Another day, another communist crackdown by Beijing on a booming private sector, another plunge in Chinese stocks as the facade of "socialism capitalism with Chinese characteristics" is slowly chipped away.

China's government is planning a crackdown on the country's booming off-campus tutoring industry, in one of the biggest overhauls of the education sector that sent dozens of publicly listed stocks tumbling in Shanghai and Hong Kong, as part of a sweeping set of constraints that could decimate the country's $100 billion education tech industry, sending shares crashing.

According to SCMP, in one of the biggest overhauls in local edtech industry, local authorities will ask companies that offer tutoring on the school curriculum to go non-profit; they will also ban the provision of holiday and weekend tutoring, "and will no longer approve the establishment of new tuition centres, according to sources briefed on a newly released policy document promulgated by the State Council."