The policy also prohibits those businesses from offering classes on weekends, holidays, summer and winter breaks effectively allowing tutoring only on weekdays with a limited number of hours.
The scale of the crackdown is far beyond expectations, said Alan Wang, an analyst covering education at Beijing-based asset manager Harvest Fund Management.
The industry was preparing for some regulations, but it didn t expect an order for restructuring that included a ban on public listings, making the sector basically not investable, he said in Mandarin, according to a CNBC translation.
Some parents will still pay up for tutoring courses they can find, sending costs higher, he added.
Xiaomi-backed Chinese tax platform Huisuanzhang bags $80m Series D
May 24, 2021
China’s Huisuanzhang, a SaaS-based corporate accounting and tax management platform, has secured $80 million in a Series D round of financing from undisclosed investors, per its announcement on Monday.
Investment bank Cygnus Equity served as financial advisor for the deal, it said in a WeChat post.
The platform will invest the funding proceeds to grow its portfolio of financial services.
Managed by Beijing Kungeek Technology, Huisuanzhang delivers financial services such as tax audit, accounting and business registration to small-to-medium enterprises.
Since its inception in 2015, Huisuanzhang claims to have served over 850,000 corporate clients including Dongfeng Motor Corporation, Chery Automobile, and beverage brand OCOCO International.
Did the Washington Post’s 30,573 false fact checks help rig the election for Biden? Tue Mar 2, 2021
Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is an investigative journalist and writer focusing on the radical Left and Islamic terrorism. Once upon a time, the media used fact checkers to check its own facts before publishing a story. And then the media stopped checking its facts and started smearing everyone else. The media’s false claim that Russia had somehow rigged the 2016 election to help President Trump win with “disinformation” became the basis for a media movement pressuring Big Tech to let the media’s fact checking censors silence conservatives with their ‘fact checking’.
The Trade
Tradeweb hires Harvest Global Investments chief to lead Asia business
James Sun joins Tradeweb as head of Asia after over four years at Harvest Global Investments as chief executive officer.
Fixed income trading platform provider Tradeweb has appointed the former chief executive of Harvest Global Investments to head up its business in Asia.
James Sun joins Tradeweb as head of Asia after serving for over four years at Harvest Global Investments, the international arm of Chinese asset manager Harvest Fund Management, as chief executive officer.
Previously in his career, Sun spent 17 years as a managing director for Asia Pacific at brokerage Charles Schwab.
China granted US$9.02 billion of fresh quota for foreign investments to 21 fund managers, banks and securities firms, the third in three months under the Qualified Domestic Institutional Investors (QDII) programme.
A total $8.15 billion of quota was granted to 14 fund managers, including China Southern Asset Management and Harvest Fund Management, and $870 million to seven banks and securities firms, including Citibank (China) and Hang Seng Bank (China).
They were awarded by the State Administration of Foreign Exchange (SAFE), the supervisor of China’s foreign reserves, which made the announcement in a statement dated January 13 published on its website.
The QDII programme allows domestic institutions and fund managers to invest in offshore assets within allowable quotas.