After Ruixing is beaten, will it be his turn to learn from next?

Original title: After Rui Xing was hit, who will it be his turn to learn from next? Source: Baijia
For companies that are listed on US stocks, it is obviously not a happy thing to become the target of a short-selling agency, especially for some companies that have completed their IPO “with a disease”, this situation may be difficult for them.
After the previous lessons of Ruixing, the Chinese stocks listed in the US stock market naturally do not want to repeat this mistake. However, who recently learned from the online education institutions that focus on K12 education, and after getting short in related institutions, they seem to be a little bit stiff. After experiencing Citron, Grizzly, Muddy Waters, and Scorpio After six short-selling reports by Scorpio VC, he still remained intact and even started a fight with the relevant short-selling agencies.
On May 19, Chen Xiangdong, who learned from whom, responded to the short-selling report released by Muddy Water in the WeChat circle of friends, saying that Muddy Water lacked the necessary knowledge about the operational details of who to learn from. Only one day later, Muddy Water shouted to Chen Xiangdong on social media, “The real business is to go public, we can’t understand this. The excuse to learn from is untenable, and we have more about who to learn from. Evidence of fraud “and suggested who to learn to keep cash. In addition to muddy water, the citrons who had shorted three times before also said that they would release more detailed reports in the next few weeks to confirm their fraud.
And who learns the reason why it becomes the “prey” of short-selling institutions such as muddy water and citron, as the citron founder Andrew Left said, “All counterfeiting companies have a common feature is that the financial data is too much Dazzling to unreal “. In fact, under the current poor overall performance of the online education industry, who can learn from the performance is unique.
According to the first quarter of 2020 financial report released earlier this month, cash income was 1.374 billion yuan, an increase of 358% year-on-year, and net income was 1.298 billion yuan, an increase of 382% year-on-year. The profit was 191 million yuan, an increase of 406% year-on-year, and the number of regular-price courses paid was 774,000, an increase of 307% year-on-year. So far, who has learnt from has continued to make profits for eight consecutive quarters, and revenue for six consecutive quarters has grown by more than 400%.
In contrast, New Oriental Online, an online education subsidiary of New Oriental, which is also a giant in the education industry, said at the end of last year that due to the expansion of K12 education, New Oriental Online turned from profit to loss, and its net profit fell by 178.2%. Therefore, under the current high cost of domestic online education industry and serious burning of money, the performance of New Oriental Online backed by New Oriental is still the same. It is obviously the focus of outsiders that who can learn how to be independent.
The reports of the major short-selling institutions on who they learn from are basically directed to a problem, which is to increase users and thus increase revenue and profits. For example, muddy water is clearly stated in the report, “We suspect that 80% of users who learn from are
, It is also likely to exceed 90%. And you have lost a huge amount of money, the actual revenue is only a small part of the claim, and who undertook to falsely understate the expenditure. ”
Scorpio Venture Capital pointed out in the report that if according to the financial report data with whom to learn, 36% of the 2.1 billion yuan in revenue in 2019, or 720 million yuan, will come from the ten famous teachers, so the average share of these famous teachers will be Tens of millions. However, Scorpio speculated from the chat records with “Zhao Lixian, one of the top ten famous teachers” shown in the report, that his annual salary did not reach 10 million. In three reports, Citron pointed out that with whom to learn the false increase in revenue by 70%, the false increase of registered users by 40%, the existence of bill-swapping behavior, and the hidden costs of acquiring customers through the transfer of related entities.
After Ruixing Coffee was quickly exploded by Xuehu Capital ’s shorting report, whoever learned from it could scream out from major short-selling institutions. In addition to the fact that there may be real cheats on business growth and operating cost control, the outside world thinks that maybe Related to the offline and offline differences between the two. When shorting Ruixing, Xuehu can go to offline stores to count the number of people and check the ticket, but the business with whom to learn is online, so the short agency can only crawl through the relative one-sided through some internal interfaces developed with who Data can only rely on ex-employees who have doubts about their authenticity, so that these