Koolearn Tech, the Hong Kong-listed online tutoring arm of New Oriental, announced Monday that it will stop providing a significant part of its after-school tutoring services in China by the end of November. The move applies to curriculum courses offered to grades up to K-9 in the mainland Chinese market. The company attributed the move to China’s new regulations on private education. The company said the move will adversely impact its revenue since K-9 business represents 58% to 73% of its core K-12 business. [Koolearn press release]
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