www.research.hsbc.comDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.PlayinterviewwithBinnieWongEquitiesHongKong/ChinaAugust2019By:BinnieWongChinaEducationWhatregulationsandonlineeducationmeanforthefutureofChinaafter-schooltutoringAfter-schooltutoringinChinaisbeingdrivenbyrisingpressureonchildrentosucceedacademically;weseeTALandEDUasthemostdefensiveChinagrowthstocksamidtradetensionsOnlineeducationoffersstudentsinsmallercitiesgreateropportunities,andforeducationproviders,scalability;onlineinvestmentwilltranslateintomoresustainablelong-termgrowthWeinitiat...