Why Chinese Education Stocks Bounced Back Today
This might not be the reaction you were expecting to today's news from Wall Street, where investment bank Daiwa downgraded shares of both New Oriental Education and TAL Education to "hold" today and Deutsche Bank did the same to New Oriental, TAL, and Gaotu Techedu. As Deutsche explains in a note covered by TheFly.com, the Chinese State Council has just published its "Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education," and the news is actually even worse than feared.
