BEIJING, Nov. 14, 2021 /PRNewswire/ — New Oriental Education & Engineering Team Inc. (“New Oriental” or the “Business”) (NYSE: EDU and SEHK: 9901), a supplier of personal educational expert services in China, nowadays delivered company updates subsequent the the latest regulatory developments relating to right after-faculty tutoring expert services, like the Thoughts on Even more Alleviating the Load of Homework and After-University Tutoring for Students in Compulsory Schooling, printed in July 2021 by the Basic Office environment of the CPC Central Committee and the General Business office of the Point out Council (the “Opinion”) and the relevant implementation policies, laws and measures promulgated by knowledgeable authorities.
In compliance with the Feeling and applicable procedures, rules and steps, the Business plans to cease providing tutoring expert services linked to academic topics to learners from kindergarten via quality nine (“K-9 Academic AST Expert services”) at all discovering facilities throughout China by the finish of 2021. The Firm expects that the cessation will have a substantial adverse influence on the Company’s revenues for the fiscal year ending May 31, 2022 and subsequent periods. In the fiscal yrs finished Could 31, 2020 and 2021, the revenues from presenting K-9 Academic AST Companies accounted for somewhere around 50% to 60% of the Firm’s complete revenues for each fiscal 12 months.
The Company stays completely committed to its learners, educating staff and shareholders. The Business will change its concentration and assets in the direction of educational products and solutions and solutions that are not relevant to K-9 Tutorial AST Solutions, these kinds of as its examination preparing classes, language education classes for older people and instructional products. The Business will also proceed to discover new small business prospects and development initiatives. With respect to the Company’s on-line education services, the Firm’s bulk-owned subsidiary, Koolearn Technologies Holding Limited (SEHK: 1797), previously introduced its update on business functions on October 25, 2021, which can be accessed on The Inventory Trade of Hong Kong Limited’s web-site at http://www.hkexnews.hk.
The Business will continue on to search for direction from and cooperate with authorities authorities in various provinces and municipalities in China in connection with its endeavours to comply with the plan directives of the Belief and any associated implementation guidelines, rules and steps. The Firm will more change its enterprise operations as required, and update its shareholders as proper.
Secure Harbor Statement
This announcement includes forward-looking statements. These statements are produced under the “secure harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. These forward-searching statements can be determined by terminology this sort of as “will,” “expects,” “anticipates,” “foreseeable future,” “intends,” “options,” “thinks,” “estimates” and similar statements. New Oriental could also make composed or oral forward-hunting statements in its stories filed or furnished to the U.S. Securities and Trade Commission, in its once-a-year experiences to shareholders, in press releases and other penned products and in oral statements built by its officers, administrators or staff to third get-togethers. Statements that are not historic specifics, including statements about New Oriental’s beliefs and expectations, are forward-seeking statements. Forward-seeking statements require inherent dangers and uncertainties. A amount of factors could bring about precise benefits to vary materially from these contained in any forward-on the lookout assertion, together with but not limited to the next: our potential to draw in students without having a major decrease in training course fees our potential to keep on to use, teach and retain qualified instructors our skill to retain and enhance our “New Oriental” brand our capability to correctly and proficiently handle the improvements of our university network and properly execute our technique the end result of ongoing, or any long run, litigation or arbitration, such as all those relating to copyright and other intellectual property rights competitiveness in the personal instruction sector in China modifications in our revenues and particular charge or expense products as a share of our revenues the predicted improvements of the Chinese private training industry Chinese governmental guidelines relating to personal educational companies and vendors of these types of solutions well being epidemics and other outbreaks in China and general financial problems in China. More details concerning these and other hazards is incorporated in our annual report on Form 20-F and other paperwork filed with the Securities and Trade Fee. New Oriental does not undertake any obligation to update any ahead-looking assertion, except as expected less than relevant legislation. All facts supplied in this push release and in the attachments is as of the day of this push launch, and New Oriental undertakes no obligation to update these details, other than as demanded under applicable legislation.
About New Oriental
New Oriental is a provider of private academic products and services in China offering a broad vary of academic plans, services and goods to a diversified college student populace all over China. New Oriental’s method, provider and product offerings primarily consist of test planning, language education for older people, training products and distribution, on line education, and other services. New Oriental is outlined on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental’s ADSs, just about every of which represents a single frequent share. The Hong Kong-stated shares are completely fungible with the ADSs stated on NYSE.
For more information and facts about New Oriental, you should stop by http://www.neworiental.org/english/.
For trader and media inquiries, remember to contact:
Ms. Sisi Zhao
New Oriental Education and learning & Technological innovation Team Inc.
Electronic mail: [email protected]
Ms. Rita Fong / Mr. Michael Luk
Tel: +852 3768 4548 / +852 3768 4569
E-mail: [email protected] / [email protected]
Source New Oriental Schooling and Know-how Team Inc.