New Oriental Tries Live Streaming E-commerce in Ongoing Transformation

Company’s revenue plummeted 80% last year and it laid off 60,000 employees after China’s crackdown on after-school tutoring Key takeaways: New Oriental has turned to live streaming e-commerce, with founder Yu Minhong selling agricultural products online Yu refused to shut company down after education crackdown, saying he bears responsibility for 50,000 remaining employees By Jony Ho China’s crackdown on after-school tutoring services first announced last July, known locally as the “double reduction” policy, may be easing the homework burden on students. But it has left a trail of carnage among the…

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FAST NEWS: CStone Submits New Drug Application, Grants Restricted Shares to Non-Executive Director

The latest: CStone Pharmaceuticals (2616.HK) announced it has reached the primary endpoint of its clinical study for its drug Cejemly to treat relapsed or refractory T-cell lymphoma, and plans to submit a new drug application in the near term to the National Medical Products Administration of China. Separately, Kenneth Walton Hitchner III, a CStone non-executive director and former chairman of Goldman Sachs Asia Pacific, was awarded approximately 394,000 restricted company shares on Dec. 10 last year, according to a Hong Kong Stock Exchange filing. Looking up: If approved in China, Cejemly is…

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Buyout Group Slashes Offer for 51Job, Others to Follow?

Human resources stalwart announces new privatization bid at $57.25 per ADS, down sharply from previous offer of $79.05 Key Takeaways: A buyout group attempting to privatize 51Job has slashed its offer by 28% in light of economic and regulatory challenges Other companies in the process of similar privatizations, such as So-Young, iClick and Fanhua, could follow with similar reduced offers By Doug Young Brother, can you spare $22? That variation to the famous line from the Great Depression-era song could well be the latest mantra from online human resources stalwart…

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