Tal Education Group (NYSE: TAL), the first U.S.-listed Chinese technology education company, will shut down its subject-based off-campus training business and make massive layoffs to comply with Beijing’s “double reduction” policy by the end of this year. Tal Education Group is expected to lay off about 16,000 people and retain only 4,000 to start the non-profit subject education volunteer model, teachers at the company’s Hangzhou school district told Fortune China on Dec. 24. The Chinese training giant announced that its major business, which is focused on out-of-school training for K-9 subjects covering primary and middle school, will end on December 31, 2021, Reuters reported on Nov. 13. Zhang Bangxin, the founder and CEO of Tal Education Group, said at the company’s Dec. 22 online meeting, “… we already knew the results …” The conference, which might have been a farewell to those who have to leave, was attended by about …