By Maria Armental

GSX Techedu Inc.'s internal review didn't find evidence that would have a "material impact" on previously reported financial results, the Chinese after-school tutoring company said Monday.

Shares rose 18% to $123.50 in after-hours trading.

GSX had disclosed a Securities and Exchange Commission investigation after short sellers accused it of inflating sales.

On Monday, the company said the internal review was "substantially complete" and "based on the agreed upon scope and procedures performed, the internal review did not uncover evidence that would have a material impact on GSX's previously reported financial statements."

The company said it would continue to cooperate with U.S. regulators.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

03-01-21 1745ET