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"google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "fraud-exposure" }, { "matchId": "7ee8f0c5-ab4a-4e06-900b-89b37bd521c2", "evidence": "Comparing GSX traffic rank against industry peers to expose performance gap.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:08:46.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "comparison_frame" }, { "matchId": "1e42e223-251c-4fae-b4e4-812e820f9133", "evidence": "The bottom diagram categorizes online education products by segment (K12, Adult, etc.) and business model (To C vs To B).", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:08:48.899+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "market-segmentation-pyramid" }, { "matchId": "d399777e-d75c-41a6-862b-cf2467d9c5a3", "evidence": "The slide explicitly contrasts the company's stated recruitment growth with the non-functional state of their recruitment portal.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:08:47.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "expose_contradiction" }, { "matchId": "18fd1881-c8a0-4362-96dc-3ca28f45f301", "evidence": "The slide uses financial data to expose that the offering was a secondary sale by insiders, contradicting typical growth-capital narratives.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:08:49.351+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "fraud-exposure" }, { "matchId": "ad176d78-808c-4637-aeb4-3857b201eabf", "evidence": "The slide systematically lists insider selling and management departures to build a case for investment risk.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:08:49.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic short-seller research note format: 59-page Word/PDF document, Grizzly Reports bear logo on every page, Calibri body text with embedded Yahoo Finance / Alexa / Baidu Index / SAIC screenshots and Excel-style tables — competent but not designed. Eight-pillar argument (margin disconnect, credit-report mismatch, alter-ego related parties, CAPEX fraud, fake enrollments, web-traffic gap, fake teachers, CFO/insider exits) with a strong opening cover slide. Disclosed short position but no explicit price target. No precedents to other short campaigns invoked despite the playbook resembling other China-fraud shorts (Muddy Waters, Citron). Subsequent campaigns by Citron and Muddy Waters on GSX followed in 2020.", "kpisCited": [ { "detail": "~300% rise from $10.50 IPO (Jun 2019) to $42.07 high — annualized ~450%", "metric": "Stock return since IPO" }, { "detail": "Climbed from 56% in Q1-18 to 79% in Q4-19, vs. peers TAL 54.6%, DAO 30%, HK1797 55% in 2018", "metric": "Gross margin (GSX standalone)" }, { "detail": "74.6% overstatement in 2018 (SEC RMB 19.65m vs credit-report sum RMB 11.25m)", "metric": "Net profit overstatement vs PRC credit reports" }, { "detail": "Within 2% (1.5% in 2017, -1.3% in 2018), pointing to profit-line manipulation specifically", "metric": "Revenue reconciliation vs PRC credit reports" }, { "detail": "Recognized expense grew from RMB 33k (2017) to RMB 2.05m (2018) to RMB 3.6m (9M 2019)", "metric": "Beijing Youlian related-party expense" }, { "detail": "GSX paid RMB 333.8m vs. project's official total investment of only RMB 75m — over 4x", "metric": "Zhengzhou real-estate deal" }, { "detail": "One vendor brushed ~RMB 400k/month of GSX orders, with 20+ fake accounts per class", "metric": "Order-brushing volume cited" }, { "detail": "$252m sold by existing shareholders at $14/ADS — 4 of 6 co-founders leaving or expected to leave", "metric": "Insider/early investor selling at IPO" } ], "closingAsk": "Investors should treat GSX as a fraud and recognize that its auditor and underwriters failed basic due diligence, while GSX itself is invited to provide a more detailed explanation of the disclosed real-estate purchase.", "extraction": { "at": "2026-04-22 23:09:03+00", "model": "unknown-legacy", "runId": null, "seconds": 95.342155, "promptVersion": null }, "scqaReward": "Grizzly does not publish a price target but, having disclosed a short position, expects substantial downside as the fraud is exposed; the stock had risen ~300% from the $10.50 IPO price to ~$42 prior to publication.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "PRC credit reports show 2018 net profit overstated by 74.6% versus SEC filings", "Order brushing and web/app traffic data suggest student enrollments are largely fake", "January 2020 RMB 333.8m real estate deal is 4x the project's RMB 75m total investment, hinting CAPEX fraud" ], "scqaSituation": "GSX Techedu is a Chinese online K-12 tutoring company founded by ex-New Oriental executive Larry Chen, listed on NYSE in June 2019, and the only Chinese online education peer reporting consistent profitability with ~70-80% gross margins.", "thesisSummary": "GSX Techedu, a Chinese online K-12 tutor that IPO'd on the NYSE in June 2019 and tripled to a $10bn+ market cap, is portrayed by management as the only profitable player in the space, with gross margins climbing from 56% to 79% in eight quarters. Grizzly argues the financials are fabricated: SAIC credit reports for GSX's seven main operating entities show consolidated 2018 net profit overstated to the SEC by 74.6%. The firm allegedly uses unconsolidated alter-ego entities such as Beijing Youlian to absorb costs, has a long history of paying third parties to 'brush' fake student orders, and just paid RMB 333.8m for Zhengzhou buildings whose total project investment