Chinese education and training giants forced to transform

24 Nov 2021 23:08
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The two largest private education and training companies in China said they would withdraw from a key business before the end of the year, becoming victims of the Chinese government's suppression of the education and training industry.

New Oriental Education & Technology Group Inc. (EDU, 9901.HK, abbreviated as New Oriental) said on Monday that it plans to no longer provide subjects related to kindergarten to ninth grades in all learning centers nationwide by the end of 2021. Training services, namely K-9 subject training services. New Oriental is listed in Hong Kong and New York, with revenue of US$4.3 billion. The company stated in a document submitted to the Hong Kong Stock Exchange that in the past two fiscal years, the total revenue generated from the provision of K-9 subject training services accounted for approximately 50%-60% of the company’s total revenue in each fiscal year. preschool extracurricular activities

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