Under Siege, China’s EdTech Giants Take Steps to Contain Fallout By Bloomberg
(Bloomberg) -- China’s largest private education firms are moving swiftly to overhaul their businesses to adjust to a harsh new reality after Beijing launched a sweeping crackdown on the $100 billion sector. Two of the sector’s biggest names have in past days reached out to reassure investors and managers their businesses remain viable and won’t abruptly collapse, according to people familiar with the matter. Yuanfudao, the $15.5 billion startup backed by Tencent (HK:0700) Holdings (OTC:TCEHY) Ltd. and DST Global, plans to yank all advertising after already curtailing part of its marketing earlier this year, one of...
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