was only RMB 75m — likely CAPEX fraud to wash off phantom cash. With insiders, co-founders and the prior CFO all selling or leaving, Grizzly believes GSX is the worst publicly traded education company.", "primaryDemands": [ "Investors should not trust GSX's reported financials and should treat the stock as a short candidate", "Auditor (Deloitte Touche Tohmatsu) and underwriters (Deutsche Bank, Goldman Sachs, Bank of America, Credit Suisse) should perform genuine due diligence on the company", "GSX management should explain the RMB 333.8m commercial real estate purchase and the role of suspected alter-ego related parties" ], "scqaResolution": "Investors should sell or short GSX, and the auditor Deloitte and underwriters Deutsche Bank, Goldman Sachs, BofA and Credit Suisse should perform genuine due diligence on the alter-ego entities, real-estate purchase and student-enrollment figures.", "thesisOneLiner": "GSX Techedu's too-good-to-be-true 70%+ margins and triple-digit growth are propped up by inflated profits, brushed student enrollments, alter-ego related parties, and suspected CAPEX fraud — it is a fraud worth zero.", "precedentsCited": [], "scqaComplication": "PRC credit-report filings for GSX's seven operating entities show 2018 net profit overstated to the SEC by 74.6%, and operations are propped up by alter-ego related parties, brushed student orders, fake teacher profiles and suspected CAPEX fraud on a Zhengzhou real-estate purchase.", "narrativeInterest": 4, "notableSlidePages": [ 1, 5, 8, 21, 29, 53 ], "peerCompaniesCited": [ "TAL Education (TAL)", "Koolearn (HK1797)", "NetEase Cloud Classroom (DAO)", "New Oriental Education (EDU)", "Tarena International (TEDU)", "VIPKID", "Zuoyebang", "Yuanfudao" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "analysis", "title": "This is a short-seller research note cover/summary page.", "function": "diagnose_problem", "imagePath": 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Our extensive research including review of PRC Credit Reports, SAIC filings, and web analysis indicate to us that GSX's success is actually based on a fraudulent scheme.", "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 20:08:49.358+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a987fb5-2da7-4469-8d75-6631246441ca", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.43 }, "kind": "list", "text": "We found multiple related parties that we suspect are used to offload costs to report better financials to the SEC and investors. Employee CVs, job recruitment postings and work locations indicate several off-balance sheet entities that are actually the alter-egos of GSX.", "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 20:08:49.358+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5db9e1b0-b338-4ae7-9549-a1b5c04704ff", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.67 }, "kind": "list", "text": "While the company touts its high-quality teacher recruitment mechanism, we found a sign-up website that was not functional, multiple allegations of GSX hiring teachers right out of college with no prior experience, and fabricated teachers profiles.", "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 20:08:49.358+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fc4ecb3-2ce2-4ee8-88e7-c098d88ed928", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.74 }, "kind": "list", "text": "We distrust management deeply. Insiders and old shareholders are selling aggressively.", "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 20:08:49.358+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bbd63bb-f941-413f-97c8-fda51235b3bd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.26 }, "kind": "list", "text": "GSX Techedu Inc. 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According to our research, a total of only RMB 75 million went into the facilities that GSX recently purchased for over RMB 330 million.", "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 20:08:49.358+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97681878-d426-4930-ad65-92d073227638", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.77 }, "kind": "list", "text": "GSX's former CFO left in a rush during the 2019 IPO, and the current CFO 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Introduction - The Official Story Seems Too Good to be True ... 4\n2. Credit Reports Filings Indicate Exaggerated Margins ... 7\n3. We Suspect Related Parties are Used to Manipulate Financials ... 9\n3.1 Beijing Youlian Global Education Technology Co., Ltd. (\"Beijing Youlian\") ... 9\n3.1.1 What Does Beijing Youlian (aka Jiazhang Jia) Do? ... 17\n3.2 Disposed Company Still Next Door to GSX Subsidiary ... 18\n3.3 Where Did the Cash go? We Suspect CAPEX Fraud in the latest Commercial Buildings Purchase 20\n4. Fake Student Enrollments ... 23\n5. Web Analysis Validates GSX Lagging Behind its Peers ... 28\n6. Worst Teacher Recruitment Practices ... 41\n7. Mysterious Departure of CFO Before IPO, Currently Untrustworthy CFO ... 47\n8. Management's Background Presents Risk to the Company ... 50\n9. 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We fail to see how this is either realizable or sustainable... 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Offloading costs to controlled but not consolidated entities; 2. Creating Fake Enrollments through Third Parties; 3. Super-aggressive, bordering on predatory, marketing; and 4. 