You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》中金:內地「雙減」落地限制教培資本化 下調多隻教育股評級至「中性」
中金發表報告表示,就中共中央辦公廳、國務院辦公廳近日印發《關於進一步減輕義務教育階段學生作業負擔和校外培訓負擔的意見》,對學科類機構非營利性、不得佔用國家法定節假日、休息日及寒暑假組織學科類培訓等做出監管要求,該行判斷內地教培行業迎來截止目前的最強監管,決定下調對好未來(TAL.US)、新東方(EDU.US)、新東方在線(01797.HK)評級均至「中性」並下調目標價,降新東方在線目標價57%至5.3港元、下調好未來目標價81%至5.4美元、降新東方目標價66%至3.1美元。

該行指,內地限制培訓時長力度超過預期;限制收費和審批,學科類培訓機構統一登記為非營利性,並指學科類培訓機構一律不得上市融資,嚴禁資本化運作。文件表示上市公司不得通過股票市場融資投資學科類培訓機構,不得通過發行股份或支付現金等方式購買學科類培訓構資產;外資不得通過併購、收購、受託經營、加盟連鎖、利用可變實體等方式控股或參股學類培訓機構。已違規的要進行清理整治。中金認為內地教培上市公司或面臨剝離K12學科類培訓業務的風險。

中金表示,由於「雙減」對K12業務嚴格監管且禁止資本化運作,該行下調對好未來、新東方、新東方在線評級均至「中性」並下調目標價。行業目前的風險為上市公司K12教培業務面臨剝離;限制培訓時長及收費價格。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account