5 minute read
WALL STREET STRUGGLES
Why is Wall Street English Filing for Bankruptcy in China?
By Joshua Cawthorpe and Alistair Baker-Brian
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More than 1,000 customers of Wall Street English who are owed refunds have risen in online chat groups to seek legal counsel as the English tutoring company files for bankruptcy. According to Global Times, the outstanding liabilities in refundable tuitions could exceed RMB100 million.
As WSE representatives were continuing to sell courses in late July, the impending lawsuit will likely allege fraud. The company was already penalized for false advertising practices in June with a RMB2.5 million fine from Shanghai market regulators.
However, a Beijing-based lawyer told Global Times that it will be very difficult for complainants to receive compensation if the company doesn’t have the financial ability to provide refunds.
Customers spent RMB20,000, on average, for tuition and then would be called repeatedly by representatives to ‘upgrade’ their courses.
Representatives often pressured customers to take out loans from banks and other short-term loan providers, among which Baidu-owned Du Xiaoman Financial holds the greatest exposure of outstanding WSE-related loans.
According to Caixin Weekly, there are no protections in place for borrowers, and some of these loans have already negatively affected former WSE students’ credit scores. The company entered the Chinese market in 2000 and, at its peak, held 71 training centers in 11 Chinese cities. As of mid-August, less than 30 schools were operating with only 1,000 employees nationwide.
WSE began closing training centers during the pandemic last year. Although some employees were given termination packages in accordance with Chinese labor laws, others claim that they haven’t been paid in months and were being encouraged by managers to voluntarily resign.
Netizens on Weibo are using the hashtag ‘Wall Street English will go bankrupt.’ One user commented, “Great! It’s a trash school.” Another argued the bankruptcy was part of a “trend of out-of-school-hours training centers going bust” concerning recently announced regulations.
WSE primarily offers Englishlanguage training to adults who wish to further their job prospects. In late July, government regulators announced tough regulations to the K-12 after-school tutoring industry. It is not clear if these regulations will affect adult language training programs, but foreign investment in the education sector for children has been banned.
RANDOM NUMBER
5
is the number of relatives infected with COVID-19 after they failed to report their travel history to authorities in Henan last month. Officials launched an investigation that found one of the relatives in Shangqiu city had visited a medium-risk area in a shopping mall and came into contact with a confirmed patient. Global Times reported that the woman, surnamed Yin, tested positive during a mass nucleic acid test at the city’s No. 1 People’s Hospital. Her son, daughter and two of her husband’s sisters were also confirmed cases. Given the quick transmission of COVID-19, especially the Delta variant, city officials are investigating how this incident took place.
DON’T YOU KNOW WHO I AM?
Zhang Zhehan
Actor Zhang Zhehan was ‘canceled’ in August after he appeared in a photo at Japan’s Yasukuni Shrine. The shrine, which is a symbol of Japan’s wartime legacy, is a contentious subject in the region. Zhang’s accounts were deleted on multiple Chinese social media platforms, including Weibo. The website released a statement saying public figures should be more “knowledgeable of history,” as cited by Global Times. Other photos showed the actor attending a wedding at Nogi Shrine, another controversial site that honors military officers who invaded China during World War II. Zhang apologized online for his ignorance regarding the photos. Several brands have also severed ties with Zhang following public outcry.
QUOTE OF THE MONTH
... said one Weibo commenter after a waimai driver was struck by a car in Hangzhou near West Lake. Video footage showed the delivery driver driving fast on a crosswalk right as cars were approaching the intersection. Without enough time to slow down, a black car ran into the driver. As of publication time, details about the driver’s health conditions have not been made public.
MANDARIN MUMBLES 8 Chinese Phrases to Say to Strangers
BE A ‘NICE’ STRANGER IN CHINA
1. COMING THROUGH
请让一下。 / 麻烦借过一下。 Qǐng ràng yīxià. / Máfan jièguò yīxià. (Excuse me), coming through.
WHEN TO USE Whenever you’re trying to pass through a crowded area, or whenever someone’s in your way. Both phrases are used equally often.
4. YOUR SHOE’S UNTIED
你的鞋带开了。 Nǐ de xiédài kāi le. Your shoe is untied.
WHEN TO USE Whenever you see someone walk down the street with a shoelace untied; it’s not very safe.
2. YOU’VE DROPPED SOMETHING
你的东西掉了。 Nǐ de dōngxi diào le. You’ve dropped something.
WHEN TO USE Whenever you see people drop or lose something that belongs to them.
5. YOUR BAG IS OPEN
你的包开了。/ 你 的包没拉上。 Nǐ de bāo kāi le. / Nǐ de bāo méi lāshàng. Your bag is open.
WHEN TO USE Whenever you see someone walking in front of you with their bag open. Not safe either – thieves!
7. IS THIS SEAT TAKEN?
这里有人吗？ Zhèlǐ yǒu rén ma? Is this seat/table taken? (lit. “Here-have-people-[ma]?)
WHEN TO USE In a coffee shop or a restaurant whenever you’re not sure you can borrow a chair, or sit down at an empty table.
8. IS THIS THE END OF THE LINE?
是在这里排队吗？ Shì zài zhèlǐ páiduì ma? Is this the end of the line? (lit. “Is-in-here-line up-[ma]?)
WHEN TO USE Whenever you want to find the end of the line. Unlikely you’ll need this phrase though, because there’s never a line (or you have a digital ticket).
3. WATCH OUT!
当心！/ 小心！ Dāngxīn! / Xiǎoxīn! Be careful! Watch out!
WHEN TO USE Whenever someone is in danger, or putting you in it (e.g. a car or a waimai guy). The difference between the two phrases is that dāngxīn is used more often in the south (e.g. Shanghai), and xiǎoxīn — in the North (e.g. Beijing).
6. YOU FORGOT THIS
等一下，你的东西没拿。 Děng yīxià, nǐ de dōngxi méi nǎ. Wait, you left something.
WHEN TO USE Whenever you notice that someone forgot their bag, phone or other things and left.
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