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"/slides/019dd923-622c-750b-8b9a-d9e512d5a5f7/9", "deck": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe a key mechanism that GSX employs to hide expenses from investors, auditors, and regulators is the use of unconsolidated related parties.", "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, 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"extraction": { "at": "2026-05-02 20:08:48.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "768c9f84-0bf0-4dc2-9d4b-c6073992b49b", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.15 }, "kind": "paragraph", "text": "We believe a key mechanism that GSX employs to hide expenses from investors, auditors, and regulators is the use of unconsolidated related parties.", "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 20:08:48.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "001af30f-05b1-4aa3-a41e-0828f93dfa14", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "paragraph", "text": "In GSX's prospectus, the company disclosed Beijing Youlian as a related party... It's worth noting that it appears GSX has been dramatically increasing spending on the advertising services provided by Beijing Youlian.", "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 20:08:48.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1701b815-e09f-441b-ba7d-64cd271261af", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.75 }, "kind": "paragraph", "text": "However, based on certain job recruitment information... we believe Beijing Youlian is a company that GSX uses to transfer part of its selling expense out of its 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 20:08:48.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "abe431ae-1749-4f29-b945-8a3b95971c3f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.67 }, "kind": "source-note", "text": "Note: The Group recognized revenue from providing technical service; The Group recognized expense from receiving advertising service provided by Beijing Youlian. Source: GSX prospectus in November 2019.", "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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We Suspect Related Parties are Used to Manipulate Financials", "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 20:08:48.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64f66803-9fa0-439d-9e84-2d923e4e684a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.35 }, "kind": "title", "text": "3.1 Beijing Youlian Global Education Technology Co., Ltd. (\"Beijing Youlian\")", "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": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:48.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2eb494c8-1d04-4a0f-b25e-6a17e975625d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 10, "type": "tension", "title": "The slide uses a corporate structure diagram and a supporting table to demonstrate that Beijing Youlian shares an address with GSX entities, contradicting the c", "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": 40, "componentCount": 5, "textChars": 1053, "nDataPoints": 12, "notes": "The slide uses a corporate structure diagram and a supporting table to demonstrate that Beijing Youlian shares an address with GSX entities, contradicting the claim of independence.", "elementsJson": [ "process_diagram", "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:08:44.237+00", "seconds": 3.226, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-d9e512d5a5f7/10", "deck": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "However, we found several job postings that spanned from 2017 to recent that show the actual business address of Beijing Youlian is at the same address where GSX and its subsidiaries are located.", "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": "2026-04-23 02:34:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5ad-4b53b4d2b8c7", "parentComponentId": null }, { "bbox": { "h": 0.29, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "diagram", "text": "Corporate structure diagram showing ownership of Beijing Youlian", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Hub and spoke", "slug": "hub-spoke", "status": "active", "canonId": "019de52d-04db-73e6-81ca-a234f2f23fc1", "version": 1, "description": null }, "framework": null }, "subkind": "hub-spoke", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:44.237+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "635a62e7-1eb7-40cb-8051-9ee49d531eb9", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.42 }, "kind": "paragraph", "text": "GSX owns 30% of Beijing Youlian through its VIE company Beijing BaiJiaHuLian, and GSX's Chairman and CEO, Xiangdong Chen, personally owns 10% of the company. Beijing Youlian's SAIC registered address is Shijingshan District Lugu South Road No.26, Floor 2 Room 201, Beijing. Beijing Youlian is a GSX investee company, but it is supposed to operate independently, and thus is not consolidated into its financials. However, we found several job postings that spanned from 2017 to recent that show the actual business address of Beijing Youlian is at the same address where GSX and its subsidiaries are located. 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Hence, I always believed that a big education O2O platform should develop Consumer-side users. But who will do this? I will do this, hence came Jiazhang Jia.", "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 20:08:45.303+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b826732-65d7-4436-9337-b82eb06b2e80", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“当时，我在思考一个问题，跟谁学是由B端和C端用户构成的一个学习服务型的教育O2O平台。