The Chinese government’s untimely intervention in its country’s private education sector has sent shockwaves through the US$120 billion industry. The harsh and abrupt policy change, introduced just a month ago, meant that private tuition centres were forced to suspend both online and offline classes. The draconian changes caused the stocks of US-listed Chinese education providers such as TAL Education Group (NYSE: TAL) and Gaotu Techedu Inc (NYSE: GOTU) to lose more than half their value almost overnight. The crackdown has altered the face of the sector and caused many investors to question if their investment theses are still valid. The purpose of this move was supposed to reduce families’ burdens as significant portions of their disposable income went to private tuition centres to boost their children’s grades. This topic may feel familiar. Back home, Singapore also has a pressure-cooker type education system. The education sector has traditionally been viewed as being recession-proof, along with the healthcare sector....