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Under siege, China's private education giants take steps to curb fallout


Under siege, China s private education giants take steps to curb fallout
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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 ....

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