就像淘宝是由1千万卖家中小企业和20亿买家用户构成的交易平台，所以我一直认为一个大型的教育O2O平台要着力发展C端用户是必不可少的。但是，谁来做？我来做，这才有了现在的家长家。” — Xiao Xiong (Founder of Jiazhang Jia)", "attrs": null, "canon": 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We suspect GSX committed CAPEX fraud in its commercial building purchase, and in reality paid a substantially lower price for the real estate than reported to investors.", "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 20:08:45.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eddc8633-d0bd-4cc4-89a1-788156d8930d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.15, "y": 0.28 }, "kind": "quote", "text": "It has recently closed the purchase of several plots of commercial real estate... for a total consideration of RMB333.8 million.", "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 20:08:45.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "305555b9-3ec7-4096-aa35-2c936ce253ad", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "It has recently closed the purchase of several plots of commercial real estate in the Economics Development Area of Zhengzhou, Henan Province, for a total consideration of RMB333.8 million. GSX has made the first installment payment of RMB69 million, and expect to complete the payment of the remaining installments within the next 3 years. Such commercial real estate includes two completed office buildings and one office building in construction. GSX plans to use these premises for business operating functions. They expect to begin business operations in these office buildings in the second half of 2020. — GSX Techedu (January 31, 2020 announcement)", "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": "2026-04-23 02:34:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5af-11cc9205a276", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.11, "y": 0.76 }, "kind": "source-note", "text": "source: Qichacha", "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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The total construction area is 64,660.62 square meters.", "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 20:08:45.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27d1980f-61e7-4755-984d-45900e87860d", "parentComponentId": null }, { "bbox": { "h": 0.022, "w": 0.796, "x": 0.118, "y": 0.528 }, "kind": "paragraph", "text": "This form clearly states that the total investment into this project amounts to RMB 75 million.", "attrs": null, 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the deal was closed RECENTLY vs the shareholder change of Zhengzhou Kaitong that happened on January 13, 2020; Buildings: GSX stated that the deal include two completed office buildings and one office building in construction vs Zhengzhou Kaitong’s 2016 application of constructing 2 R&D buildings and 1 product display center; Utilization purpose: GSX stated it plans to use these premises for business operating functions vs Zhengzhou Kaitong’s 2016 evaluation report clearly stated after the project is completed it is mainly for office building lease or sale to private companies and social organizations.", "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": 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This payment, although in installments, is over 4 times the total investment Zhengzhou Kaitong spent just a few years ago. GSX could be vastly overpaying, but we strongly suspect CAPEX fraud. 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The [GSX] platform gave us more than 10 accounts, plus the ones our own employees applied, it’s over 20 accounts. 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One would think that a popular online education provider like GSX would likely benefit greatly from the recent coronavirus as a halt on all offline afterschool education was issued by the Chinese government. However, data shows otherwise. We see that TAL’s Xue Er Si has been trending particularly well, most likely due to students and parents switching aggressively to online education. 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"paragraph", "text": "WeChat Index is similar to Baidu Index, but has gained popularity due to more people relying on mobile application and WeChat to conduct searches. The index only shows search trend for the past 90 days. We can clearly see that GSX and Gaotu, the lines in yellow and light blue are almost consistently at the bottom of the charts, indicating relatively low popularity. This is especially significant, considering GSX alleges that they were able to achieve such exponential growth at low costs due to precisely their presence and strategic focus on WeChat promotions.", "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 20:08:47.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "550ea965-f33c-4053-b06d-6ce50934541b", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.765 }, "kind": "paragraph", "text": "Rank2traffic.com estimates visitors for millions of websites, and includes a wide variety of features including historical traffic, Alexa rankings etc. Due to Rank2traffic having the most comprehensive data set spanning across at least the past two years. To ensure that we were including all traffic data that could potentially relate to enrollments, we included all meaningful company websites and domains (those with insufficient data were left out). Below are some of the results.", "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 20:08:47.