北京时间7月19日凌晨 浑水（Muddy Waters） 给予新东方强烈卖出评级。

Muddy Waters 报告要点如下：

1）EDU has reported 392% revenue growth since going public. The revenue growth has been built on store growth of 338% during this time. EDU tells investors that its entire store network is companyowned，but this is a lie. As recently as last month， EDU president and CFO Louis Hsieh adamantly denied that EDU has any franchisees.This report shows Hsieh’s statements are patently false –EDU has numerous franchisees. However， these franchisees are not a hidden bonus for investors. Rather， they are part of a substantial fraud in EDU’s accounts.

新东方在上市后收入增长了392%。其中338%来源于店面收入增长(store growth)。新东方自称所有店面都归其所有，但这其实是在撒谎。上个月，新东方CFO称他们没有任何店面是franchising（加盟）的；但实际上，所有的店面都是franchising的形式，也就是特许加盟经营；而这特许加盟经营从未向投资者披露过。

2）It is virtually certain that EDU uses the upfront franchise and other fees to inflate its cash balances in order to receive unqualified audit opinions from its auditor.

新东方利用了这些前期特许经营去让现金看上去更充裕，并由此获得审计方不公正的（正面）评价；

3）EDU’s corporate structure is far more problematic than just a weak VIE. The schools that conduct its operations are ultimately state property. We question how EDU can consolidate them.

新东方的问题远比一个不稳定的VIE结构严重，它所运营的学校都是国有的，最后不知道如何整合到公司资产里；

4）We believe that as a result of our exposure of these problems with EDU’s reporting， EDU will restate historical results – likely significantly；and， that its auditor will resign.

新东方可能会全部重申其历史业绩，然后审计方宣布辞职。

周二，新东方因调整VIE结构遭SEC调查，令投资者感到恐慌，大举抛售股票，收盘暴跌34.32%，报14.62美元。

新东方公布Q2财报的同时宣布收到SEC关于VIE结构调整调查函件。调查函件主要关注公司VIE北京新东方教育技术公司的结构调整根据是否充分，公司称将全力配合调查。7月11日，新东方宣布新通过简化VIE北京新东方教育技术有限公司（ Beijing New Oriental Education & Technology (Group) Co.， Ltd.）股权结构以进一步加强公司治理结构。

今日盘前，未来资产今日发布投资报，维持新东方“买入”评级，同时维持21美元的目标股价不变。而Robert W. Baird则将新东方股票评级由“跑赢大盘”下调至“中性”，并且将其目标价由32美元下调至19美元。