[Epoch Times November 13, 2021](Epoch Times reporter Liu Yi comprehensive report) On November 13, Beijing Century Good Future Education Technology Co., Ltd. (Good Future) announced that it will terminate the compulsory education in mainland China on December 31 Class off-campus training services.
Good Future issued a post on its official Weibo on the 13th, stating that all requirements for the “double reduction” work will be strictly implemented. The subject-based off-campus training services in the compulsory education stage in Mainland China will end on December 31, 2021. Complete such course services that have been registered.
After the news came out, the good future stock rose by 2.81% as of the close, at 4.40 US dollars per share, with a total market value of 2.837 billion US dollars.
The data shows that after reaching US$90.96 per share on February 17th, Good Future’s stock has fallen all the way. As of now, the stock price has closed at US$4.4 per share, the stock price has plummeted by nearly 96%, and the total market value has also fallen from a high of more than 51 billion US dollars to the present. 2.8 billion US dollars, the total market value evaporated 311 billion yuan.
According to a report by “21st Century Business Herald”, a review found that Beijing, the most important city in the future, has opened 155 teaching sites as of the end of February this year, and now only 53 are left, a decrease of 65.8%. Among them, there are only 26 teaching points left for normal classes, which is less than half of the remaining teaching points. A staff member said that some campuses in Chaoyang District had just completed renovations this year and were closed before being put into use.
Not only is the future good, on October 25, the mainland education and training industry leader New Oriental Online announced on the Hong Kong Stock Exchange that the group will stop operating out-of-school training services for subjects at the compulsory education stage in Mainland China, and still provide Mainland China kindergartens to grade 9 (K-9) Or compulsory education). The termination is expected to take effect before the end of November 2021.
On the evening of November 7, Yu Minhong, the founder of New Oriental, announced during the live broadcast that New Oriental will set up a large-scale agricultural platform to help sell agricultural products through live broadcast.
On July 24 this year, the Chinese Communist Party issued the “Opinions on Further Reducing the Burden of Students’ Work and Extra-School Training in Compulsory Education” (“Double Reduction”), stipulating that the education and training industry should be classified as non-profit and capital operation is not allowed. Using holidays to start classes, commentator Wang Jian believes that “this is an destruction of the education and training industry.”
Since then, companies in the mainland education and training industry, such as New Oriental, Good Future, Gaotu, Homework Assistant, and Yuanjiao, have been hit hard, their share prices have plummeted, their market value has shrunk sharply, and their employees have been greatly reduced.
Financial commentator Wang Jian believes that there are about 20 million people in mainland education and training, and most of them will be laid off during the crackdown. This has put a lot of pressure on employment in the mainland.
Editor in charge: Lin Congwen
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