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

Scholar Education

13/06/2022 05:54

(Update stock prices, adds milestone for Koolearn)
    ** 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, their highest
since Jan. 3
    ** Stock set for the biggest daily pct jump since March 16
if gains hold; second-biggest pct gainer in the Hang Seng
Composite Index  .HSCI  
    ** New Oriental Chairman Yu Minhong brought 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
    ** Shares of New Oriental's online education arm, Koolearn
Technology  1797.HK , double in value to HK$12.50, highest since
May 31 last year; biggest pct gainer on the Hong Kong bourse
    ** Smaller rivals China Education  0839.HK , Scholar
Education  1769.HK , Tianli Education  1773.HK  and Hope
Education  1765.HK  rise between 1.7% and 22.2% 
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops
3.6%, the Hang Seng Composite Index  .HSCI  falls 2.7%, and the
benchmark Hang Seng Index  .HSI  down 2.8%
    ** As of last close, New Oriental's Hong Kong shares had
fallen 21.3% this year

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