Yu Minhong, founder and president of China’s leading private education company New Oriental, achieved sales of RMB 4.6 million ($722,000) in his e-commerce livestream debut on Tuesday. Yu’s livestream session was broadcast on short video app Douyin and mainly focused on selling farmers’ goods such as apples and beef steaks. The US-listed firm is betting on livestreaming to generate revenue after the private education sector in China was rocked by a sweeping state crackdown in late July. The company has been forced to suspend K-9 curriculum courses, which represented 58-73% of its core business. [Jiemian, in Chinese]
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