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This is a research note from a short-seller report (likely Muddy Waters or similar) alleging accounting fraud.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Alleged FraudLoop · Pattern Hunter4 hits
14
The slide highlights a discrepancy between the reported 'Other Expenses' (which should be 25% for EIT) and the actual reported figures (less than 1%), implying the entity is falsely claiming tax-exempt status.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Alleged FraudLoop · Pattern Hunter4 hits
17
The slide uses a dual-axis line chart to contrast EDU's rising revenue against the declining revenue of its subsidiaries (Hewstone & Decision).New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Alleged Fraud4 hits
19
Includes a table of historical operating metrics and a Google Trends line chart showing declining traffic.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Alleged Fraud4 hits
20
The slide uses specific case studies (CCME, DGWIY) to illustrate the ease of defrauding auditors in the Chinese market.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Alleged FraudLoop · Cost Of Inaction4 hits
30
The slide compares BIDU's structure with EDU's, highlighting that EDU's pledges are cosmetic and lack legal teeth.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Struggle to Uncover the TruthLoop · Cost Of Inaction4 hits
31
The slide uses a skeptical tone to challenge the market perception of EDU's pricing power and competitive advantage.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller Beat · The Struggle to Uncover the Truth4 hits
45
This appears to be a page from a legal contract or franchise agreement.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller 4 hits
49
This appears to be a page from a franchise or licensing agreement between 'Party A' (likely New Oriental) and 'Party B'.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller 4 hits
56
This appears to be a page from a legal contract or agreement.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller 4 hits
60
This appears to be a page from a legal or policy document regarding tax exemptions for educational institutions in China.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller 4 hits
62
The text provides a bilingual (Chinese and English) explanation of tax policy standardization for educational institutions.New Oriental Education & Technology Group (EDU) · Carson Block
Research note Short seller 4 hits
22
The slide uses a timeline-based diagram to illustrate the sequence of events and the alleged self-dealing by insiders.Focus Media Holding Ltd. (FMCN) · Carson C. Block
Research note Short seller Beat · The StruggleLoop · Iceberg4 hits
28
The slide uses a timeline to contrast FMCN's purported acquisition dates with actual ownership periods of third parties.Focus Media Holding Ltd. (FMCN) · Carson C. Block
Research note Short seller Beat · The StruggleLoop · Iceberg4 hits
30
The slide uses a 'spot the difference' approach to expose potential financial reporting manipulation or errors.Focus Media Holding Ltd. (FMCN) · Carson C. Block
Research note Short seller Beat · The StruggleLoop · Iceberg4 hits
31
The slide uses investigative evidence (SAIC filings, CCTV interview) to argue that FMCN fabricated acquisitions to justify write-downs.Focus Media Holding Ltd. (FMCN) · Carson C. Block
Research note Short seller Beat · The Struggle4 hits
33
The slide uses forensic accounting logic to expose potential overpayment or asset misvaluation.Focus Media Holding Ltd. (FMCN) · Carson C. Block
Research note Short seller Beat · The Struggle4 hits
40
The text uses strong, accusatory language ('abusive', 'shenanigans', 'shockingly') to frame the transaction as a self-dealing event.Focus Media Holding Ltd. (FMCN) · Carson C. Block
Research note Short seller Beat · The Struggle4 hits
66
Page 65 of a legal agreement.Focus Media Holding Ltd. (FMCN) · Carson C. Block
Research note Short seller Beat · The Victory4 hits
75
This is a legal document excerpt detailing contract terms, payment schedules, and dispute resolution clauses.Focus Media Holding Ltd. (FMCN) · Carson C. Block
Research note Short seller Beat · The Victory4 hits
03
This is a page from a Muddy Waters research note exposing corporate fraud.Focus Media Holding Ltd. (FMCN) · Muddy Waters
Research note Short seller 4 hits
07
This is a research note page focusing on forensic accounting and skepticism of management disclosures.Focus Media Holding Ltd. (FMCN) · Muddy Waters
Research note Short seller 4 hits
02
This is a page from a short-seller research report (likely Muddy Waters or similar) exposing fraudulent practices in Chinese companies listed in the US.Focus Media Holding Ltd. (FMCN) · Muddy Waters, LLC
Research note Short seller Beat · Problem (Identify pain)Loop · Pattern Hunter4 hits
03
This is a page from a short-seller research report (Muddy Waters) exposing fraudulent practices in Chinese companies.Focus Media Holding Ltd. (FMCN) · Muddy Waters, LLC
Research note Short seller Beat · Agitate (Make it worse)Loop · Pattern Hunter4 hits
05
This is a text-heavy research note page. It contains specific quantitative claims about Olam's financial performance and asset revaluations.Olam International Ltd. (SGX:O32) · Carson Block
Research note Short seller Beat · The Monster4 hits
09
The slide uses a 'villain' narrative style, framing Olam as an 'emperor with no clothes' and justifying a short position.Olam International Ltd. (SGX:O32) · Carson Block
Research note Short seller Beat · The Monster4 hits
12
The text argues that Olam's negative goodwill is not 'real' income and expresses skepticism regarding asset revaluations.Olam International Ltd. (SGX:O32) · Carson Block
Research note Short seller Beat · The StruggleLoop · The Reveal4 hits
17
The slide uses financial data tables to challenge the company's stated accounting practices regarding margin accounts.Olam International Ltd. (SGX:O32) · Carson Block
Research note Short seller Beat · The StruggleLoop · The Reveal4 hits
18
Includes a visual metaphor of a house of cards branded with Olam's logo.Olam International Ltd. (SGX:O32) · Carson Block
Research note Short seller Beat · The StruggleLoop · The Reveal4 hits
24
This is a page from a research report (likely Muddy Waters or similar short-seller report) exposing Olam's contradictory statements regarding government subsidies.Olam International Ltd. (SGX:O32) · Carson Block
Research note Short seller Beat · The Struggle4 hits