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "779d8208-05be-4c08-af2b-e329f2cb2ce3", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.145, "x": 0.118, "y": 0.737 }, "kind": "title", "text": "Rank2traffic.com", "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 20:08:47.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1b043cc-a176-407c-815f-db91d4399a40", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.115, "x": 0.118, "y": 0.101 }, "kind": "title", "text": "WeChat Index", "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 20:08:47.105+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4c61d0a-355e-4818-8de9-a54f104a0d88", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 33, "type": "analysis", "title": "Includes source citations and methodological notes regarding enrollment estimation for TAL.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 6, "textChars": 526, "nDataPoints": 60, "notes": "Includes source citations and methodological notes regarding enrollment estimation for TAL.", "elementsJson": [ "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:08:47.086+00", "seconds": 3.147, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-d9e512d5a5f7/33", "deck": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.764, "x": 0.118, "y": 0.815 }, "kind": "disclaimer", "text": "Note1: TAL states that Xue Er Si generates around 13.3% of revenue as of 2019. However, we have generously assumed all enrollments are related to online education. Notice, this assumption will only lower Visits Per Enrollments Per Year.", "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 20:08:47.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "275b4684-3327-4043-9b7e-36bca8d98e5d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.764, "x": 0.118, "y": 0.855 }, "kind": "disclaimer", "text": "Note2: TAL 2019 enrollments are estimated using latest quarter results due to different fiscal year ends.", "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 20:08:47.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e654bf33-a36c-4e9d-b04c-0d91a08b10c1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Visits Per Enrollments Per Year: 4", "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": "2026-04-23 02:34:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5af-98605eea5a72", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.118, "y": 0.32 }, "kind": "source-note", "text": "Source: Rank2traffic.com; Company filings; Grizzly analysis", "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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"componentId": "286ceb3d-0a01-4c3e-b3d0-978b8dab1cb8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 34, "type": "analysis", "title": "Includes methodology notes regarding data substitution and estimation for enrollment figures.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "sparse", "densityScore": 20, "componentCount": 4, "textChars": 155, "nDataPoints": 36, "notes": "Includes methodology notes regarding data substitution and estimation for 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"frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 35, "type": "setup", "title": "The slide uses two bar charts to analyze GSX's performance relative to peers in terms of engagement and traffic acquisition.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 7, "textChars": 479, "nDataPoints": 20, "notes": "The slide uses two bar charts to analyze GSX's performance relative to peers in terms of engagement and traffic acquisition.", "elementsJson": [ "headline_text", "bar_chart_grouped", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:08:46.722+00", "seconds": 2.341, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-d9e512d5a5f7/35", "deck": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We discovered that GSX had significantly lower number of visits per year per enrollment.", "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": 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null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:46.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cad176e5-b2c0-4977-a2c6-5528da8bedf9", "parentComponentId": null }, { "bbox": { "h": 0.26, "w": 0.6, "x": 0.2, "y": 0.57 }, "kind": "chart", "text": "Visitor Sources 2019", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:46.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3d99033-0797-46d7-9d48-f97232143ca0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Visits per year per enrollment: 4", "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": "2026-04-23 02:34:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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Color us skeptical.", "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": "2026-04-23 02:34:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b0-8e5cf9145c17", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "paragraph", "text": "In an interview in November 2014, when introducing the 6 co-founders (including Xiangdong Chen himself), Xiangdong Chen stated that one of the co-founders, Yuxiao Song, was in charge of company's finances. Yuxiao Song used to be in charge of financial data organization and analysis, related party transactions, and management of financial managers before the current public company EDU was listed in the U.S. This seems to be a credible background. However, it was reported that just before GSX went public, Yuxiao Song resigned from the position and the reason internally announced was due to family reasons. Although it is unclear when exactly Song resigned, judging from the disclosed information it seems that the current CFO, Nan Shen, was in position since December 2018. So GSX's former CFO must have resigned just 3 months before GSX submitted its initial filing to the SEC. Again, we found it strange that Song resigned just months before GSX's filing for IPO. Would you exit just when the big pay day is about to arrive? Color us skeptical.", "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 20:08:55.