Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Huawei’s Harmony OS Will Compete Globally Within 2 Years, Founder Says
German Wholesaler Metro Agrees to Sell China Business to Wumei
LATEST
German Wholesaler Metro Agrees to Sell China Business to Wumei
Huawei’s Harmony OS Will Compete Globally Within 2 Years, Founder Says
Tech Entrepreneurs Dominate Latest Hurun Rich List
BYD Suffers Third Successive Drop in Monthly EV Sales
U.S.-Listed Chinese KOL Company Falls 9% After Flood of Class Lawsuits
Sunac Buys Li Ka-Shing Development in Dalian For More Than $560 Million: Sources
Bridge Collapse in Jiangsu Kills 3
Apple CEO Defends Decision to Block App Used to Track Hong Kong Police Movements
Chinese AI Startup Develops Image Recognition System With Japan Shipping Giant
Gaming Giant Blizzard Gets Frosty Response to Hong Kong Gamer Ban
Apple Pulls Hong Kong Police Tracker from App Store in Latest About-Face
Blacklisted Hikvision’s Stock Plunges Despite Upbeat Expectations
Patriotic Titles Fly the Flag for China’s Box Office During Golden Week
Nio Mini-Comeback Continues With Strong Q3 Deliveries
China Extends Policy Allocating Localities More Tax Revenue Amid Economic Slowdown
China’s 5G Service Preorders Hit 10 Million
Fitbit, Tile Look to Shift Production out of China Amid Tariff Strife
Alibaba, JD.com Stop Selling E-Cigarettes to U.S. Buyers
China Drafts Rule to Ban Price Discrimination in Tourism Services
New Chinese Entries on U.S. Blacklist Say Impact Is Manageable
Education Stocks Weaken as Beijing Vows Tighter Regulation

By Bloomberg / Jul 10, 2019 02:34 AM / Finance

Photo: VCG

Photo: VCG

Shares of Chinese education companies fell in Hong Kong after the government said it would tighten oversight of compulsory schooling and businesses providing tutoring services.

China Maple Leaf Educational Systems Ltd., China Xinhua Education Group Ltd., China New Higher Education Group Ltd. and Wisdom Education International Holdings Co. all retreated at least 3.2%.

New guidelines issued by the State Council covering the first nine years of schooling aim to better regulate "noncompliant, off-campus" classes and competition. The government also said officials would oversee registration, fee, advertising and antitrust issues for public and private schools.

In August, China issued draft legislation to amend rules governing the lucrative private education industry, troubling investors who regarded the sector as a safe bet amid escalating trade tensions with the U.S.

Rather than spending extra time on academics outside of school, Beijing wants students to master multiple skills in sports and art, the government said in a statement Monday.

The new rules could have a long-term impact on demand for after-school tutoring, China International Capital Corp. analysts Natalie Yue Wu and Yuzhong Gao wrote in a note. The guidelines also prohibit the use of foreign curriculum and textbooks, which would hurt Maple Leaf, according to Citigroup Inc.

Related: In Depth: Famous Prep School Runs Afoul of Government Crackdown

Share this article
Open WeChat and scan the QR code