China’s Top Education Companies Lay Off Thousands Since 2021 Tutoring Crackdown

Some of China’s biggest listed education companies have slashed their workforce by more than 80% over the past three years as they continue to struggle to recover from a 2021 government crackdown that dealt a heavy blow to the once lucrative after-school tutoring industry.

U.S.-listed TAL Education Group, a leading K-12 tutoring provider, reduced its full-time workforce by 83.5%, from 70,900 in February 2021 to 11,700 in February this year, according to the company’s annual filing with the Securities and Exchange Commission.