAP requires the parent company to remove all of the assets and liabilities related to the subsidiary or the group of assets from its book when control ceases. We checked TAL's financials and could see no-cash outflow or reduction in deferred revenue on TAL's books at the time of the purported disposal.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:52.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12017e9b-3c78-49fe-9b9e-a4a4367ad06d", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.45 }, "kind": "paragraph", "text": "First, we can see that TAL transferred no cash to Changing Edu. TAL's statement of cash flows from investing activities in FY2016 shows no cash outflow specifically related to the disposal/transfer of GZ 1-1.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:52.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cef4f5e5-9340-4299-99ec-810b5cfa2ad2", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "We would have expected TAL's accounts to reflect cash and approximately $5 million of deferred revenue liabilities transferred to Changing Edu along with the disposal. However, TAL's accounts show neither was transferred.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:52.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea555cb9-a8b6-46bc-9771-a21071ab5b6e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "105 2017 20-F, p. 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TAL claims it accrued a $12.5 million tax liability in the PRC from the $50 million gain on purported disposal. 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TAL did not disclose which entity booked the purported gain and tax, but it stated that it was one of its VIEs. We checked the financials of the VIE that we believe held the GZ 1-1 business, but found no such accounts. To be thorough, we check the financials of TAL's other disclosed Guangzhou VIEs, but again came up empty. 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The increase was mainly due to accrued one-off income tax expense of USD 12.5 million related to gains from disposal of one-on-one business in Guangzhou and...we used the Guangzhou one-on-one business as investment in Changing Education to exchange their stake. So this is kind of a disposal in accounting. So we gained $50 million gain from there, and we need to apply 25% tax rate over there, which is a kind of special case.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:53.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6822ae0a-8dc2-4592-ac8d-45611bc6230d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Income tax expense was USD 33.5 million in fiscal year 2016 compared to USD 9.4 million in fiscal year 2015. The increase was mainly due to accrued one-off income tax expense of USD 12.5 million related to gains from disposal of one-on-one business in Guangzhou and...we used the Guangzhou one-on-one business as investment in Changing Education to exchange their stake. So this is kind of a disposal in accounting. 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The GZ 1-1 transfer and buyback is a major related party transaction. What rationale or justification was provided to support the $50 million gain? Having been executed without the transfer of an entity and for non-cash consideration, what rationale was presented to the auditor to make it comfortable the transaction was not a sham?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:58.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "227d34a2-2be9-4025-adde-a4dd69acd3a2", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The GZ 1-1 transfer and buyback is a major related party transaction.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e68-52c89b451fc8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.12, "y": 0.56 }, "kind": "paragraph", "text": "7. Websites and recruitment ads from the time of Changing Edu's purported ownership show TAL playing a key role, supporting our view that TAL never relinquished control of the business. One of the first red flags we came across was the http://gz.jiajiaoban.com website, which showed no evidence that TAL had disposed of GZ 1-1. Online teacher recruiting ads from the time also show TAL having significant ongoing involvement. The jiajiaoban.com domain is a TAL-owned domain. Using the waybackmachine, we retrieved historical versions of the website from different points in time during the purported disposal. The website continued to list GZ 1-1 among TAL's brands, and the GZ 1-1 portion's \"about us\" page continued to feature only TAL (formerly known as Xueersi) during the period of supposed non-ownership. There were no indications of Shujia or Changing Edu, nor any", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:58.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47e2bc6c-ff3a-45f3-8725-1b6a47d0313e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.12, "y": 0.31 }, "kind": "paragraph", "text": "6. If TAL is to be believed, Changing Edu was opening new GZ 1-1 learning centers even after it had decided that the business did not fit its strategic direction and decided to dispose of it. TAL's timeline has it reacquiring GZ 1-1 in November 2016. However, Changing Edu began increasing the store base by about 30% seemingly as it was deciding it wanted out of the business. During the period Changing EDU purportedly owned GZ 1-1, the number of learning centers also reportedly increased from 10 to 14. One of the new learning centers opened at the end of November 2016 (before GZ 1-1's purported return), and two more opened in February 2017. In total, three of the four new learning centers opened after ownership purportedly reverted to TAL, implying that Changing Edu had committed to opening these locations around the same time it decided to dispose of the business. Assuming Changing Edu really did not want to continue to run the business, such incremental investments would have been illogical.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:58.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97b94cc8-da5a-467d-bc22-76ebb787e66c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.82 }, "kind": "source-note", "text": "120 TAL Investor Presentations from Q2 FY2016 to Q3 FY2017. 121 According to the waybackmachine, the Baoercheng LC opened at the end of November 2016, while the Haigangcheng and Dongshankou LC's opened at the end of Feb 2017. 122 TAL FY2016, 20-F, p. 53. www.jiajiaoba.com The different cities using this domain are each given a two-letter prefix based on the cities' initials. Gaungzhou's is \"gz\", making it http://gz.jiajiaoban.com; Shanghai is http://sh.jiajiaoban.com; Tianjin is http://tj.jiajiaoban.com; etc.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"/decks/019dd923-622c-750b-8b96-aa4b5c012f2a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "TAL (former ticker XRS) company information and history as founder of the “one on one tutoring” business is prominent on the “about us” page.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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0.268, "y": 0.205 }, "kind": "legend", "text": "Guangzhou One-on-One Website", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:53.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4269ed38-80d8-4938-82f4-c0101e1ae92d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.159, "x": 0.625, "y": 0.205 }, "kind": "legend", "text": "TAL (former ticker XRS) company information and history as founder of the “one on one tutoring” business is prominent on the “about us” page.", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", 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as a forensic accounting analysis, using bullet points to detail suspicious financial patterns and operational discrepancies.", "elementsJson": [ "bullet_list", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:55.77+00", "seconds": 4.539, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-aa4b5c012f2a/58", "deck": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a", "deckAnchor": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a#slide-58", "deckJson": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We suspect that in 2016, its revenues might have been temporarily moved over to Shujia.