BEIJING, Nov. 14, 2021 /PRNewswire/ — New Oriental Education & Technology Group Inc. (“New Oriental” or the “Company”) (NYSE: EDU and SEHK: 9901), a supplier of personal instructional companies in China, at the moment offered enterprise updates following the current regulatory developments referring to after-school tutoring companies, together with the Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education, revealed in July 2021 by the General Office of the CPC Central Committee and the General Office of the State Council (the “Opinion”) and the associated implementation guidelines, laws and measures promulgated by competent authorities.
In compliance with the Opinion and relevant guidelines, laws and measures, the Company plans to stop providing tutoring companies associated to educational topics to college students from kindergarten via grade 9 (“Okay-9 Academic AST Services”) in any respect studying facilities throughout China by the tip of 2021. The Company expects that the cessation can have a considerable hostile affect on the Company’s revenues for the fiscal yr ending May 31, 2022 and subsequent durations. In the fiscal years ended May 31, 2020 and 2021, the revenues from providing Okay-9 Academic AST Services accounted for roughly 50% to 60% of the Company’s whole revenues for every fiscal yr.
The Company stays absolutely devoted to its college students, instructing workers and shareholders. The Company will shift its focus and sources in direction of instructional services that aren’t associated to Okay-9 Academic AST Services, akin to its check preparation programs, language coaching programs for adults and academic supplies. The Company may also proceed to discover new enterprise alternatives and development initiatives. With respect to the Company’s on-line training companies, the Company’s majority-owned subsidiary, Koolearn Technology Holding Limited (SEHK: 1797), beforehand introduced its replace on enterprise operations on October 25, 2021, which could be accessed on The Stock Exchange of Hong Kong Limited’s web site at http://www.hkexnews.hk.
The Company will proceed to hunt steerage from and cooperate with authorities authorities in numerous provinces and municipalities in China in reference to its efforts to adjust to the coverage directives of the Opinion and any associated implementation guidelines, laws and measures. The Company will additional regulate its enterprise operations as required, and replace its shareholders as applicable.
Safe Harbor Statement
This announcement incorporates forward-looking statements. These statements are made below the “protected harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements could be recognized by terminology akin to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. New Oriental may make written or oral forward-looking statements in its stories filed or furnished to the U.S. Securities and Exchange Commission, in its annual stories to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Statements that aren’t historic info, together with statements about New Oriental’s beliefs and expectations, are forward-looking statements. Forward-looking statements contain inherent dangers and uncertainties. Plenty of components might trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: our capability to draw college students and not using a important lower in course charges; our capability to proceed to rent, practice and retain certified academics; our capability to take care of and improve our “New Oriental” model; our capability to successfully and effectively handle the adjustments of our college community and efficiently execute our technique; the result of ongoing, or any future, litigation or arbitration, together with these referring to copyright and different mental property rights; competitors within the non-public training sector in China; adjustments in our revenues and sure price or expense objects as a share of our revenues; the anticipated adjustments of the Chinese non-public training market; Chinese governmental insurance policies relating to personal instructional companies and suppliers of such companies; well being epidemics and different outbreaks in China; and common financial situations in China. Further info concerning these and different dangers is included in our annual report on Form 20-F and different paperwork filed with the Securities and Exchange Commission. New Oriental doesn’t undertake any obligation to replace any forward-looking assertion, besides as required below relevant regulation. All info offered on this press launch and within the attachments is as of the date of this press launch, and New Oriental undertakes no obligation to replace such info, besides as required below relevant regulation.
About New Oriental
New Oriental is a supplier of personal instructional companies in China providing a variety of instructional packages, companies and merchandise to a diversified scholar inhabitants all through China. New Oriental’s program, service and product choices primarily include check preparation, language coaching for adults, training supplies and distribution, on-line training, and different companies. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental’s ADSs, every of which represents one frequent share. The Hong Kong-listed shares are absolutely fungible with the ADSs listed on NYSE.
For extra details about New Oriental, please go to http://www.neworiental.org/english/.
For investor and media inquiries, please contact:
Ms. Sisi Zhao
New Oriental Education & Technology Group Inc.
Email: [email protected]
Ms. Rita Fong / Mr. Michael Luk
Tel: +852 3768 4548 / +852 3768 4569
Email: [email protected] / [email protected]
SOURCE New Oriental Education and Technology Group Inc.