A selloff in Chinese private education companies sent shockwaves through the nation’s equity market Monday, as investors scrambled to price in the growing risks from an intensifying crackdown by Beijing on its industries.
Stocks slumped on the mainland and in Hong Kong, with the benchmark CSI 300 Index and the Hang Seng Index both tumbling more than 3%. Education stocks plunged in the wake of a sweeping overhaul that threatens to upend the $100 billion sector and jeopardize billions of dollars in foreign investment.
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