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e7f2e8f-9124-40a6-8055-e3e0f5095655", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.52 }, "kind": "paragraph", "text": "Moreover, we also question the credibility of its newly appointed CFO, Nan Shen. According to GSX's introduction, \"Ms. Nan Shen has served as our chief financial officer since December 2018. Prior to joining us, Ms. Shen was the chief financial officer of China Sinoedu Co., Ltd. from November 2017 to November 2018. Before that, Ms. Shen served multiple positions at PricewaterhouseCoopers between February 2012 to November 2017...\"", "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 20:08:55.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "818d9917-52ea-484e-8f3a-8f114ef90f72", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.68 }, "kind": "paragraph", "text": "We were particularly interested in Ms. Shen's experience as CFO of China Sinoedu Co., Ltd. First of all, based on the direct Chinese translation of this company's English name, we failed to find any corresponding Chinese company per SAIC. However, we did find one company called Beijing Sino Sunshine International Culture Communication Co., Ltd. (北京新诺阳光国际文化传播有限公司, “Beijing Sino Sunshine”) which operates a brand called Sinoedu (外教中国) (Facebook page: https://www.facebook.com/sinoeduBJ). According to the introduction on the Facebook page, Sinoedu's website is http://www.sinowaijiao.com/, which is the same registered website as Beijing Sino Sunshine (website page does not work anymore).", "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 20:08:55.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8acf191e-aa4d-4c34-acc7-b5119e6c06bc", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.85 }, "kind": "paragraph", "text": "After researching Sinoedu online, we found an unproportionally large amount of detailed posts that allege Sinoedu of being an outright scam. Below are a couple of examples: WARNING! SinoEdu & Sino J are China Job Scams targeting Foreign English Teachers (posted on April 2, 2018) \"Attention all TEFL & ESL teachers looking to work abroad teaching in China...SinoEdu is a Chinese chain school that also uses the alias brand of SinoJ or Sino J. Do not believe anything they tell you even if they put it in your contract. They exploit foreigners and do not pay what they promise and force you to work unpaid overtime. If you dare to complain they threaten to get you", "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 20:08:55.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b98b044c-689a-46c7-b10b-df8574d106c5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.18 }, "kind": "paragraph", "text": "One thing that we always pay attention to is the turnover and credibility of a company's CFO. Our due diligence on GSX's CFO history produced concerning results.", "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 20:08:55.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3e81f9a-4a7c-4319-ba47-378d9e7a883d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Attention all TEFL & ESL teachers looking to work abroad teaching in China...SinoEdu is a Chinese chain school that also uses the alias brand of SinoJ or Sino J. Do not believe anything they tell you even if they put it in your contract. They exploit foreigners and do not pay what they promise and force you to work unpaid overtime. If you dare to complain they threaten to get you — Warning posted on April 2, 2018.", "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": "2026-04-23 02:34:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b0-92ae816c0b91", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.1 }, "kind": "title", "text": "7. Mysterious Departure of CFO Before IPO, Currently Untrustworthy CFO", "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 20:08:55.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "abcd2a80-77ad-4c14-9742-02c64dc52e71", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 48, "type": "tension", "title": "The slide presents anecdotal evidence of labor exploitation and visa fraud to support a negative assessment of certain entities.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 87, "componentCount": 11, "textChars": 3590, "nDataPoints": 0, "notes": "The slide presents anecdotal evidence of labor exploitation and visa fraud to support a negative assessment of certain entities.