China’s private tutoring guru closes 1,500 of New Oriental schools amid Beijing crackdown

Nov 8, 2021 | INVESTING

Yu Minhong, a cram school pioneer in China who grew his shabby one-classroom business in Beijing into the New York-listed off-campus tutoring firm New Oriental Education & Technology Group, plans to shut down a large part of his business amid Chinese authorities’ crackdown on the industry.In a live broadcast on Sunday via his personal account on short video-sharing app Douyin, the Chinese version of TikTok, Yu said New Oriental will close nearly 1,500 training centres and donate some 80,000…

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