新東方

Chinese education group New Oriental posts $876mn loss after Beijing clampdown

US-listed online tutoring companies have been hammered by China’s ban on profits

Chinese online tutoring company New Oriental posted heavy losses on Tuesday in its first results since Beijing banned the $100bn-a-year private education industry from making a profit.

The New York-listed education group reported an $876mn loss for the six months to November 30, compared with a $229mn net profit over the same period a year earlier.

New Oriental blamed the losses on the “substantial adverse impact” of having to halt its tutoring services for school-age pupils, following China’s crackdown last July as part of a broader government effort to reduce childcare costs and boost the country’s low birth rate.

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