China’s Biggest Coding Education Company Crashes, Harming 200,000 Families, $200 Million Vanished
China’s Biggest Coding Education Company Crashes, Harming 200,000 Families, $200 Million Vanished
Udumbara
0
.
After ten years of operation, Tongcheng Tongmei, the largest children's programming institution in China (NASDAQ: TCTM), suddenly collapsed. The owner fled, affecting nearly 200,000 families across more than 50 cities. Starting on January 13, multiple cities across China reported the closure of Tongcheng Tongmei's branches, with parents unable to get refunds and employees facing unpaid salaries. In Chongqing alone, over 2,000 students were involved, with the total amount of money reaching 50 million yuan. Parents nationwide have formed rights defense groups, calling for government intervention.
.
