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  "documentTitle": "TAL Education Group (TAL)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2018-06-13 00:00:00",
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  "notes": "The slide uses footnotes to build a case of financial irregularity regarding the disposal of DFRL.",
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      "text": "One might expect that Shunshun had to pay TAL for this new lease on corporate life. However, the opposite is true. TAL invested cash in Shunshun.",
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      "text": "17-23: Detailed footnotes citing TAL 20-F filings and media reports regarding the DFRL disposal and investment amounts.",
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      "text": "DFRL had the license that was necessary for Shunshun to operate as an overseas intermediary education consultant. The license was the reason TAL had purchased DFRL in the first place.",
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      "text": "TAL contributed the overseas education website it had operated since 2011: http://liuxue.com... TAL's overseas study website had been generating traffic since 2011... Shunshun's site generated an estimated zero sessions per month as of March 1st...",
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      "text": "Shunshun received DFRL for de minimis consideration. DFRL had been an overseas education intermediary when TAL acquired it in 2011.",
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      "text": "TAL reportedly granted Shunshun access to its national customer database.",
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      "text": "Shunshun got into overseas education consulting by TAL essentially reverse merging that business into newly-formed Shunshun:",
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      "text": "One might expect that Shunshun had to pay TAL for this new lease on corporate life. However, the opposite is true. TAL invested cash in Shunshun. The media reported TAL invested $18 million, although TAL's 20-F disclosure says $10.5 million.",
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