In July 2021, the Chinese government nearly wiped out the country’s entire online tutoring industry after banning nearly all private after-school education services. Six months later, Yu Min-hong, founder of online education giant New Oriental, made his first public appearance in a surprising new role of selling cherries and other fruits and vegetables via livestream. . Yu’s move was part of New Oriental’s shift to e-commerce after its previous business of after-school tutoring and class sales had become nearly impossible. At the time, Yu’s livestream was widely seen as a desperate attempt to save the doomed enterprise. His apparent downfall has even sparked sympathy among some Chinese internet users concerned about what was once one of the country’s most successful entrepreneurs. But a year and a half after the New Oriental’s e-commerce experiment, Yu’s niche seems to be paying off.New Oriental’s latest earnings reveal the company has rebounded to profitability
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