HONG KONG -- Beijing's clampdown on China's education sector has hit the bottom line of after-school tutorial companies as two leading New York-listed businesses reported big losses Tuesday.
Amid Beijing's move to restrict after-school teaching in core subjects to nonprofit operators, New Oriental Education & Technology Group recorded a net loss of $908 million for the six months ended November, compared with a net profit of $228.6 million over the same period in 2020.
