BEIJING, July 23 (TMTPOST)— American depository shares (ADSs) of three leading Chinese educational service providers TAL Education, Gaotu Techedu and New Oriental, and sank more than 70%, 60% and 50% respectively on Friday. New Oriental’s Hong Kong-listed shares had a record plunge of over 40% the same day. Earlier that day, a copy of policy document issued by Chinese government circulated online. It showed regulators are implementing new regulations on education and school tutoring, which bans on tutoring services during weekends and vacations, forbids education firms teaching school subjects to go public and orders all the existing firms in the sector to go non-profit. Authorities will no longer approve any new after-school tutoring service provider who offers services related to subjects in China’s compulsory education system. In their separate statement that day later, TAL Education, Gaotu Techedu and New Oriental clarified the new regulations reported recently have not been published and they has not received any official notification about these regulations.