News Snapshot:
Chinese EdTech Giant Laid Off 60,000 After State Crackdown, Says Founder China’s New Oriental dismissed 60,000 employees and saw operating income plunge by 80 percent after Beijing enforced new sweeping rules on the country’s private education industry that barred for-profit tutoring last year, according to its founder. Yu Minhong, who founded the company in 1993, published the figures on his official WeChat account on Saturday in a disclosure that showed how the crackdown in July 2021 hit what was once one of China’s largest private tutoring firms. The WeChat post did not specify a time period for the drop in...