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:08:50.075+00", "seconds": 4.391, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-d9e512d5a5f7/48", "deck": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7#slide-48", "deckJson": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The content of these posts and allegations are pretty detailed and look credible to us.", "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": "2026-04-23 02:34:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b0-c19772bd7ec6", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.66, "x": 0.17, "y": 0.25 }, "kind": "paragraph", "text": "They also take twice as much taxes as they should from your pay check because they figure since you cannot read Chinese you will never know the true tax rate for foreigners (10% excluding the first 4,800 of income which is tax exempt), Anyway, there is nothing good about this school operation even the pay which is 5,000 per month below the average pay of 18,500 for foreign teachers in China.", "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 20:08:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "048312b1-e261-4214-bd5b-787bfb477581", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.66, "x": 0.17, "y": 0.8 }, "kind": "paragraph", "text": "In 2015-2016, 47 of their fake teachers were arrested and booted out of China dor fake diplomas, phony TEFL certificates, or black visas. For desperate refugees they fill a niche market. But the PSB was just told about these shysters and all the parents will be getting the 411 on them shortly. The smart ones will get a refund while there are still assets and money in their bank accounts.", "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 20:08:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ff8fde9-6e67-497d-9d29-9a2fe6751152", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.66, "x": 0.17, "y": 0.45 }, "kind": "paragraph", "text": "SinoEdu aka Sino J is a China Job Scam for English teachers to avoid in Beijing (posted 1 year and 10 months ago)", "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 20:08:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "863d8a86-4fd2-4e03-9aac-96468e44dbf8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.66, "x": 0.17, "y": 0.5 }, "kind": "paragraph", "text": "First off this company is Chinese owned and likes to tell parents they are part of an \"American Joint Venture\" This is false. Secondly they are not registered with nor approved by SAFEA to hire foreigners, so all the foreign teachers working there are illegal and can be arrested any day... and then deported as a convicted criminal with a record. Thirdly, from the three teachers we spoke with that work there, only a Syrian or Ukranian refugee would think their salary is OK. All other foreigners say it is \"garbage pay\" and only a job they take until finding a better one.", "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 20:08:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b72779d6-70f1-41e9-850b-dea90799a27a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.66, "x": 0.17, "y": 0.92 }, "kind": "paragraph", "text": "The content of these posts and allegations are pretty detailed and look credible to us. To be clear, we do not know whether or not the company Nan Shen worked for before joining GSX is actually a scam or not,", "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 20:08:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c81ff80d-381d-41ad-b2b9-167f5143df02", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.66, "x": 0.17, "y": 0.88 }, "kind": "paragraph", "text": "They are blacklisted by both the CTA and CFTU and more comments about them are at reddit.com/r/chinascamcentral.", "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 20:08:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d78cef4d-6810-413f-be15-400c1a81e83a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.66, "x": 0.17, "y": 0.65 }, "kind": "paragraph", "text": "They also play money games with their teachers by letting them work 39 hours a week instead of 40 because full-time teachers must be given rights and benefits. Fake taxes deducted from monthly pay is a common problem. The illegal teachers cannot complain to the police about this or they get arrested and deported. Part-time teachers cannot complain about unpaid overtime, and will not get vacation pay or medical insurance. All the foreign teachers are presented as \"American native speakers to the mothers.\" In reality, most of them are from Eastern Europe and of 153 foreign teachers working at 4 locations, 7 were actually real teachers before coming to China.", "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 20:08:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8455a9f-d789-490f-9ced-a78221e94793", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.66, "x": 0.17, "y": 0.35 }, "kind": "paragraph", "text": "They will take your photo and use it to make fake testimonials on the internet that you will not even know about and no matter where you come from, they will lie to the mothers and say you a famous American teacher and then demand that you go along with their lies! RECOMMENDATION: AVOID!", "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 20:08:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd66215d-b0d2-452e-b046-efa79380949e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.66, "x": 0.17, "y": 0.1 }, "kind": "paragraph", "text": "arrested and deported because they deliberately got you the wrong visa so they can keep you on a string. They were supposed to have gotten you a Z visa (work visa) from the first day. When you ask about this they will tell you that you will get it after your 90 or 180 day probation period, But when that time comes they only give you a contact on the black market and tell you to buy your own Z Visa for 20,000!", "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 20:08:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "edc9815b-0482-40f1-91c0-5af1d3688c19", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "First off this company is Chinese owned and likes to tell parents they are part of an \"American Joint Venture\" This is false. 