High-profile after-school-tutoring firms listed on the New York Stock Exchange, such as Gaotu Techedu Inc., TAL Education Group and New Oriental Education & Technology Group Inc., saw their share prices tumble in the months leading up to the regulatory drama in late July. Between highs reached at the start of 2021 through the July 22 eve of the sector's drastic restructuring, Gaotu Techedu's stock price plunged 93%; TAL's plummeted 77% and New Oriental Education & Technology's dropped 67%. Even so, the unanticipated harshness of the latest strictures — requiring those companies to transform themselves into non-profit institutions, while forbidding them from raising public funds or taking foreign money — set off further sharp declines of 65% to 71% over the past two weeks for the companies.