BrushedStudentCountsandCookedBooks:WhyWeBelieveGSXTecheduistheWorstPubliclyTradedEducationCompany•GSXTecheduInc.(NYSE:GSX)(“GSXTechedu”or“GSX”)isportrayedasarisingstarinChina’sonlineeducationspace,havingseenitsstockmorethantriplesinceitsNYSEIPOinJune2019.•GSXreportsfinancialstotheSECthatwebelievearesimplytoogoodtobetrue.OurextensiveresearchincludingreviewofPRCCreditReports,SAICfilings,andwebanalysisindicatetousthatGSX’ssuccessisactuallybasedonafraudulentscheme.•PRCCreditReportssuggestthatthecompanyhasbeendrasticallyoverstatingitsprofitabilityinitsUSpublicfilings,especiallyfor2018.•Wefoundmultiplerelatedpartiesthatwesuspectareusedtooffloadcoststo...