Another potential $10 billion Chinese Fraud in Chinese company listed on US exchange in GSX Techedu (GSX). Citron research posts "smoking gun" recording today evidencing 40%+ customers fabricated. When will the SEC require US audits for foreign companies raising money in the US?
"GSX’s auditor, Deloitte Touche Tohmatsu, was the same auditor that was used in Citronexposed frauds Longtop and China Media Express. The Deloitte partner that has been in charge
of GSX’s audit is Li Li Shan who has a questionable track record."
of GSX’s audit is Li Li Shan who has a questionable track record."
"There are only three companies including GSX that Li Li Shan has been listed as the engagement
partner for. The other two companies are Chinese education companies, RYB Education
(NYSE: RYB) and Puxin (NYSE: NEW), which are down 70% to 85% since their IPOs."
partner for. The other two companies are Chinese education companies, RYB Education
(NYSE: RYB) and Puxin (NYSE: NEW), which are down 70% to 85% since their IPOs."
This comprehensive report was compiled by Citron and their analysts on the ground in China. Many published websites are inactive, addresses of "independent" internet click farms are identical to the company's addresses, all damning evidence of horrible fact patterns.
