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利空 | K-12教育股大跌,民办学校新规下义务教育阶段上市公司盈利将面临挑战

uSMART友信智投9月2日消息,港股内地教育股现普跌行情,尤其是拥有K-12业务的教育股,睿见教育跌超20%,天立教育跌超18%,枫叶教育跌17%,成实外教育跌超10%。

消息面上,9月1日,习近平主席主持召开中央全面深化委员会第十五次会议,会议审议通过了包括《关于新时代振兴中西部高等教育的若干意见》和《关于规范民办义务教育发展的实施意见》(“实施意见”)两份教育相关文件。其中,实施意见再次强调了义务教育的公益属性,与民促法修法精神相契

会议指出,规范民办义务教育发展,旨在“加强分类指导,强化民办义务教育规范管理,营造良好教育生态”。会议强调,各级党委和政府要“坚持国家举办义务教育,确保义务教育公益属性,办好办强公办义务教育”。

中金公司预计,正式文件有望于近期出台,且民促法实施条例或出台在即

中金分析师表示,在民促法修法下,义务阶段学校仅可设立为非营利性学校,因此或在外延扩张及持续获得收益方面遇到挑战。民促法实施条例的加速落地或使得可变利益实体(VIE)架构下的义务教育阶段上市公司面临更为紧迫的挑战。

高等教育板块而言,由于高等教育可选择为营利性学校,并购发展并不会受限,因此整体影响不大。

培训机构而言,旨在加强事中事后监管,推进行业自律,营利层面并不受影响。

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