RTTNews | Jul 23, 2021 12:48PM EDT

12:47 Friday, July 23, 2021 (RTTNews.com) - China Online Education slumps 43%

China Online Education Group (COE) joins the rapid crash on Chinese k-12 education providers on the Street as it falls 43% on Friday. The news of the government asking the private education industry to become non-profit, reported by Bloomberg, is believed to be the primary catalyst to the fall.

The company reported, "The regulations have not been published, and the Company has not received official notification of the regulations. It is the Company's policy not to comment on market speculations."

The company also reduced its guidance for the second quarter on July 23, to between RMB575 million and RMB580 million from a range of RMB597 million and RMB603 million as published on May 17, 2021.

The shares are currently trading at $3.82, down $2.86 or 42.81% from $6.68 on the bell on Thursday. The shares opened at $4.28 in the morning and in the 52-week period, the shares have ranged between $3.79 and $30.85. The company has lost 56% of its value in the last

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