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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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      "text": "We believe a key mechanism that GSX employs to hide expenses from investors, auditors, and regulators is the use of unconsolidated related parties.",
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      "text": "Operating out of the same office(s) as GSX; Employee resume identifies GSX and the related company as one and the same; Multiple job postings indicate that the related company and GSX are the same",
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      "text": "We believe a key mechanism that GSX employs to hide expenses from investors, auditors, and regulators is the use of unconsolidated related parties.",
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      "text": "In GSX's prospectus, the company disclosed Beijing Youlian as a related party... It's worth noting that it appears GSX has been dramatically increasing spending on the advertising services provided by Beijing Youlian.",
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      "text": "However, based on certain job recruitment information... we believe Beijing Youlian is a company that GSX uses to transfer part of its selling expense out of its income statement.",
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      "text": "Note: The Group recognized revenue from providing technical service; The Group recognized expense from receiving advertising service provided by Beijing Youlian. Source: GSX prospectus in November 2019.",
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      "text": "3. We Suspect Related Parties are Used to Manipulate Financials",
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      "text": "3.1 Beijing Youlian Global Education Technology Co., Ltd. (\"Beijing Youlian\")",
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