Chinese education stocks are taking a beating on Friday thanks to new restrictions placed on them by their home country’s government.
According to recent reports, China is cracking down further on education companies. That includes no longer allowing them to raise money through stock listings. This comes as China has been working to keep companies based out of it from listing shares on U.S. exchanges.
News of the changes from the government we’re hitting Chinese education stocks hard this morning. Many of them were falling during pre-market trading today. For some, that has continued into normal trading hours.
Let’s take a look at some of these stocks and see how they are doing now.
Chinese Education Stocks on the Move
- TAL Education (NYSE:TAL) stock starts us off with shares falling 65% as of Friday afternoon. That comes with some 127 million shares changing hands. For comparison, the company’s daily average trading volume is close to 16.2 million shares.
- Gaotu Techedu (NYSE:GOTU) shares are next with the stock taking a 59% beating as of this writing. To go along with that, some 56 million shares have moved today. To put that in perspective, the company’s daily average trading volume is roughly 9.3 million shares.
- New Oriental Education & Tech (NYSE:EDU) stock finishes us off with shares plummeting 60% on Friday. The company is also seeing some 543 million shares traded. That’s a massive increase compared to the company’s daily average trading volume of about 35.1 million shares.
Investors looking for more of the latest stock market news for Friday will want to keep scrolling.
InvestorPlace.com is staying on top of the market with coverage of the biggest stock stories today. That includes the hard seltzer news hitting Boston Beer (NYSE:SAM) stock today, what else to expect from the market on Friday, as well as why shares of Snap (NYSE:SNAP) are on the rise. You can learn all about these subjects by following the links below!
More Stock Market News for Friday
- SAM Stock: The Truly Hard Seltzer News Tanking Boston Beer Shares Today
- What Will the Stock Market Do Today? 3 Big Stories to Watch.
- SNAP Stock: 10 Reasons That Snap Investors Have to Be Happy Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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