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  "documentTitle": "GSX Techedu (GSX)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-25 00:00:00",
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  "notes": "This is a short-seller research note alleging regulatory non-compliance.",
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      "text": "Conducting business without the required certificates in the financial industry is a very serious crime in China and both big shareholders and key management and shareholders could face severe backlash.",
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      "text": "Based on the information mentioned above, it appears to us that for nearly 3 years, these two companies have been operating without required local-government-approved certificates. Although Xiangdong Chen is not listed as these two companies’ key management, the fact that he is the biggest shareholder (35%) of Tangren Capital and indirect 17.5% shareholder of Taihe Capital puts him at risk. Conducting business without the required certificates in the financial industry is a very serious crime in China and both big shareholders and key management and shareholders could face severe backlash.",
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