GSX: Minimal Market Share; ~80% Fake Enrollment and Operational Irregularities
Last week, we conducted a market survey among K12 parents who registered their child(ren) for at least one class with Gaotu and/or GSX Techedu (GSX...
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Youdao IPO Initiation: Chasing Growth at All Costs
Youdao (DAO US) is the online learning unit of Netease Inc (Adr) (NTES US), a 66% shareholder. Youdao aims to raise up to $300 million through an...
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K12 After-School Tutoring Services: China’s Best Consumption Story
In this note, we present our long investment thesis on the leading provider of China’s K12 tutoring service, Tal Education (TAL US) with a top-down...
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TAL Education: Too Good to Be True? Buyer Beware!
After-school tutoring industry growth of 13% CAGR last five years does not jibe with Tal Education (TAL US)'s 49% sales CAGR (excluding faster...
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Smartkarma: ECM Coverage Weekly Update (16 June 2018)
The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. Its a short week in...
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