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BUSINESS & TECH

Media Group Makes Landmark Private-School Purchase

By Liao Yuanxin and April Ma
Chengdu No. 7 Experimental Middle School, in Chengdu, Sichuan province, China, on April 9, 2009. Photo: IC
Chengdu No. 7 Experimental Middle School, in Chengdu, Sichuan province, China, on April 9, 2009. Photo: IC

(Beijing) — A state media group has become the first publicly traded company in China to buy a first-through-12th-grade private school, with a goal of floating the independently funded school on the Hong Kong bourse.

The enthusiasm that a government-controlled corporation has shown for branching into privately funded education comes on the cusp of a new private-school law that will prohibit schools that provide the compulsory first nine years of education from seeking profit. The new law takes effect on Sept. 1.

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