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Analysts say the reason for the decline reflects a tightening of restrictions by the central government on outbound investment to prevent big conglomerates overextending themselves.

And though a measure to split the most populous US state into three separate states qualified on June 12 to be on the ballot in November's general election, few give it a chance of being approved. An April SurveyUSA poll found that 72 percent of Californians would vote against it, and just 17 percent would vote yes.

Analysts said attracting, selecting and managing foreign teachers is the key to success for online education companies.

Analyzing the market's dynamics and consumer behavior both in China and in the West, the authors of the report concluded that in the future all online retailers will have to tackle almost the same set of issues, in order to keep profitable growth.

Analysts expect that the STAR Market, which debuted in late July with 25 listed firms, may have at least 50 listed firms by early November, the China Securities Journal reported.