GSX Received the Tenth Short-Selling Report from Scorpio VC, Who Claims that the Former Falsified Revenue through VAT
On June 15, GSX received its tenth short-selling report of this year. The report, released yesterday by domestic investment firm Scorpio VC, specifically analyzed the company's VAT fraud. The agency noted that a source revealed that the company paid a total of less than CNY 10 million in VAT in 2017-2019. The less VAT it actually paid, the more it misrepresented its income. Prior to this, Scorpio VC issued its first report on May 6, showing the company has falsified financial and operating data and that the stock was grossly overvalued, with an actual value estimate of CNY 4 to 6.