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Although Xiangdong Chen is not listed as these two companies’ key management, the fact that he is the biggest shareholder (35%) of Tangren Capital and indirect 17.5% shareholder of Taihe Capital puts him at risk. 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Entity Origin Beyond Limited whose beneficiaries are GSX's employees cashed out $33 million...", "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 20:08:49.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7032250-f70d-4681-baa4-19edb27e2892", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.65 }, "kind": "table", "text": "Co-founders, Status, Time of Leave (or expected to); Gangjiang Li, Leave, 2017; Huaiting Zhang, Leave, December 2019; Bin Luo, On, N/A; Yuxiao Song, Leave, 2018; Wei Su, On, Expected to leave in 2020; Xiangdong Chen, On, N/A", "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 20:08:49.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82b9ea6f-567d-4105-a296-531383074b23", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ad176d78-808c-4637-aeb4-3857b201eabf", "evidence": "The slide systematically lists insider selling and management departures to build a case for investment risk.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:08:49.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 54, "type": "setup", "title": "This is the final page of a short-seller research report.", "function": "summarize", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 5, "textChars": 1171, "nDataPoints": 0, "notes": "This is the final page of a short-seller research report.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:08:50.096+00", "seconds": 3.75, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-d9e512d5a5f7/54", "deck": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7#slide-54", "deckJson": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7.json" }, "components": [ { "bbox": { "h": 0.018, "w": 0.335, "x": 0.117, "y": 0.218 }, "kind": "callout", "text": "In short: We believe that GSX is a fraud.", "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 20:08:50.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9130fd1-a2c8-4ba0-abee-f53f85309285", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.766, "x": 0.117, "y": 0.153 }, "kind": "paragraph", "text": "Our research and analysis supports our view that the competitive advantages GSX claims do not appear to actually exist. We have laid out our case in detail why we believe that in reality GSX employs nefarious schemes like order brushing and the use of non-consolidated entities to offload costs.", "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 20:08:50.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "100b49c9-e5b8-42ac-9f02-29a1014d430a", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.766, "x": 0.117, "y": 0.402 }, "kind": "paragraph", "text": "We see GSX as yet another example of skewed incentives due to a lack of skin in the game, that will ultimately go to the detriment of the public investors.", "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 20:08:50.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c8730f4-3559-4e30-a769-63fea5e2842c", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.766, "x": 0.117, "y": 0.247 }, "kind": "paragraph", "text": "One of the things that struck us as peculiar in this case is that GSX should not hold up to the due diligence of any credible institution. A simple online review would reveal that the company is not what it portrays itself to be. Red flags around the CFO departure were blatantly ignored. Financials that are simply too good to be true are taken at face value. GSX's auditor Deloitte Touche Tohmatsu and underwriters including Deutsche Bank, Goldman Sachs, Bank of America, and Credit Suisse have apparently failed to perform basic due diligence on their client – otherwise they should have easily detected at least some of the major red flags we outline in this report.", "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 20:08:50.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4296b837-13bc-4950-9228-75019152b9ad", "parentComponentId": null }, { "bbox": { "h": 0.022, "w": 0.124, "x": 0.438, "y": 0.102 }, "kind": "title", "text": "Conclusion", "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 20:08:50.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2acdb975-a9e2-4aeb-83d1-b7c8bb03ac36", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 55, "type": "appendix", "title": "Financial data presented in RMB'000.", "function": "appendix", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 24, "componentCount": 5, "textChars": 228, "nDataPoints": 44, "notes": "Financial data presented in RMB'000.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:08:51.701+00", "seconds": 5.226, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-d9e512d5a5f7/55", "deck": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7#slide-55", "deckJson": "/decks/019dd923-622c-750b-8b9a-d9e512d5a5f7.json" }, "components": [ { "bbox": { "h": 0.015, "w": 0.35, "x": 0.118, "y": 0.608 }, "kind": "paragraph", "text": "Beijing GaoTuYunJi Education Technology Co., Ltd. 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