Stock Track | New Oriental Education Stock Plummets 5.08% as Chinese ADRs Slump

Stock Track02-24

New Oriental Education & Technology Group Inc. (NYSE:EDU) saw its stock price plummet 5.08% in pre-market trading on Monday, as part of a broader sell-off in Chinese American Depositary Receipts (ADRs) traded on U.S. exchanges.

The decline in New Oriental Education's shares followed a rough trading session on Friday, where the company's stock fell 5.6% amid concerns over the large institutional ownership and potential selling pressure. According to data from Simply Wall St, institutional investors hold a 59% stake in the company, with the top 9 shareholders owning 50% of the shares.

The steep drop in Chinese ADRs on Monday, including a 5% decline in tech giants Alibaba and JD.com, suggests that broader market sentiment towards Chinese companies listed in the U.S. has soured, potentially due to geopolitical tensions or concerns about regulatory crackdowns in China.

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