In addition to reporting fraudulent profits, TAL has been misleading investors about the health of its core Peiyou business. TAL’s core Peiyou business appears to be in decline. We believe that Peiyou offline Q3 revenue YoY growth was likely negative, despite TAL CFO Rong Luo stating the growth ra… more
In this brief presentation we explain why we think Peiyou offline enrollments are declining.… more
We began our series discussing two transactions where not only is the evidence of fraud is, in our view, clear and convincing; but, the impacts can be quantified. From the outside, fraud is usually difficult to quantify – even analysts who specialize in detecting fraud usually struggle to estimate… more
TAL Education: A Real Business With Fake Financials - Part I Muddy Waters is short TAL Education Group. Investors might recall the dark days of 2010 and 2011, during which numerous U.S.-listed China companies went down as frauds. According to the recent documentary, the China Hustle, there were app… more