“Muddy Waters made two fatal logic mistakes in the Joyy report,” Zhuang Minghao, vice president at Matrix Partners China, said in a livestream interview with 36kr. The 9 million ADRs mentioned in Muddy Waters' report were not the actual pledged amount, but a total deposit amount by Larry through the pledging process, since he … Given Muddy Waters' reputation of uncovering fraudulent Chinese companies, GSX Techedu stock dropped on the report. GSX Refutes Muddy Waters Research's Follow Up Report By GSX Techedu Inc. May 29, 2020 May 29, 2020 Updated May 29 ... After thoroughly analyzing the report, the Company would like to … In its report, Muddy Waters said Chen pledged at least $318 million of ADRs to banks, putting investors at risk if the margin lenders were to sell the securities. The Company respects Muddy Waters' efforts. We would like to show you a description here but the site won’t allow us. They said that a former GSX … BEIJING, May 19, 2020 /PRNewswire/ -- GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in China, today refuted the false allegations in Muddy Waters Research's latest report, dated May 18, 2020. GSX Techedu management soon responded to Muddy Waters' claims. BEIJING, May 19, 2020 /PRNewswire/ -- GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in China, today refuted the false allegations in Muddy Waters Research's latest report, dated May 18, 2020. Before Muddy Waters, peers like Citron Research, Scorpio VC and Grizzly Research had taken aim at GSX in five separate reports since February, alleging the online tutoring firm cooked its book. Muddy Waters said they downloaded data from more than 200 paid K-12 education courses which equaled 54,065 unique users. Muddy Waters on Wednesday called JOYY a "multibillion-dollar fraud" and decided to bet against its stock, just days after Chinese search engine giant Baidu Inc struck a … The Company respects Muddy Waters' efforts.