After the Ministry of Education issued the double reduction policy, major education and training companies are faced with the problem of transformation. Recently, it was reported that The Great Jade Guidance group invested and established a clothing company, Beijing Bingyuan Clothing, with a registered capital of 50 million yuan. Its business scope includes selling clothing, shoes and hats, needle textiles, daily necessities, handicrafts, clothing design and so on.
New Oriental, another leader in tutoring, is also attracting attention.On October 20, New Oriental set up Beijing Private library Cloud Book Software Technology Co., LTD., according to cha-cha information.
The company is wholly-owned by New Oriental, with a registered capital of 10 million yuan, and its legal representative is Wang Zhuan, assistant vice president of New Oriental Education and Technology Group.
According to public information,Beijing Private Library Yunshu Software Technology Co., Ltd. business scope includes software development, technology development, computer sales and other Internet business,It also involves the second type of value-added telecommunications business, radio and television program production and operation, publication retail and other entertainment industries.
According to statistics, after the announcement of the double reduction policy in August, the share price of New Oriental fell by more than 80 percent, and the market value of New Oriental lost 230 billion Hong Kong dollars. Since then, New Oriental has stopped the offline enrollment of primary and secondary school students, and gradually closed teaching sites in various cities.
New Oriental also plans to lay off more than 40,000 employees by the end of this year.