China tech crackdown: New Oriental’s Yu Minhong counts his losses in 2021, points to frugal future

//China tech crackdown: New Oriental’s Yu Minhong counts his losses in 2021, points to frugal future

China tech crackdown: New Oriental’s Yu Minhong counts his losses in 2021, points to frugal future

New Oriental Education founder, chairman and chief executive Yu Minhong has shared details of the personal and financial pain felt after Beijing cracked down on the country’s off-campus education services industry last year.“In 2021 … the market value of New Oriental dropped by 90 per cent, revenue declined by 80 per cent and 60,000 people were dismissed,” Yu wrote on his personal WeChat account over the weekend. “We paid nearly 20 billion yuan (US$3.1 billion) for tuition refunds, employee…

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By | 2022-01-10T12:15:25+00:00 January 10th, 2022|Technology|Comments Off on China tech crackdown: New Oriental’s Yu Minhong counts his losses in 2021, points to frugal future