New Oriental's HK shares jump on report of English teaching streaming session, rivals soar

Scholar Education

13/06/2022 03:50

** Hong Kong shares of Chinese tutoring and on-line
education service group New Oriental Education & Technology
Group  9901.HK  jump as much as 25.5% to HK$16.06, the highest
since Jan. 3
    ** Stock set for the biggest daily pct gain since March 16
if gains hold; second biggest pct gainer in Hang Seng Composite
Index  .HSCI  and sixth biggest gainer on the Hong Kong bourse
    ** New Oriental's chairman Yu Minhong brings back English
teaching with a live-streaming session last Friday evening on
Douyin, the Chinese version of TikTok also owned by ByteDance,
SCMP reported (https://bit.ly/3QggQcm)
    ** 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
    ** Smaller online education rival Koolearn Technology
 1797.HK  soars 56.8% to HK$9.77, highest since June 30 last
year
    ** Scholar Education  1769.HK , Tianli Education  1773.HK ,
Hope Education  1765.HK  and China Education  0839.HK  rise
between 2.1% and 15.9% 
    ** Hang Seng Commerce & Industry Index  .HSNC  drops 2.4%,
Hang Seng Composite Index  .HSCI  falls 2%, and the benchmark
Hang Seng Index  .HSI  is down 2.3%
    ** As of last close, New Oriental's Hong Kong shares had
fallen 21.3% this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))