BEKE - Why Shares of New Oriental Education & Technology Group TAL Education Group and KE Holdings Fell Today
Chinese stocks fell today on a number of negative headlines for the sector, including tighter regulations and weaker economic data. Shares of the private-education company New Oriental Education & Technology Group (NYSE: EDU) fell roughly 10% today; shares of the online-tutoring company TAL Education Group (NYSE: TAL) fell 21.6%; and shares of the real estate company KE Holdings (NYSE: BEKE) ended the day down about 9.5%.
On Friday, the U.S. Department Of Commerce's Bureau of Industry and Security (BIS) introduced a series of new regulations on exports, specifically aimed at the sale of semiconductor chips and related hardware to China. The BIS will require companies that wish to sell this kind of hardware to China to apply for a license.
Furthermore, other foreign companies that use American-made tools to create chips they sell to China will also need to apply for a license. The BIS said the measures are part of ongoing efforts to protect national security and interests abroad.
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Why Shares of New Oriental Education & Technology Group, TAL Education Group, and KE Holdings Fell Today