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新高教遭「空城研究」指控造假,不過你聽過「空城研究」嗎?

沽空機構空城研究(Empty City Research)發表報告,狙擊新高教(02001),狠批集團「是一顆包裝精美的臭雞蛋」,按照18倍的行業平均市盈率,予目標價1.62元(即較前收市價5.08元有68.1%潛在跌幅)。
該機構對新高教進行了盡職調查,走訪大量學生和老師,實地勘察了眾多合作單位,發現新高教的上市資料嚴重造假。通過表外支付以及關聯交易的方式,其披露利潤的注水成分高達50%。

四大指控
空城研究提出四大指控:1.)通過表外支付的方式隱瞞招生佣金,招生人員打入高中進行推廣,有償獲取高中班主任配合,唆使畢業生報考新高教學校,在開學後,招生人員根據實際到校人數向高中班主任結算回扣,該機構估算2017年的招生佣金高達5100萬元人民幣,但新高教從未披露。
2.)通過關聯交易輸送利潤,為衝刺IPO利潤,新高教以不具有任何商業實質的「獨家技術服務及管理諮詢協定」,向其剛收購的東北一間高校收取所謂的服務費4380萬元人民幣,並確認為收入。
3.)基本辦學條件不合格,學生與老師比例高達26:1,違反中國教育部要求的的低於18:1,也遠差低全國平均水準17:1,反映教學品質嚴重不達標。該機構測算,如果要滿足教育部規定,新高教2016年的工資福利費用將要上升約5500萬人民幣,導致其2016年利潤縮水98%。
4.)學生評價極低,新高教包裝成好學校,然而,其學生對自己母校的評價卻慘不忍睹。
空城研究認為,新高教必須退市,接受監管機構的處罰,並接受教育部門和紀檢部門的調查。

空城研究是何方神聖?
大家有興趣的話,可以到空城研究的網站下載這份報告來看:
http://emptycityresearch.com/research/
在發表這份沽空報告之前,「空城研究」名不見經傳,而網站內的沽空報告亦只有針對新高教的這一份。其他網站內容亦十分少,只對機構的簡單介紹。
它是這樣介紹自己的(原文為英文):
什麼是空城?
空城計劃是中國歷史上一個著名的虛張聲勢。一個聰明人通過打開大門為一個無人看守的城市辯護,他成功地嚇走了一支強大的軍隊。這就是欺騙性公司所做的事情,提供強大的財務來掩蓋弱勢企業。
空城做了什麼?
我們是一群專業的分析師,專注於揭露中國上市公司所犯的金融詐騙行為。我們的團隊由前審計經理,財務總監和經驗豐富的調查員組成。我們的調查結果基於盡職調查,批判性推理和實質性證據。
為何是空城?
在中國,我們有一種獨特的動態,稱為“關係”,意為“聯繫”或“關係”。但英語單詞並未反映其完整的含義,因為它是中國文化中根深蒂固的信仰體系。我們對中國的經營方式以及在這樣的環境中的生態政治體係有深刻的理解,因此我們可以更好地解密中國的欺詐行為。
StockChat討論
在沽空報告發出時,StockChat已展開熱烈討論:https://link.stockchat.app/Eu0oyBT6tU
文:Nowwwhat Editorial