BEIJING, July 26 — Shares in Chinese tutoring firms tumbled today after Beijing imposed new rules on companies to register as non-profit organisations, effectively wiping out business models in the multibillion-dollar sector and hammering their owners’ fortunes.
While the move — which also bans teaching on weekends and during holidays — is aimed at reducing pressure on children, parents and teachers, it is a gut punch to the tutoring industry, which was reflected in trading today. New Oriental CEO Yu Minhong also lost his billionaire status, shedding US$685 million to leave him with US$579 million.
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