Firm hurt by Xi’s crackdown comes roaring back

New Oriental’s stock is now trading at its highest level since July 2021, the month China shocked the business world by outlawing much of the private education industry. — Reuters

BEIJING: One of the biggest losers from Chinese President Xi Jinping’s crackdown on the private sector has turned into a surprise stock market winner after overhauling its business model.

New Oriental Education and Technology Group Inc, which tumbled more than 95% from its all-time high amid Xi’s move to ban swathes of the for-profit education industry, has more than doubled as it broadened its focus to eCommerce and travel.