每日经济新闻记者 赵陈婷 吴文坤 发自北京 The daily economic news reporter zhao ChenTing WuWenKun from Beijing

　　7月18日，曾做空4家中国上市公司的浑水再度出手，质疑新东方（NYSE：EDU）的研报，将该股评级调至“强烈卖出”。

July 18,，Have been short four Chinese listed companies muddy water out again，Questioned new Oriental（NYSE：EDU）For the research report，Will the stock rating set to“Strong sell”。

　　受此消息影响，新东方在17日暴跌34%之后18日再度狂泻35%，两日已重挫57.32%，市值仅剩15亿美元，股价创5年新低。

By this news influence，New Oriental in 17, 18 days after plunging by 34% again plunged 35%，Two days already badly hit 57.32%，With only $1.5 billion market value，Share price and low 5 years。

　　对此，沉寂许久的新东方董事长俞敏洪终于露面，首度回应VIE调整及浑水公司质疑，表示新东方品牌全是直营店，并无私有化计划。受此影响，截至北京时间19日22点40分，新东方股价上涨30.00%，报12.35美元。

this，The new Oriental chairman Mr Yu long silence finally show up，The first response to VIE for adjustment and muddy water companies questioned，New Oriental brand is all devoted said，And no privatization plans。Affected by this，By Beijing time 19 22-forty，New Oriental shares rose 30.00%，For $12.35。

　　不过，这份回应的分量似乎需要掂量。

but，The response of component seems to need to weigh。

　　

迟来的回应 Late response

　　事实上，这并不是新东方第一次遭遇机构做空。

In fact，This is not the new Oriental first encounter institutions do empty。

　　2011年11月17日，美国调查机构OLPGlobal曾发布报告对新东方提出质疑，并致使新东方次日股价放量大跌8.48%。当时，新东方管理层迅速对质疑进行回应，股价随后逆势上扬。

On nov. 17, 2011，The United States has issued a report OLPGlobal investigation organization of new Oriental questioned，And the next day the new Oriental shares tumbled 8.48% drop。At that time，New Oriental management to question quickly to respond，Share price then up into an asset。

　　而本月18日傍晚，作为董事长的俞敏洪终于坐不住了。

And this month, 18, in the evening，As the chairman of Mr Yu finally to sit still。

　　“目前新东方的管理与经营处于正常轨道，导致新东方17日股价下跌的原因不是经营问题，主要是受收到SEC关于新东方VIE结构调整调查函件影响，而18日股价下跌的原因，则是因为国际做空机构浑水公司发布的针对新东方的质疑报告。”俞敏洪这样回应股价下跌的原因。

“At present the management and operation in the new Oriental normal track，Lead to new Oriental 17, the reason is not falling share prices business problems，Main is received by the SEC about new Oriental VIE structure adjustment survey correspondence influence，And 18, the cause of falling share prices，It is because of the international institutions do empty muddy water by new Oriental's question to report。”Mr Yu this response to the cause of falling share prices。

　　这两天，尽管其CFO事先强调，新东方这次VIE调整与马云的支付宝不一样，但俞敏洪要私有化新东方的声音还是蔓延开来。

The two days，Although the CFO prior emphasis，New Oriental the adjustment and jack ma VIE pay treasure，But Mr Yu to privatisation in the new Oriental voice or spread。

　　对此，俞敏洪重申新东方没有私有化退市计划，强调在SEC关于VIE的调查期内，公司无法进行股票回购。

this，Mr Yu reiterated that the new Oriental no privatization retreat city plan，Stressed in SEC investigation period about VIE，The company can't carry on the stock buyback。

　　但针对浑水此次质疑新东方存在特许加盟、毛利虚高、企业结构风险和北京地区造假等问题，俞敏洪却没有按照惯例一一回应，只是选择性地作了泛泛解释。

But for the new Oriental existence question muddy water franchise、Maori virtual high、Enterprise structure risk and fraud in Beijing，Mr Yu but no one according to the usual practice response，Just as the broad selectively explanation。

　　

加盟之惑 To be confused the

　　不过，在加盟问题上，俞敏洪交代的比较清楚。

but，Join in，Mr Yu made more clearly。

　　今年6月，新东方的CFO曾经明确向浑水方面表示没有“特许加盟”一说，全部学校财产都是归新东方100%所有的，浑水在官网上发布了该谈话录音证据。

In June this year，New Oriental's CFO once the clear muddy said no“franchise”said，All the school property to 100% of all new Oriental is，Muddy water in official website released this recording conversation evidence。

　　在俞敏洪的回应中，他承认泡泡少儿教育存在特许加盟。

In Mr Yu response，He admitted that bubble children's education existence franchise。

　　“目前国内凡是冠以新东方品牌的学校，全部是新东方直营的；此外，新东方旗下子品牌泡泡少儿教育在全国授权了19家加盟学校，满天星品牌授权了2家加盟学校。”俞敏洪这样解释。

“The current domestic brand new Oriental school who dubbed the，All is one of the new Oriental school；In addition，New Oriental's son in the national children's education brand bubbles authorized the 19 to join the school，All over the sky star brand licensing the two join the school。”Mr Yu so explained。

