First US-listed Chinese Education Group to Make Massive Lay Offs to Meet China’s Education Restrictions

Students salute as a national flag is raised during a ceremony on the first day of the new school year at an elementary school on September 1, 2021 in Beijing, China. Kevin Frayer/Getty Images

Tal Education Group (NYSE: TAL), the first U.S.-listed Chinese technology education company, will shut down its subject-based off-campus training business and make massive layoffs to comply with Beijing’s “double reduction” policy by the end of this year.

Tal Education Group is expected to lay off about 16,000 people and retain only 4,000 to start the non-profit subject education volunteer model, teachers at the company’s Hangzhou school district told Fortune China on Dec. 24.