Beijing tutoring crackdown slams U.S.-listed Chinese stocks

A broad crackdown on China's massive internet sector has already rattled investors. Beijing launched a data-related cybersecurity investigation into ride-hailing giant Didi Global Inc

just two days after it raised $4.4 billion in a New York initial public offering. Didi has fallen over 40% from its June 30 IPO price, while Baidu has tumbled 50% from its February record high and Alibaba is down 35% since October. "A lot of the fast-money types had recently been trying to catch a falling knife, and some of these stocks started to look OK. But today looks like a complete capitulation, where guys can’t stomach the pain of regulatory uncertainty. People have just given up," said Joel Kulina, a senior trader at Wedbush Securities who specializes in technology stocks.

The policy change threatens to decimate China's $120 billion private tutoring industry and imperils the listing ambitions of numerous venture capital-backed education firms, including Alibaba-backed Zuoyebang, and online education platforms Yuanfudao and Classin, both backed by Tencent.Reporting by Noel Randewich in Oakland, Calif. Editing by Matthew LewisSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.

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