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Yifeng Mao

Yifeng Mao
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  • Fraud Is Unlikely At New Oriental Education [View article]
    Sorry that I just got off the plane and saw our report is quoted here. First, goldpebble is quite new, less than 6months and that's why we only released new oriental report so far, as an example on how we are doing research, how we are different from others, more reports will be coming in the future, mainly about china, china related companies. Second, I put my real name on the report and My opinion of course will be right or wrong. What we should focus is the whole process and work we have done rather than the conclusions and opinions. You hear those conclusions every day but not those works. Third, do your own work. We did explain quite thoroughly about the work we have done. Excuse my poor English please and do let me know if there is something not clear. We explained the diff between schools and leaning centers, schools are legal entities/companies. learning centers are opened by those schools. cash received is deposited into banks, students can enroll by wire or postal. this info can be found on edu website. we wired money to check whether the bank account name is correct, not the balance. Fourth, The inventory question is interesting, we see it too small to notice as less than 20mn inventory is not meaningful compared to 500mn+ revenue. The reality is, if it is their own study material, the inventory is just low value paper and printing and it is not hard to leave these inventory to supplier/publisher as they will get certain clues about how many books needed before class starts. Or if study material has been matured enough, they can print it in big volume and leave it there. 2mn students per year, each students study material around 10usd, that's 20mn or so and 20mn material is too much if i guess. Just my personal view.
    Oct 10, 2012. 09:25 PM | 1 Like Like |Link to Comment
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