BEIJING, June 3, 2020 /PRNewswire/ -- GSX Techedu Inc.
(NYSE: GSX) ("GSX" or the "Company"), a leading online K-12
large-class after-school tutoring service provider in China, today refuted the false allegations in
Grizzly Research's follow up report, dated June 2, 2020. After thoroughly analyzing the
report, the Company believes it contains numerous errors,
unsubstantiated statements and groundless speculations.
Specifically, the report alleged that Gaotu's student enrollment
numbers are inflated based on data it obtained from API. However,
most of the Spring semester courses have been removed from Gaotu's
website after Gaotu completed the majority of its Spring semester
students' recruitment. Moreover, the Company enhanced its data
security capabilities, so that the data that Grizzly obtained,
including student enrollments and course numbers, are encrypted and
don't reflect actual operational data.
Furthermore, the report wrongly alleged GSX's marketing
activities as illegal. The Company strictly complies with all
relevant legal and regulatory requirements, as well as the terms
and conditions of social media platforms. The Company reserves the
right to take legal actions against the photoshopped images from
GSX remains committed to maintaining the highest standards of
corporate governance, as well as transparent and timely disclosure
in compliance with the applicable rules and regulations of the SEC
and the NYSE. The Company remains focused on further developing its
business, better serving its students, and creating value for
shareholders over the long term.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. GSX may also make
written or oral forward-looking statements in its reports filed
with, or furnished to, the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. Further information
regarding these and other risks is included in the Company's
reports filed with, or furnished to the U.S. Securities and
Exchange Commission. All information provided in this press release
and in the attachments is as of the date of this press release, and
GSX undertakes no duty to update such information or any
forward-looking statement, except as required under applicable
GSX is a technology-driven education company and leading online
K-12 large-class after-school tutoring service provider
in China. GSX offers K-12 courses covering all primary and
secondary grades as well as foreign language, professional and
interest courses. GSX 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. Big data
analytics permeates each aspect of the Company's business and
facilitates the application of the latest technology to improve
teaching delivery, student learning experience, and operational
For further information, please contact:
GSX Techedu Inc.
Ms. Sandy Qin, CFA
Mr. Christian Arnell
Ms. Linda Bergkamp
SOURCE GSX Techedu Inc.