In February this year, grizzly bear, the institution that learned from whom to be short, made its first short. At that time, there was no positive and detailed response from who to learn. As the financial fraud of Ruixing coffee continued, the media communication meeting and investor telephone meeting were held with whom to respond to all the allegations.
At that time, Chen Xiangdong, CEO of who learn, told the Beijing news that it was not easy to estimate whether the spread of China capital stock had expanded at the most vulnerable time. However, China capital stock was rooted in Chinas economy and would not have a collapsing crisis.
As for the result of learning from whom to short, Chen Xiangdong thinks, I think the stock price fluctuation in the short term is inevitable. There will certainly be a lot of investors who dont trust to reduce their positions, and there will be investors to increase their positions. But we will certainly not return to a shares now, nor do we do privatization. The U.S. market is still one of the most dynamic markets in the world, and I still have full trust in the U.S. market.
The following is the process of learning from whom to be short six times by four institutions:
for the first time:
Time: February 25
Organization: grizzly research
Allegation: net profit in 2018 overstated 74.6% , there may be the phenomenon of bill swiping, using related parties to manipulate finance, etc.
Chen Xiangdong introduced that the building covers an area of 65800 square meters, and the initial price was set Three point three Billion yuan, about 5000 yuan. Admittedly, the local government has given a lot of support.
Counterattack short? Learn from whom to rediscover financial data: cash income has exceeded 3.3 billion yuan
Share price: April 9 daily thirty-three point one six USD / share, up 8.83%
The second time:
Time: April 14
Allegation: there are instances of double counting courses, with revenues inflated by up to 70% in 2019.
Response: citrons short report has a large number of duplicates of the previous grizzly bear short report, which has been clarified and proved by the management. In addition, the short report does not know that the main source of the companys K12 extra-curricular counseling income is learning from its brand gaotu classroom. Its ignorance of the companys business operation is appalling, and its intention to mislead investors and the public is obvious.
Who to learn from Chen Xiangdong in response to the short position of citron: a large part of K12 income comes from gaotu
Share price: thirty-one point two zero USD / share, down 0.64%
Organization: citron research
Time: April 30
Response: in this short report, there is still no explanation for the core loophole in the previous report, that is, there is no business data covering gaotu classroom. And gaotu classroom is one of the core brands to learn from. In the K12 business of the company in 2019, gaotu classroom accounts for as much as 69.34% u3002
The report provided only a recording without evidence, and did not provide any real and effective evidence, trying to confuse the public. In the report, a series of affiliated companies of Beijing UnionPay universal are regarded as affiliated companies of the company, but in fact, as the 30% shareholder of Beijing UnionPay universal, the company has no relationship with other companies, and the transactions between the company and all affiliated parties have been fully disclosed in the annual report.
Who to learn to respond to xiangrafter second short report: gaotu classroom accounts for nearly 70% of income
Share price: thirty-nine point five six USD / share, up 1.51%
Organization: Scorpio venture capital
Accusation: there are some problems with whom to learn in Zhengzhou, such as super low price, free class for employees, false salary of famous teachers, students data payment, course quality, etc.
Share price: thirty-eight point nine nine USD / share, down 1.74%
The fifth time:
Time: May 7
Allegation: there is a problem with the business cost, and the high operating efficiency is related to the related party transactions.
All related party transactions with whom have been fully disclosed in the financial report. Who will learn from the regular course payers disclosed in the financial report? The time of payment shall prevail. That is to say, in the fourth quarter of 2019, a large part of the applicants will study in the first half of 2020. In addition, the applicants who pay for regular courses in the first quarter of 2020 have nearly 1.2 million people who are studying regular courses in spring.
Share price: forty point eight seven USD / share, up 4.82%
The sixth time:
Time: May 18
Accusation: who to learn from at least 80% of users are robots; IP coincidence between students and teachers 28.2% ; CEO Chen Xiangdong equity pledge; brand related party transaction.