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New rules have China private education firms bracing for a hit
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China bans tutoring firms from profit-taking
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Chinese stocks slump as Beijing cracks down on tutoring firms
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By Syndicated Content
Jul 25, 2021 | 9:06 PM
HONG KONG (Reuters) -Chinaâs private education firms are bracing for a âmaterialâ hit to their operations after Beijing announced new rules barring for-profit tutoring in core school subjects to ease financial pressures on families.
News of the rule changes on Friday sent shockwaves through Chinaâs $120 billion private tutoring sector and triggered a massive sell-off in the shares of companies including U.S.-listed TAL Education Group and Gaotu Techedu.
Under the new rules, all institutions offering tutoring on the school curriculum will be registered as non-profit organisations, and no new licences will be granted, according to an official document.