Under siege, China s private education giants take steps to curb fallout Sorry, but your browser needs Javascript to use this site. If you re not sure how to activate it, please refer to this site: https://www.enable-javascript.com/
Students study in their classrooms at night at a school in Yangzhou, China. | GETTY IMAGES / VIA BLOOMBERG
Bloomberg Jul 29, 2021
China’s largest private education firms are moving swiftly to overhaul their businesses to adjust to a harsh new reality after Beijing launched a sweeping crackdown on the $100 billion sector.
Two of the sector’s biggest names have in past days reached out to reassure investors and managers their businesses remain viable and won’t abruptly collapse, according to people familiar with the matter. Yuanfudao, the $15.5 billion startup backed by Tencent Holdings Ltd. and DST Global, plans to yank all advertising after already curtailing part of its marketing earlier this year, one of its largest expenses,
Under siege, China EdTech giants take steps to curb fallout
thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
China bans tutoring firms from profit-taking
archive.shine.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from archive.shine.cn Daily Mail and Mail on Sunday newspapers.
Why China Is Cracking Down Now on After-School Tutors
washingtonpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonpost.com Daily Mail and Mail on Sunday newspapers.
Noel Randewich
3 minute read
An American flag is seen in front of the logo for Chinese ride hailing company Didi Global Inc. during the IPO on the New York Stock Exchange (NYSE) floor in New York City, U.S., June 30, 2021. REUTERS/Brendan McDermid/File Photo
July 23 (Reuters) - Fears of increased of regulation from Beijing crushed U.S.-listed Chinese stocks on Friday following a Chinese government crackdown on private educators.
U.S. shares of TAL Education Group (TAL.N) and New Oriental Education & Technology Group Inc (9901.HK), , which provide tutoring and test preparation services in China, each dropped more than 50% after news that the government is barring tutoring for profit in core school subjects to ease financial pressures on families that have contributed to low birth rates. read more