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  "docSlug": "f289bd97a3f5",
  "documentTitle": "GSX Techedu (GSX)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-25 00:00:00",
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  "pageNumber": 10,
  "pageCount": 59,
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  "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.",
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      "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.",
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      "kind": "diagram",
      "text": "Corporate structure diagram showing ownership of Beijing Youlian",
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      "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. Below is the table that summarizes the registered address of GSX's subsidiaries in the city of Beijing:",
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      "kind": "source-note",
      "text": "Source: Qichacha",
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