Chinese tech stocks swooned, and investors blanched, as China last month imposed the toughest curbs yet on its US$100 billion (S$136 billion) private tutoring and online education industry.
Beijing decreed that the industry can operate only without profit, knocking off tens of billions of dollars that private equity and venture capital funds had sunk into it. Firms can no longer court foreign capital, no new licences will be issued, and limits have been placed on foreign teachers and teaching hours.
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