This is Exchanges at Goldman Sachs and I'm Allison Nathan a senior strategist in Goldman Sachs research.

In this episode, we're going to discuss the impact of China's heightened regulatory scrutiny

on the capital markets and the implications for investors.

To do that, I'm sitting down with my colleagues

from the asset management business, Stephanie Hui,

was shocked Yavus, and Prakriti Sophat.

We'll first turn to Stephanie, who leads Goldman Sachs's private equity business in Asia with a focus on growth equity investments.

Stephanie, welcome to the program.

Thank you, Allison. To start us off, we've seen a series of regulatory changes in China that have obviously rattled markets.

Can you first just give us a sense of the nature of some of these changes and their significance?

So two weeks ago, there happened announcements that rat- and their

the government the government

the government announced that rattled the stock market.

It started with the ed tech sector.

There the government announced that

after school tutoring for kids from K to 12 needs to turn nonprofit. There were

restrictions on capital raising for these type of companies. I feel is not

allowed and foreign investors should not make investments there.

So the purpose of that stated is to lower cost

and anxieties of child rearing.

I think shortly after that, there were other announcements that were made.

The focus spans across different sectors and I would say areas

...