New rules published over the weekend take aim at fast-growing tutoring companies, barring them from turning a profit or raising funding on stock markets. The announcement from China’s Ministry of Education has wiped billions of dollars off the market value of several major, publicly-traded education firms.

See here: New Oriental Education & Technology (EDU) plunged nearly 50% in Hong Kong on Monday. Combined with similar losses on Friday, when reports of a crackdown on the sector first emerged, the company has lost roughly $7.7 billion dollars in market value.

Asian markets were also broadly shaken Monday. The Hang Seng index fell more than 4%, its worst day in more than a year. The Shanghai Composite slumped more than 2%.

Watch this space: It’s tempting for foreign investors to see this as a regional problem. But the fallout from Beijing’s latest moves is global.

New Oriental Education & Technology is also listed in New York, where…

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