China’s largest New York Stock Exchange-listed private education company, New Oriental Education, laid
off 60,000 employees after Beijing’s far-reaching crackdown last year. New Oriental Education’s billionaire
founder Yu Minhong confirmed the massive shakeup in a post on his WeChat account over the weekend,
adding that the company’s operations are in uncertain territory because of “policies, the pandemic and
international relations.” Famous for its after-school tutoring services, New Oriental Education laid off 60,000
staff members over the last year. The company had more than 88,000 full-time employees and about 17,000
contract teachers as of May 2021, according to its latest annual report. Yu Minhong did not say whether any
of the 60,000 employees were contract workers, but added that New Oriental’s revenue fell 80%, while its
market capitalization shrank 90%.
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