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EdTech Firm Fires 60,000 in Worst Cuts Since China Crackdown

  • New Oriental saw an 80% slump in sales, chairman says
  • It fell victim to far-ranging curbs on after-school education
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New Oriental Education & Technology Group Inc. fired tens of thousands of employees, the biggest layoffs disclosed since China embarked on a wide-ranging crackdown on private enterprises more than a year ago. 

Yu Minhong, founder and chairman of the Chinese tutoring giant, revealed in a WeChat post over the weekend that the company dismissed 60,000 workers in 2021 and saw revenue fall 80% after ending all K-9 tutoring services following Beijing’s overhaul of the the $100 billion after-school education sector last July. Even after the cuts, the company still has about 50,000 employees and teachers, Yu said in a separate post Monday.