Chinese authorities have ramped up their crackdown on after-school tutoring companies by unveiling a new set of sweeping regulations that bans them from making profits and raising capital from overseas markets.
from TAL Education appear to be on the verge of dropping out of the three-comma club as well. Yu’s wealth has plunged 70% since April to $1.3 billion, while Zhang’s is down almost 90% to $1.4 billion in the same period.
Shares of Chinese tutoring companies had previously been bolstered by the pandemic, which shut down many schools and drove students to go online for their studies. Online education companies raised a combined 103.4 billion yuan last year from investors, such as SoftBank, Temasek and DST Global, to compete in an industry that was valued at 257.3 billion yuan in 2020, according to Beijing-based consultancy iResearch.
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