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  "documentTitle": "New Oriental Education & Technology Group (EDU)",
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  "notes": "The slide uses a narrative structure to link geopolitical pressure with questionable financial decisions by the company.",
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      "text": "In this case, we don't hate the player, we just hate the game.",
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      "text": "In 2012, China made it state policy to protect its frauds by (in violation of its own laws) restricting access to government files. Its domestic spy agency, the Ministry of State Security (\"MSS\"), also began a campaign of intimidation against individuals who do on-the-ground research to detect fraud.",
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      "text": "During settlement talks in Washington, D.C., von Mayrhauser sat across from Yu. 'I remember his saying, 'You're going to lose, no Western company can win in Beijing. Even if you win, you'll only get $5,000,'' Von Mayrhauser says. 'That pretty much ended the meeting.'",
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      "text": "On April 17, 2012, EDU announced a $0.30 per ADS special dividend to be paid September 29, 2012 to shareholders of record on August 31, 2012. This dividend announcement was unusual.",
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      "text": "So, our U.S. dollar balance is not high. So we study it each time, but there is no movement on that right now. And as you know, there's also a withholding tax in China that looks like it's 10% but when the companies actually go through the process, there ends up being a lot of other taxes and the amount goes up into the 20%s.",
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      "text": "During settlement talks in Washington, D.C., von Mayrhauser sat across from Yu. ‘I remember his saying, ‘You’re going to lose, no Western company can win in Beijing. Even if you win, you’ll only get $5,000,’’ Von Mayrhauser says. ‘That pretty much ended the meeting.’’ — BloombergBusinessweek Magazine, May 5, 2011",
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      "text": "37 BloombergBusinessweek Magazine, May 5, 2011; 38 id.; 39 Q2 2012 earnings call",
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      "kind": "title",
      "text": "The Great Leap Backward: China's Ministry of State [In]Security, EDU's Dividend, and EDU's VIE.",
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