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e69-f334e78abf77", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.77 }, "kind": "disclaimer", "text": "141 https://www.changingedu.com/guangzhou\n142 Shujia now appears to be an orphaned company and was listed by the local tax authorities to be an “irregular tax payer”. Being an online business, it is possible that its sales have moved on and are being recorded by another of Changing Edu’s online business entities.\n143 https://fudaoquan.com/p/12746.html, An article from May 2016 article notes that close to 30 were established and 60 were planned by August 2016. However, hyperbole is rampant among start-ups, especially in China. A former Changing Edu manager we interviewed, stated that 10 to 20 Sharing Schools (originally under Changing Edu’s Zhidian company) were set up on CY2016.\n144 Hu Guozhi departed Changing Edu in 2016 and brought the Sharing Schools (Sishujia) with him into a new entity. Changing Edu’s Liu Chang Ke has continued to support him through investment, and he and TAL’s Zhang Bangxin are Directors at his new venture. http://epaper.21jingji.com/html/2017-06/02/content_63534.htm", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:55.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10920337-dfae-4b7b-b247-c53974508efb", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.112 }, "kind": "list", "text": "The vast majority of Shujia’s 2015 and 2016 revenue match up with the value of its “other receivables.” This suggests that Shujia was not simply recognizing tuition revenue from its accumulated pre-paid tuitions, but its revenue was coming from third party(ies) and collected at a later date.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:55.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "298692df-dd09-416c-9889-c07c5d0a64e0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.308 }, "kind": "list", "text": "Shujia and the other Guangzhou businesses carry very low cash balances. While the balance sheet represents only a point in time, we find it peculiar and possibly significant. If Shujia were operating GZ 1-1, with or without TAL’s assistance, we expect it would need to hold more cash than shown on the balance sheet. The cash should be building up like a war chest that would go not just to future expenses, but also its planned growth.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:55.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49ee7a0c-6d2f-473b-bb87-bb3a69d73df3", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.72, "x": 0.14, "y": 0.415 }, "kind": "list", "text": "Guangzhou Zhidian was the entity initially used for Changing Edu partner Guozhi Hu’s new experiment in the Sharing Schools, “Sishujia”. In 2016, Guangzhou Zhidian showed very little activity. However, it appears that 10 or more Sharing School locations had been set up in Guangzhou in 2016. Because it was opening new Sharing Schools, we would expect Guangzhou Zhidian’s accounts to show greater activity. Shujia meanwhile does report Rmb 3 million of “construction in process” at the end of CY2016. Since the GZ 1-1 businesses would have transferred out such assets, these should reflect the development of another “bricks and mortar” business. As such, we believe it might be possible that the business activities we see in Shujia might incorporate certain activities that were nominally for the Sharing Schools.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:55.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed123500-1e7b-4c3e-9cd7-862559f82ac8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.2 }, "kind": "list", "text": "In 2015, Guangzhou Qingqing reported $3.5 million (Rmb 22.2 million) in revenue. The next year, its revenue dropped to almost zero; however, Qingqing continued to operate its online tutor matching business in Guangzhou. Although we do not believe Guangzhou Qingqing has a robust business, it did not disappear - it is active even today. We suspect that in 2016, its revenues might have been temporarily moved over to Shujia.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:55.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd2cc44f-d2e9-4b9c-9de4-b7e8ce1aaac0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 71, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Expose Contradiction", "beatId": "9de0976e-28e1-420f-a107-b337349d49c9", "matchId": "fde0f444-1f6e-4983-80ce-037ebfd50e4a", "beatType": null, "evidence": "The document is primarily composed of slides that expose contradictions in TAL Education's financial reports", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 71, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 24, "name": "Appendix Data", "beatId": "f1a1059e-e779-4948-a18b-bd7e979146da", "matchId": "fde0f444-1f6e-4983-80ce-037ebfd50e4a", "beatType": null, "evidence": "The document includes extensive data and financial reports to support its claims", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 71, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "173d833e-f506-46f1-a81b-f0c40e490cd2", "evidence": "The document implies that investors who fail to address these discrepancies may suffer significant financial losses", "position": 2, "objective": "What is the cost of not addressing TAL Education's financial discrepancies?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:58:20.917248+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 59, "type": "tension", "title": "Includes footnotes 145, 146, 147. 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Uses ASC 805 accounting standards as a basis for the argument.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:54.408+00", "seconds": 3.017, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-aa4b5c012f2a/59", "deck": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a", "deckAnchor": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a#slide-59", "deckJson": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If the reported deferred revenue number is not fraudulent, it implies that the business was ramping with a large number of new student tutoring contracts.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e69-bd0ae57a4665", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.75 }, "kind": "disclaimer", "text": "145 Per ASC 805, deferred revenues are typically given a hair cut in this process with the discount being a function of the additional cost to deliver the service and fulfill the contract.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:54.408+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f005c796-4f8e-4a83-9749-9460410631da", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: $9.43 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b2-736e-8e69-c24031a85cd6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "paragraph", "text": "Upon the purported re-acquisition, TAL claimed to have acquired $9.43 million in deferred revenue. This is a fair value of the liability, so the actual amount of deferred revenue would likely have been higher.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:54.408+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b85e52b8-4086-48b1-9df5-d1057ce10c7d", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.62, "x": 0.19, "y": 0.46 }, "kind": "table", "text": "Estimated Carrying Value of Shujia's Deferred Revenue", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:54.408+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45e1d8f0-3777-4747-9f78-b9b2f46356c5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "title", "text": "10. 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