About $16bn was wiped from the value of three major Chinese education companies listed in New York trading on Friday after a leaked memo suggested that Beijing might ban academic tutors from making a profit.
The document, dated July 19 and seen by the Financial Times, requires home-schooling or off-campus education companies to register for non-profit status and bars local authorities from approving any new agencies.
If the measures are enacted, it would be a heavy blow for one of China’s fastest-growing industries: tutoring children outside of school and preparing teenagers for university entrance exams.
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