Ambow Rebounds as Investigation Shows Centers Registered
Ambow Education Holding Ltd. (AMBO) jumped in New York as the Chinese private education services provider said an internal probe found that its tutoring centers are legally registered and it doesn’t expect financial restatements.
Ambow jumped 10 percent to $2.50 as of 11:10 a.m. in New York as trading resumed. The company slumped a record 27 percent yesterday before trading was suspended.
All one-on-one tutoring centers operated by Jinghan Yingcai Education and Technology Co., a unit of Ambow, are legally registered with local industrial registration agencies and tax bureaus, and the company is not aware of any pending regulatory reviews, Beijing-based Ambow said today in a PRNewswire statement.
Ambow tumbled yesterday after the company said Sept. 4 in an online statement that it started an internal investigation after China’s state television reported a day earlier that its unit exaggerated training results and that the schools’ registrations were incomplete.
Ambow has completed its internal review regarding the media reports and has no plan to hire third-party advisers to assist with any further internal review, it said today.
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