China unveiled a sweeping overhaul of its US$100 billion ($136 billion) education tech sector, banning companies that teach the school curriculum from making profits, raising capital or going public.

Beijing on Saturday, July 24, published a plethora of regulations that together threaten to up-end the sector and jeopardize billions of dollars in foreign investment.

Companies that teach school subjects can no longer accept overseas investment, which could include capital from the offshore registered entities of Chinese firms, according to a notice released by the State Council.

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