An educational revolution is underway. It has been 30 days since the official announcement of the "Double Reduction" ("Opinions on Further Reducing the Burden of Students' Homework and Off-campus Training in Compulsory Education") on July 24, and the entire off-campus training industry has undergone tremendous changes. When they first saw the "double reduction" document, many people in the industry did not expect that this change would be so fast and so thorough. Now, they have to admit that "an era in the education and training industry is over". Almost all K12 education companies that were in the limelight last year are shrinking, laying off workers and making a living. The three giants of education in the US stock market, TAL, New Oriental, and Gaotu, have only single-digit share prices. In 8 months, the total market value of the three companies has dropped from over $130 billion at the peak to $7 billion today.
A nearly trillion-dollar market collapsed suddenly. Practitioners are leaving one after another. The founders and executives are doing their best for the survival of the company. The capital that once pursued online education has withdrawn urgently, and they dare not extend their tentacles. On the surface, various players in the off-campus training industry have turned job title email list their boats around and are in full swing to explore directions such as quality education, adult education, and educational hardware, but these moves are considered by the industry to be just "delayed tactics." "In the off-campus training industry, no track can have the scale of the K12 track." An industry source made it clear.
The glory of the K12 track is no longer a foregone conclusion. While many practitioners are saddened by the impact of their work, they have to admit that, under the coercion of capital, the off-campus training industry once entered the track of speeding. Chen Jing, vice president of Blue Elephant Capital Investment, used the classic lines from the movie "Young and Dangerous" to describe this "double reduction" rectification: "If you make a mistake, you must recognize it, and if you are beaten, stand at attention!" She said that in the face of "double reduction" , do not exploit the loopholes in the policy, but take the opportunity to reflect and summarize, and let education return to the essence of educating people. This is the real meaning of this great change. Shen Ran communicated with many front-line practitioners, entrepreneurs, company executives and investors in the online education industry, trying to record the great changes in the past 30 days.