New Oriental Education & Technology Group founder, chairman and chief executive Michael Yu Minhong reveals the impact of Beijing’s crackdown on the company and its employees. Photo: Weibo
China tech crackdown: New Oriental’s Yu Minhong counts his losses in 2021, points to frugal future
- New Oriental’s market value plunged by 90 per cent, revenue fell 80 per cent, and 60,000 employees were dismissed, founder Yu wrote on WeChat
- Separately, the company launched a live-streaming e-commerce platform, focusing on farm products, with the goal of connecting farmers and consumers
New Oriental Education & Technology Group founder, chairman and chief executive Michael Yu Minhong reveals the impact of Beijing’s crackdown on the company and its employees. Photo: Weibo
