Under siege, China EdTech giants take steps to curb fallout

Education technology firms are scrambling to restructure and adjust to new regulation for the industry in China, after the government launched a sweeping crackdown. — Bloomberg

China’s largest private education firms are moving swiftly to overhaul their businesses to adjust to a harsh new reality after Beijing launched a sweeping crackdown on the US$100bil (RM422.3bil) sector.

Two of the sector’s biggest names have in past days reached out to reassure investors and managers their businesses remain viable and won’t abruptly collapse, according to people familiar with the matter.