U.S., European Investment Banks May Have Lost Some $12 Billion As Chinese Education Firms Crashed

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U.S. and European investment banks may have lost some $12 billion as Chinese education firms crashed

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Shares of the Chinese tutoring companies have been declining since early 2021. Gaotu’s second biggest shareholder, Goldman Sachs, which owns about a 19% stake per the February SEC filing. At its peak last October, Gaotu traded at nearly $115 per share, valuing Goldman’s stake at over $3.6 billion. Based on its Monday closing price of $2.50, the same Gaotu stake is now worth less than $80 million.

 

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