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  "documentTitle": "33 IBD presentation 2020 Gridsum Holding Inc Houlihan Lokey 1",
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      "text": "Sources: Company management. 1. Computed as Current Discussion Materials (9/30/2020) less Prior Discussion Materials (7/10/2020). 2. In 2H 2019...",
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      "text": "Changes in Implied Per ADS Value Reference Ranges between the Prior Materials dated 7/10/2020 and Current Materials dated 9/30/2020 are primarily due to an increase in net debt of ~¥66.5 million from 6/1/2020 to 8/31/2020 and foreign exchange rate fluctuations between 7/7/2020 and 9/30/2020.",
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