Refund policy shakes China's Edtech giant
Edited By WION Video Desk
Published: May 12, 2023, 06:55 IST | Updated: May 12, 2023, 06:55 IST
A Chinese Edtech firm, offcn education technology Co, faces challenges as the popularity of government jobs rises in China. The company, known for helping students prepare for tough government exams, suffered financial setbacks due to a surge in fee refunds for failed candidates. With the uncertainty around private jobs, more Chinese individuals sought stable career options in the bureaucracy. The billionaire founders, Lu Zhongfang and Li Yongxin saw their fortunes dwindle by $20 billion as they grappled with increasing refund demands and competition in the government job sector.
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