Research

Highlights

We Believe LexinFintech Holdings Ltd. (NASDAQ: LX) is a Leverage Time Bomb About to Explode

We Believe Hebron Technology Co., Ltd. (HEBT) is an Insider Enrichment Scheme without Economic Basis

Update: GSX Techedu Inc. – Grizzly Research Presents Smoking Gun Evidence of Fraud

Is Innovative Industrial Properties, Inc. (NYSE:IIPR) the WeWork of Cannabis? We think it’s Worse!

Brushed Student Counts and Cooked Books: Why We Believe GSX Techedu is the Worst Publicly Traded Education Company

Latest Research

We Believe LexinFintech Holdings Ltd. (NASDAQ: LX) is a Leverage Time Bomb About to Explode

August 25, 2020

Read the Full Report Here • LX operates a high-interest rate online consumer lending platform in China. We believe LX’s business model is deeply ﬂawed and set to collapse.

We Believe Hebron Technology Co., Ltd. (HEBT) is an Insider Enrichment Scheme without Economic Basis

June 3, 2020

Read the Full Report Here • We believe HEBT is the quintessential example why we need tighter disclosure and auditing regulations for US listed Chinese companies. We believe HEBT

List of Reports

We Believe LexinFintech Holdings Ltd. (NASDAQ: LX) is a Leverage Time Bomb About to Explode

August 25, 2020

We Believe Hebron Technology Co., Ltd. (HEBT) is an Insider Enrichment Scheme without Economic Basis

June 3, 2020

Update: GSX Techedu Inc. – Grizzly Research Presents Smoking Gun Evidence of Fraud

June 2, 2020

Is Innovative Industrial Properties, Inc. (NYSE:IIPR) the WeWork of Cannabis? We think it’s Worse!

April 9, 2020

Brushed Student Counts and Cooked Books: Why We Believe GSX Techedu is the Worst Publicly Traded Education Company

February 25, 2020

*Update – We believe that 58.com (WUBA) is a House of Cards with Little Economic Substance

February 13, 2020

Trulieve Cannabis Corp: Why we believe the Company is a Fraud

December 17, 2019

NBEV Shareholders got Duped in the Morinda Acquisition

June 27, 2019

Intelligent Systems Corp: Material Undisclosed Related Party Transactions Cast Doubt on the Integrity of Financial Statements

May 31, 2019

Twitter Feeds

Grizzly ResearchFollow

Grizzly Research @ResearchGrizzly·

2 Sep

$GSX announces unaudited second quarter 2020 results, and SEC investigation.

Here is again the link to our critical report about $GSX from February. https://grizzlyreports.com/brushed-student-counts-and-cooked-books-why-we-believe-gsx-techedu-is-the-worst-publicly-traded-education-company/

Here is our follow up report on $GSX from June.

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Grizzly Research @ResearchGrizzly·

25 Aug

We believe LexinFintech Holdings Ltd. (NASDAQ: $LX) is a leverage time bomb about to explode. Read our latest investigative report and why we believe the company’s financials cannot be trusted: https://grizzlyreports.com/we-believe-lexinfintech-holdings-ltd-nasdaq-lx-is-a-leverage-time-bomb-about-to-explode/

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Grizzly Research @ResearchGrizzly·

6 Jul

A group of Chinese software engineers and data analysts sent us this high quality report that further exposes $GSX chicanery. We are excited to see people from all different areas step up and add valuable insights! $GSXQ @muddywatersre @CitronResearch
https://drive.google.com/file/d/1OIXjlHHY3AbyLASU6wYPHof-OjeHRNv8/view?usp=sharing

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Siegfried Eggert @SGEggert·

30 Jun

‘Grizzly Effect’ 😊

All kidding aside, this is a another high quality analysis exposing $GSX wrongdoing. The evidence is overwhelming. https://twitter.com/muddywatersre/status/1277958205948100609

MuddyWatersResearch@muddywatersre

Another day, another scathing analysis of $GSX This is a letter by an anonymous author that was recently sent to GSX’s auditor. Does @Deloitte want to have a years long EY/WDI humiliation, or will it act sooner? https://drive.google.com/file/d/1pysXxXO4lOQqoX54-VHiYAqGFPVLNp4J/view

