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China Bars Listing & Financing of Curriculum Subject-tutoring
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On July 24 2021，in order to reduce the burden of off-campus tutoring for students undergoing compulsory education, the General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the Guidelines for Further Easing the Burden of Excessive Homework and Off-campus Tutoring for Students at the Stage of Compulsory Education.为规范校外培训，2021年7月24日，中共中央办公厅、国务院办公厅印发《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》。
According to the Guidelines, curriculum subject-tutoring institutions are not allowed to go public for financing; listed companies should not invest in the institutions, and must not issue shares or make cash offers to buy assets from such institutions; foreign investors are also barred from such institutions in the forms of merger & acquisition, entrusted operation and franchise, and must not use variable interest entity to control or hold a stake in curriculum subject-tutoring institutions.
《意见》提出，学科类培训机构一律不得上市融资，严禁资本化运作；上市公司不得通过股票市场融资投资学科类培训机构，不得通过发行股份或支付现金等方式购买学科类培训机构资产；外资不得通过兼并收购、受托经营、加盟连锁、利用可变利益实体等方式控股或参股学科类培训机构。
In addition, local governments must not approve new curriculum subject-tutoring institutions, and existing institutions should be registered as non-profit institutions.《意见》还提出，各地不再审批新的面向义务教育阶段学生的学科类校外培训机构，现有学科类培训机构统一登记为非营利性机构。
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