China's Top Education Firm Cut 60,000 Jobs After Tutoring Curbs [Business News Network (BNN) (Canada)]
TAL Education Group American Depositary Shares (TAL)
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Source: Business News Network
Yu Minhong, founder and chairman of the Chinese tutoring giant, revealed in a WeChat post over the weekend that the company had dismissed 60,000 workers and saw revenue fall 80% after ending all K-9 tutoring services following Beijing's overhaul of the once-lucrative sphere last July. That's nearly three-quarters of its more than 81,000 employees as of May. “In 2021, New Oriental encountered too many unforeseen events from factors such as policy, the pandemic, and international relations,” Yu wrote. “Much of our business remains in a state of uncertainty.” Once one of China's leading private education providers, New Oriental saw 90% of its market value wiped out last year after Beijing banned tutoring companies from making profits and raising capital. A combination of severance payments, tuition refunds and terminated leases for teaching sites cost the firm nearly 20 billion yuan ($3.1 billion), Yu said in the post. Operating losses may be wider than expected at $500 million in
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TAL
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- 3/1/24 - Form 144
- 2/29/24 - Form 144
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