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Grizzly Research @ResearchGrizzly·

23 Jun

$HEBT announces independent committee but fails to disclose who two of the three "independent" directors are. Shady... https://www.sec.gov/Archives/edgar/data/1603993/000121390020015487/ea123296-6k_hebrontech.htm
As a comparison: Even $LK disclosed all names of the directors on their independent committee. https://www.sec.gov/Archives/edgar/data/1767582/000110465920042189/a20-14831_1ex99d1.htm

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Grizzly Research @ResearchGrizzly·

19 Jun

"Short Idea Pitched By Grizzly Research At Valuewalk Conference Is Down 50%" @insidermonkey Thanks for the shout out. https://www.insidermonkey.com/blog/short-idea-pitched-by-grizzly-research-at-valuewalk-conference-is-down-50-839671/

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Grizzly Research @ResearchGrizzly·

8 Jun

Seems like $GSXQ didn't like that we did that. So here is the retweet. @CitronResearch @muddywatersre

Grizzly Research@ResearchGrizzly

We added JSON data to our Github.
https://github.com/67647f8/gsx-fraud/tree/master/data

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Grizzly Research @ResearchGrizzly·

3 Jun

We believe $HEBT is the quintessential example why we need tighter disclosure and auditing regulations for US-listed Chinese companies. We presented this idea this morning @PodContrarian
Read the full report here: https://grizzlyreports.com/we-believe-hebron-technology-co-ltd-hebt-is-an-insider-enrichment-scheme-without-economic-basis/
@breakoutpoint @valuewalk @natbaker

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Grizzly Research @ResearchGrizzly·

2 Jun

Seems like someone ($GSXQ) doesn't like our new report today. Our website is getting several DOS and other attacks. Here is the shared google drive: https://drive.google.com/file/d/1MMTMaFleXpz2cPDs2c0PQuiyC4tP3RZH/view?usp=sharing

It's on like Donkey Kong! $GSXQ
@muddywatersre @CitronResearch

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Grizzly Research @ResearchGrizzly·

2 Jun

Here is our follow up report on $GSX that you don’t want to miss: https://grizzlyreports.com/gsx-update-6-2-2020/ We have been busy obtaining smoking gun evidence, including access to $GSX INTERNAL database and records from third parties that sold massive amounts of fake IDs to $GSX.

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GMT Research @GMTResearch·

19 May

GSX Techedu $GSX is the 6th Asian company to be targeted by 3 short-sellers in the last 15 years. Does not bode well.

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ValueWalk - Check out our hedge fund database!@valuewalk·

18 May

@ResearchGrizzly founder discusses shortselling process; to unveil brand new idea soon https://www.valuewalk.com/2020/05/grizzly-research-shortselling@rauljpanganiban @natbaker @JacobWolinsky
Conference details here-> https://www.eventbrite.com/e/contrarian-investor-virtual-conference-no-2-tickets-104076373234?discount=VALUEWALK

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Grizzly Research @ResearchGrizzly·

5 May

We are excited and looking forward to our first public presentation! Stay tuned.

Contrarian Investor Podcast@PodContrarian

Exciting news! Our first Contrarian Investor Virtual Conference was such a success, we have decided to host another with @valuewalk !

Save the date for June 3. Relevant details, including ticket information and identities of the first two presenters:

https://www.eventbrite.com/e/contrarian-investor-virtual-conference-no-2-tickets-104076373234?aff=twt0505

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Grizzly Research @ResearchGrizzly·

29 Apr

Is $WUBA Go-Private Offer Credible? We believe it is not! Read our new research update on $WUBA here: https://grizzlyreports.com/we-believe-that-58-com-wuba-is-a-house-of-cards-with-little-economic-substance/
@BreakoutPoint @ActivistShorts @ActivistInsight @valuewalk

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WPWAM @WillauerProsky·

17 Apr

After being targeted by #activistshorts, GSX Techedu taken to court for trade secrets theft https://kr-asia.com/after-being-targeted-by-short-sellers-gsx-techedu-taken-to-court-for-trade-secrets-theft?s=krasia

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