On July 23, China announced the new rules that require China’s tutoring companies to become nonprofit entities. They were banned from offering tutoring services during weekends and school breaks, and from making profits, raising capital or going public.

China is tightening curbs over US-listed Chinese companies. Look at what happened to DIDI, the ride-share company that was listed a few days ago, this crackdown on tutoring firms is Deja Vu all over again.