ADVERTISEMENTStarting on Friday and continuing on Monday, shares of Gaotu Techedu, New Oriental Education & Tech Group and Tal Education — a trio of NYSE listed Chinese tutoring firms — crashed. A spot at one of these top institutions — Tsinghua University, Peking University, Fudan University, University of Science and Technology, Zhejiang University and Shanghai Jiao Tong University — is highly coveted, but the six universities have a combined undergraduate population of less than 100,000 students. Based on its Monday closing price of $2.50, the same Gaotu stake is now worth less than $80 million. Morgan Stanley, with major stakes in two Chinese education firms, is possibly the biggest loser outside of the Middle Kingdom. Those shares have lost $1.6 billion of their value since Tal shares topped $90 per share this past February; the firm is now trading at $4.40.

Source: Forbes July 27, 2021 10:52 UTC