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  "documentTitle": "GSX Techedu (GSX)",
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      "text": "Additionally, we were able to identify a resume from a former employee who clearly states that GSX and Beijing Youlian are one and the same company. Note that employment was from September 2016 to March 2019, during which time period Beijing Youlian was only an investee company of GSX. However, it is obvious that this person disagrees.",
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      "text": "When we discovered that Beijing Youlian Global Education was actually registered using a different address but couldn't be reached at that address by the local regulator, our concerns were solidified. We question the setup, as it only gives GSX the ability to employ \"cookie-jar\" accounting and shift unwanted expenses to the subsidiary where they can be hidden from public shareholders.",
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      "text": "Source: Boss Zhipin",
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      "text": "Source: Qichacha",
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