New Oriental Leads Tumble on SEC Investigation: China Overnight
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New Oriental Education & Technology Group Inc. tumbled the most on record, leading declines in New York-traded Chinese stocks, after the company said the U.S. regulator started a probe into the consolidation of its units’ financial statements.
American depositary receipts of New Oriental, China’s largest private education provider, lost 34 percent to $14.62 yesterday in New York, the biggest decline since its initial public offering in 2006. The Bloomberg China-US Equity Index of the most-traded Chinese shares in New York slid 1.9 percent to a nine-month low of 84.91. Sina Corp. sank to the lowest since September 2010 while Ctrip.com International Ltd. slumped to the least in three years.