Chinese online tutoring company New Oriental has fired 60,000 employees since Beijing banned the $100bn-a-year private education industry from making a profit, the group’s founder has said.
Yu Minhong, chair of the New York-listed company, said it had laid off about 60 per cent of its workforce in the wake of the ban but “with everyone’s hard work, the company managed to survive and preserve some strength”.
New Oriental has lost 90 per cent of its market value, in common with other US-listed Chinese online education companies, since the ban, which was part of a broader government effort to reduce childcare costs and help boost the country’s low birth rate.
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