Chinese education company, Tarena International, listed on the NASDAQ in 2014. In August, Oriental Capital published an article on Seeking Alpha which questioned the company's business model. Just over a year later, in October 2015, GeoInvesting published a report which also questioned its business model. Both short-sellers highlighted Tarena’s large receivables and questionable relationship with shadow banking institutions which were funding students. These attacks did not appear to have any impact on the company’s share price which went on to double. In May 2017, GMT Research published a report which alleged that Tarena's financials had traits similar to past frauds. In April 2019, Tarena informed the SEC that it would be unable to file its FY18 annual report on time owing to certain issues identified during the auditing process. The subsequent forensic report revealed that Tarena had faked sales and profits, hiding the evidence in undisclosed liabilities. Tarena is a confirmed fraud.

Last updated August 2021.

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