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中金:吁逢低吸纳低风险教育股 荐东方教育(0667.HK)、新东方在线(1797.HK)
格隆汇 09-04 11:33

中金公司发表研究报告指出,昨日(3日)教育股大幅调整由政协会议官员发言引起,但该发言仅代表意见,并非政策;估计包括培训类在内的营利性学校将不受影响,建议逢低吸纳被错杀的低风险赛道,包括职业教育、高等教育和线上教育等,推荐中国东方教育(0667.HK)和新东方在线(1797.HK)。

中金报告说,官员发言反映对非营利性学校通过VIE(协议控制)转移利润的担忧,但营利性学校不在讨论范畴,营利性学校可更改VIE架构,即便禁止VIE结构民办教育公司上市,亦不构成影响。培训类公司本身一直是营利性机构,未来也可自由选择成为营利性机构。

报告又指,高等教育可自由选择成为营利性学校,长期影响不大。至于K-9教育建议等待政策落地,再做观察。

市传内地就《民办促进法》的修订咨询快将出炉,重燃市场对民办教育可能被杜绝以VIE形式结构上市及并购的疑虑。同时,昨天经公众号发布人民大学校长兼政协常委刘伟引述调研发现称,要杜绝民办教育以VIE架构在境内外上市,维护国家的教育主权、文化与意识形态安全,拖累内地教育股昨天跳水。

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