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.
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…