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Tutoring giant New Oriental had to let go of around 60,000 employees.
By Eustance Huang, CNBC • Updated on July 27, 2021 at 11:16 pm Jiang Ning | VCG | Getty Images The CSI 300 which tracks the biggest mainland China stocks, along with Hong Kong's Hang Seng index, are currently among the worst-performing in Asia-Pacific. Separately, the MSCI Emerging Markets index has also tumbled into negative territory for the year. Chinese internet giants like Tencent, Alibaba and Meituan are among the top 5 constituents of the index, as of Jun 30. The declines come as Chinese regulators continue to step up their oversight in sectors spanning from technology to ...
Daily Times July 27, 2021 JP Morgan Chase analysts said it was uncertain whether firms could continue to be traded on stock markets under the new regime, adding that “in our view, this makes these stocks virtually un-investable”. New Oriental Education and Technology Group crashed 40 percent in Hong Kong, having dived a similar amount on Friday as speculation about the move circulated on social media. Its New York-listed shares collapsed 54 percent. Koolearn Technology dived more than 30 percent and China Maple Leaf Educational Systems shed 16 percent. Tech firms also took a hit in respon...
Most Asian markets fall as traders struggle to track Wall St record Issued on: 26/07/2021 - 05:06 Bitcoin is enjoying a recovery, rallying close to $40,000 after tycoon Elon Musk reiterated his backing for the digital unit Marco BELLO AFP 4 min Hong Kong (AFP) Markets in Asia mostly fell Monday morning, led by Hong Kong after Beijing at the weekend further cracked down on China's tech firms, while education firms were hammered as the government unveiled sweeping reforms of the sector. The broad losses across the region came as traders continued to ...