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The difference between Hong Kong stocks and US stocks in New Oriental.
Different regulators have different groups of investors.

1. Different regulators: Hong Kong stocks in New Oriental are regulated by the Hong Kong Stock Exchange and the Futures Exchange, while US stocks are regulated by the US Securities and Exchange Commission.

2. Different investor groups: the investor groups of US stocks are extensive, including investors from all over the world, while the investors of Hong Kong stocks are from Hong Kong.

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