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  "documentTitle": "GSX Techedu (GSX)",
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  "authorName": "Grizzly Reports",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-25 00:00:00",
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      "text": "1. Introduction - The Official Story Seems Too Good to be True ... 4\n2. Credit Reports Filings Indicate Exaggerated Margins ... 7\n3. We Suspect Related Parties are Used to Manipulate Financials ... 9\n3.1 Beijing Youlian Global Education Technology Co., Ltd. (\"Beijing Youlian\") ... 9\n3.1.1 What Does Beijing Youlian (aka Jiazhang Jia) Do? ... 17\n3.2 Disposed Company Still Next Door to GSX Subsidiary ... 18\n3.3 Where Did the Cash go? We Suspect CAPEX Fraud in the latest Commercial Buildings Purchase 20\n4. Fake Student Enrollments ... 23\n5. Web Analysis Validates GSX Lagging Behind its Peers ... 28\n6. Worst Teacher Recruitment Practices ... 41\n7. Mysterious Departure of CFO Before IPO, Currently Untrustworthy CFO ... 47\n8. Management's Background Presents Risk to the Company ... 50\n9. Existing Shareholders Are Selling and Co-Founders are Leaving the Company ... 52\nConclusion ... 54",
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