The education sector is the latest in China to feel the regulatory fallout.
Beijing’s crackdown on education got Wall Street’s attention anew on Monday, with more downgrades for U.S.-listed shares as analysts tallied up damages.
Fawne Jiang, an analyst at The Benchmark Company, said in a note to clients on Monday that the new policies will have a “profound impact on the AST [after-school tutoring ] industry and adversely change the course of the operation and the financial outlook of the industry participants.” A statement from yet another U.S.-listed player, Youdao DAO, -33.88%, a China-based intelligent learning group, said the rules would have “material impacts” on its K-12 course business, and added it was looking at ways to try to comply. Shares of Youdao fell 26% on Monday after a 42% tumble on Friday.
“The question more broadly is whether this will have broader ramifications for other tech companies in China. It is beyond our remit to judge, but with separate stories about regulation of music it is beginning to look like there might be,” he said.
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