Written by: 西枫westca
Proofread by: Ermat
According to Sohu News on October 25, New Oriental Online announced at the Hong Kong Stock Exchange in the evening that it would discontinue out-of-school training services for subjects at the compulsory education stage in Mainland China. It is expected to take effect by the end of November 2021.
New Oriental Education Technology Group is the largest private education and training provider in the Communist China. It was founded in 1993 and listed on the New York Stock Exchange in 2006. New Oriental Online was listed on the Hong Kong Stock Exchange in March 2019. On July 24, 2021, the State Council of the Communist Party of China issued the “Opinions on Further Reducing the Burden of Students’ Homework and Off-campus Training in Compulsory Education (“Double Reduction”). As early as August, New Oriental online began to close down some teaching sites and switch to training programs such as “Art” and “Lego Robotic”. By announcing its withdrawal from K-12 academic training at this time, New Oriental Online will face a series of decisions that will have significant negative impact on the company, such as layoffs, early termination of lease contracts, and closure of training centers. Whether of not the transition will be successful is also a huge unknown.
Under the influence of the “double reduction” policy, the education and training industry has undergone radical changes. Under the CCP’s order, many small and medium-sized investors have lost their money, many training institutions have closed down, and millions of practitioners have no idea what to do in their future working career. It’s all out of the CCP’s consideration. Only by overthrowing this totalitarian rule can the people gain the power to control their own destiny.
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