高盛-中国教育-回应投资人的关切.docx

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高盛-中国教育-回应投资人的关切.docx

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17May2024|8:55AMHKT

ChinaEducation:Addressinginvestorqueriespostrecentshareweakness

Wehavereceivedanumberofinvestorqueriesposttherecentshareprice

weaknessinChinaeducationnames;e.g.sharepricesofNewOriental

(EDU/9901.HK)/TALEducation(TAL)-1%/-7%vs.KWEB+7%thisweeksofar.WeattributethesharepriceunderperformancepartiallytothestrongerChinainternetbeta(GOTUwiththehighestbetasawshareprice+5%thisweek,outperformingKWEB),aswellastonews?owregardingtheregulatoryenvironment/updatesontheChinaeducationsectoroverthepastweek.

Whathappened?

1)LastFri(May9),China’sStateCouncilpublishedits2024legislationplanwhichdidnotincludeRegulationsonManagementofAfter-schoolTutoring(draftpublishedinFeb).Wenotewhileittypicallytakesacoupleofyearsfromthe?rstdraftto

legislationbasedonthehistoricalpattern,thismighthavedisappointedsome

investors.Asweobservedinourpriornote,weseethedraftlegislationclarifyingthepositionofafter-schooltutoringasthe“bene?cialcomplement”toin-school

education,withtheregulatoryobjectivesbeingimprovingtutoringqualityand

satisfyingdiverseculturalandeducationaldemand.WhilethemajorityofregulationsintheDraftareinlinewiththeregulatoryrequirementsannouncedsincetheDoubleReduction,wenotetherequirementthatmanagementofhighschoolsubject

tutoringinstitutionsshouldrefertotheregulationsonsubjecttutoringinstitutionsforstudentsatthecompulsoryeducationstage(e.g.not-for-pro?tregistration,tutoringhourlimitations,noapprovalofnewsubjecttutoringinstitutions)appeartobeno

longeremphasized.

2)OnMay14,China’sMinistryofEducation(MOE)announcedplanstolauncha

campaignthisyeartargetedatregulatingfundamentaleducation,withkey

focusesoncampussafety,schooladministrationandteacherethics(notafter-schooltutoringinstitutions).TheM