Shares in New Oriental have surged around 50% in Hong Kong since Monday after its livestream e-commerce sessions went viral the past weekend. The company’s shares are trading at HK$19.2 ($2.5) on Wednesday morning. However, it’s still far below the roughly HK$50 apiece last June before it was hit by China’s regulatory crackdown on the private tutoring industry in July. Oriental Select, New Oriental’s livestream arm, gained more than five million followers on Douyin after hosts started to offer short, free English teaching sessions while livestreaming. The brand’s sales jumped to RMB 45 million on Tuesday, up from less than RMB 1 million in the six months since launching in December. [Caixin, in Chinese]
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