China Stocks Tumble After Beijing Said To Plan Edtech Crackdown China Stocks Tumble After Beijing Said To Plan Edtech Crackdown Another day, another communist crackdown by Beijing on a booming private sector, another plunge in Chinese stocks as the facade of " socialism capitalism with Chinese characteristics" is slowly chipped away. Chinas government is planning a crackdown on the countrys booming off-campus tutoring industry, in one of the biggest overhauls of the education sector that sent dozens of publicly listed stocks tumbling in Shanghai and Hong Kong, as part of a sweeping set of constraints that could decimate the countrys $100 billion education tech industry, sending shares crashing. According to SCMP, in one of the biggest overhauls in local edtech industry, local authorities will ask companies that offer tutoring on the school curriculum to go non-profit; they will also ban the provision of holiday and weekend tutoring, "and will no longer approve the establishment of new tuition centres, according to sources briefed on a newly released policy document promulgated by the State Council." As part of this non-profit conversion, companies that operate edtech platforms, or services that provide online education, will not longer be allowed to raise capital through initial public offerings.