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New Oriental Education laid off 60,000 people after Beijing’s crackdown last year

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Yu Minhong — the billionaire founding father of New Oriental Education — confirmed the huge shakeup in a submit on his WeChat account over the weekend, including the corporate encountered “too many modifications in 2021.” He blamed the layoffs on “insurance policies, the pandemic and worldwide relations.”

Yu’s submit lays out starkly the implications for personal enterprise in China as Beijing took main steps to curb what it noticed as unruly enterprise practices.

New York-listed Oriental — China’s largest non-public schooling firm by market capitalization — was one of the high-profile casualties of the widespread restrictions imposed on the nation’s $120 billion non-public tutoring sector, because it reeled from guidelines introduced in July that banned for-profit, after-school tutoring companies and restricted such corporations from making earnings or elevating capital.