(Bloomberg) -- China said companies that offer tutoring on the school curriculum cannot go public or raise capital from listed companies, imposing a new set of constraints in education tech industry.
“All regions can no longer approve new subject-based off-campus training institutions for students in the compulsory education stage, and existing subject-based training institutions are uniformly registered as non-profit institutions,” according to a notice released by the State Council on Saturday.
It also banned companies that offer tutoring on the school curriculum from receiving investment from overseas capital, putting a rapidly-growing education market out of reach from global investors.
From Tiger to Temasek, Investors Scarred by China EdTech Assault
©2021 Bloomberg L.P.