At the sprawling Beijing headquarters of Gaotu Techedu, one of the world’s biggest online education businesses, staff are braced for the worst after the group lost over 90 per cent of its market value in a matter of months.
“They’ve been laying people off these last few days,” said one employee this week as he left the building after being made redundant. “Everyone is worried,” said another. “It’s not our turn yet but I feel like we are just waiting for it.”
The upheaval for engineers and teachers at US-listed Gaotu comes after regulators launched a sweeping clampdown on China’s $100bn education industry at the weekend.
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