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Meituan Shares Rebound on Reports China Is Nearing End of Probe

Meituan Shares Rebound on Reports China Is Nearing End of Probe
themalaysianreserve.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from themalaysianreserve.com Daily Mail and Mail on Sunday newspapers.

Alibaba s First Sales Miss in Two Years Shows Crackdo

Alibaba s First Sales Miss in Two Years Shows Crackdo
dailymaverick.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymaverick.co.za Daily Mail and Mail on Sunday newspapers.

Chinese education tycoon loses $15 billion as company shares plunge 98%

Chinese education tycoon loses $15 billion as company shares plunge 98%
indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.

Chinese Education Tycoon Loses $15 Billion as Shares Plunge 98%

Chinese Education Tycoon Loses $15 Billion as Shares Plunge 98% Venus Feng, Bloomberg News BC-Chinese-Education-Tycoon-Loses-$15-Billion-as-Shares-Plunge-98% , Venus Feng (Bloomberg) Larry Chen, the former school teacher who became one of the world’s richest people, has lost his billionaire status as China cracks down on its private education sector. Chen, the founder, chairman and chief executive officer of Gaotu Techedu Inc., is now worth $336 million, according to the Bloomberg Billionaires Index, after shares in his online-tutoring firm plunged by almost two-thirds in New York trading on Friday on reports of the regulatory overhaul. On Saturday, China released new regulations that ban companies that teach school curriculums from making profits, raising capital or going public. It’s the latest blow for Chen, who has shed more than $15 billion in wealth since late January as Gaotu’s stock tumbled.

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