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  "notes": "The slide uses comparative financial ratios to argue that Shujia's reported deferred revenue is inconsistent with industry norms, implying potential misrepresentation of business consolidation.",
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      "text": "We suspect Shujia was consolidating other Changing Edu businesses, possibly Guangzhou Qingqing, for the following reasons:",
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      "text": "One month after purportedly returning GZ 1-1 to TAL, Shujia ended CY2016 with a deferred revenue balance of Rmb 31.8 million...",
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