All rights reserved. The measures include a mandate that companies from some countries, including China, raise at least $25 million in their initial stock offerings and a requirement that audits be conducted to make sure international franchises meet global standards. This material may not be published, broadcast, rewritten, or redistributed. Powered and implemented by FactSet Digital Solutions. FAQ - Updated Privacy Policy. Everything you need to know about the market - quick & easy. Market data provided by Factset. Muddy Waters’ report came weeks after Citron Research called GSX “the most blatant Chinese stock fraud since 2011.”, Citron accused GSX of overstating revenue by up to 70 percent, and said the company should “immediately halt trading and launch an internal investigation.”. Chinese beverage-chain Luckin Coffee was informed by Nasdaq on Tuesday that its shares will be delisted after an internal investigation showed the company’s chief operating officer and other employees fabricated sales. Kudlow: US must crack down on Chinese listed companies, accusations the company is a “near-total fraud.”, the most blatant Chinese stock fraud since 2011, tighten restrictions for foreign companies trying to list shares, Biden to name Rouse, Tanden to economic team, Employment websites step up their game to get people back in the workforce, Holland-made Tecate beer masquerading as Mexican, lawsuit claims, 5 times to contact your car insurance agency, Here’s why drivers should get comprehensive car insurance, How to choose a high-yield savings account, Today's mortgage rates — one rate on an upswing | November 24, 2020, Today's mortgage refinance rates don't budge for fourth consecutive day | November 24, 2020. The company attributed the rising opex to higher customer acquisition costs in the wake of competition and extensive investment in its teaching staff, product design, content development and technology innovations. Posted-In: Citron ResearchEarnings News Short Sellers Movers Trading Ideas Best of Benzinga, Thank you for subscribing! GSX Price Action: The stock was down 20.73% at $56.56 at last check Friday. Related Link: Citron Calls GSX Techedu 'Most Blatant Chinese Stock Fraud Since 2011,' Company Says Report False. Citron Calls GSX Techedu 'Most Blatant Chinese Stock Fraud Since 2011,' Company Says Report False, GSX Techedu IPO: What You Need To Know About The Chinese Education Company, 10 Consumer Discretionary Stocks With Unusual Options Alerts In Today's Session, 10 Consumer Discretionary Stocks Showing Unusual Options Activity In Today's Session, 54 Stocks Moving In Friday's Mid-Day Session, Mid-Morning Market Update: Markets Open Lower; Foot Locker Profit Beats Expectations, Privacy Policy / Do Not Sell My Personal Data. “When the formal class starts, the tutor will transition all his or her students from the small groups to the instructor's large class, and the instructor takes over. BEIJING, Oct. 26, 2020 /PRNewswire/ -- GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in … A daily collection of all things fintech, interesting developments and market updates. Benzinga does not provide investment advice. GSX “regrets to see confusion” and will continue to make its best attempt to ensure investors "fully understand all aspects" of its business, the company said in a statement on Tuesday. Related Link: GSX Techedu IPO: What You Need To Know About The Chinese Education Company. Shares of Chinese online tutoring company GSX Techedu Inc (NYSE: GSX) are pulling back to nearly a five-month low after the company reported its financial results for the third quarter. The spending, the company said, is an important investment for the long-term future. GSX Techedu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China.