Chinese education group New Oriental Education & Technology says it has fired 60,000 workers since China embarked on a crackdown on private enterprises more than a year ago. Picture: BLOOMBERG
The revelation underscores the widespread disruption wrought by Beijing’s unprecedented decision in 2021 to outlaw profits in swathes of the after-school education industry — upending a market estimated at $100bn at its peak.
Operating losses may be wider than expected at $500m in the fiscal year ending in May, said Catherine Lim, a senior industry analyst for Bloomberg Intelligence.
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