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China tech

Chinese e-learning king TAL Education admits inflated sales

Revelation follows $310mn scandal at compatriot Luckin Coffee

Online learning technology has boomed as schools around the world remain closed due to the coronavirus.   © Reuters

HONG KONG -- Online tutoring company TAL Education has admitted to inflating sales figures, joining a growing list of scandals linked to U.S.-listed Chinese companies and further hampering market confidence in the aftermath of Luckin Coffee's $310 million fraud.

Beijing-based TAL said on Tuesday evening U.S. time that it discovered one employee had "wrongly inflated sales" of an educational program by forging contracts and other documentation. TAL did not reveal the exact figure of the fabricated sales but said the program at issue contributed roughly 4% of its total revenue in fiscal 2020.

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