　　此外，俞敏洪强调这21家加盟学校，全部仅授权使用泡泡少儿和满天星品牌，而不是授权使用新东方品牌。除加盟费用外，这些加盟学校自身的营业收入从未反映在新东方综合财务报表。

In addition，Mr Yu emphasize this 21 home to join the school，Only authorized the use of all children's and all over the sky star brand bubbles，Not authorized the use of new Oriental brand。In addition to join the fees，These to join the school's own business income never reflected in new Oriental comprehensive financial statements。

　　《每日经济新闻》记者昨日前往新东方在北京最新开设的校区花园桥校区调查，后者位于海淀区花园桥东北角的一栋小黄楼里。记者在现场看到陆续有人来咨询、报名。

《Daily economic news》Reporters yesterday in Beijing to new Oriental school garden to open new bridge campus survey，The latter is located in the garden of the northeast corner of a bridge haidian district building, yellow building。Reporters on the scene to see continuously someone to consultation、registration。

　　值得注意的是，在该校区正门，新东方的标志牌旁边，鲜明地摆着“泡泡少儿教育”的标志牌。记者通过实地、电话等方式了解到，泡泡少儿教育的课程也归属于新东方的课程体系之内，且在同一栋楼里上课。对此，《每日经济新闻》记者多次致电新东方的公关部门，均无人接听。

Note the，The school district in the front door，New Oriental next to sign，Clearly put“Bubble children's education”sign。Through on-the-spot reporter、Telephone and other means to understand，Children's education courses of bubbles attributable to the new Oriental course system within，And in the same building in class。this，《Daily economic news》The reporter repeatedly call new Oriental's public relations department，Are no one answer。

　　

殃及池鱼？ Infect other Banks？

　　在浑水看来，新东方的问题远比一个不稳定的VIE结构严重，新东方所运营的学校都是国有的，并不知道是如何整合到公司资产里。

In the muddy seems，New Oriental problems than an unstable VIE structure serious，The operation of the new Oriental school are state-owned，Don't know is how to integrate into the assets of the company。

　　对此，有业内人士告诉《每日经济新闻》记者，目前的中国教育培训机构一般采用公司和学校两种模式来办学。目前，国家对以公司形式经营的培训机构尚未出台明确法规，所以市场上很多企业都以教育咨询公司方式注册，然后开设不同的培训班。新东方采取的是申请民办教育培训机构方式，在全国各地设立民办学校。这一模式虽比公司模式保险，但还存在一些不确定性。

this，The personage inside course of tell《Daily economic news》reporter，The current Chinese education training institutions general use of the company and the school two modes to school。At present，Countries in the form of company training institution has not yet issued clear rules and regulations，So the market with many enterprises have education consulting company registered way，Then open different training classes。New Oriental is taken for education training institutions run by the way，Set up a private school in all parts of the country。The model is better than the company model insurance，But there is some uncertainty。

　　针对浑水在其报告的第13页列出了新东方北京海淀学校的损益表，一位从事教育培训多年的业内人士告诉记者，按照新东方目前的模式，新东方北京海淀学校招生后，北京新东方会派遣老师前往其海淀学校授课，而海淀学校方面的招生收入的绝大部分会打入北京新东方公司的账户。因为双方签订的合同中，新东方方面提供了新东方商标的使用权和师资劳务派遣。而北京新东方方面会将这些收入减去各种开支后剩余的部分，再注入北京新东方在海外的外资公司。

According to the report in the muddy water on page 13 lists the new Oriental Beijing haidian school's income statement，An education training for many years in the industry insiders told reporters，According to the new Oriental current mode，New Oriental Beijing haidian after school recruit students，Beijing will be sent to its new Oriental school teacher haidian teaching，And the school admissions income haidian most of the will of the company into the Beijing new Oriental account。Because both sides sign the contract，New Oriental provide the new east for the right to use the trademarks and the teachers labor dispatching。And the Beijing new Oriental side will put these income minus various after spending part of the rest，Beijing new Oriental again into overseas foreign company。

　　“从新东方海淀学校到北京新东方也存在一个变相的VIE，那么新东方的整个结构就变成了双重VIE。”该业内人士补充道。

“New Oriental school to Beijing haidian from new Oriental also has a disguised VIE，So the entire structure of new Oriental becomes double VIE。”The industry insiders added。

　　而浑水质疑的重点之一，就是这样一个双重VIE结构。

And one of the key questions muddy water，That is such a double VIE structure。

　　不过，有关注新东方的分析师透露，这样一个从学校到企业的变相VIE模式，目前很多通过民办学校办学的教育培训机构，都是按照新东方的模式来的。

but，Watch new Oriental's analysts said，Such a from the school to enterprise disguised VIE mode，At present a lot of school of run by the education through running training institutions，According to the mode of new Oriental school。

　　业内担心，如果浑水攻击新东方企业结构成功，那么其他在海外上市的教育培训类企业也可能难逃厄运。

The worry，If muddy against new Oriental enterprise structure success，So in other listed overseas, education training class enterprise may also not bad luck。