Caixin
Feb 23, 2022 03:51 PM
BUSINESS

China’s Largest Private Tutor Sinks $907 Million Into the Red After Transformative New Rules

What’s new: China’s largest private tutoring provider sank $907 million into the red in the six months through November after the government sprung sweeping changes on the after-school education industry.

To comply with new rules, New Oriental Education & Technology Group Inc. has ceased all of its tutoring services related to K-9 academics, which has had a “substantial adverse impact” on earnings, according to its Tuesday filing to the Hong Kong bourse.

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