17 Education & Technology Inc. (NASDAQ:YQ) jumped 16% after announcing that on July 24, 2021, China Central Television and Xinhua News Agency announced Opinion regarding the alleviation of the burden of schoolwork and after school tuition of students in obligatory education.
The General Office of the State Council and General Office of the CPC Central Committees provided the Opinion. The Opinion offers a policy directive about the prerequisite and restriction to compulsory schooling in China and offline and online after-school teaching services.
The company will comply with the set regulations and rules in china in offering educational services, including the rules and regulations set by the Opinion. Most importantly, the company will consider the Opinion’s provisions and evaluate their implications in its operations. Additionally, the company anticipates the Opinion and associated regulations to impact the results and prospects of the operations positively. With the changing regulatory landscape in China, YQ is a stock worth watching in the coming days.
Market Reaction:
On Tuesday, YQ stock rose 15.70% at $1.18 with more than 5.97 million shares, compared to its average volume of 2.40 million shares. The stock has moved within a range of $1.0100 – 1.2300 after opening the trade at $1.06.
