China's New Oriental jumps on report of restarting online English tutoring

RLX Technology

13/06/2022 12:18

** U.S-listed shares of Chinese tutoring and online
education service group New Oriental Education  EDU.N  up 8.5%
at $17.58 premarket
    ** New Oriental Chairman Yu Minhong brought back English
teaching with a live-streaming session on Friday evening on
Douyin, the Chinese version of TikTok owned by ByteDance, SCMP
reports (https://bit.ly/3QggQcm)
    ** Meanwhile, rivals Gaoto Techedu  GOTU.N  and RLX Tech
 RLX.N  gain 2.2% and 3.9%, respectively, before the bell
    ** EDU is set to open at near five-month high after J.P
Morgan upgrades stock to "overweight" from "neutral" 
    ** The popularity of streams featuring English speakers
could give the education group a boost after being hit hard by
Beijing's crackdown on the industry last year, SCMP reported
    ** RLX down 41% YTD, while GOTU has lost 7.7% and EDU fell
22.8% 

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.Mathews@thomsonreuters.com;))