New Oriental Education Technology Group lnc.新东方教育科技集团
This is the profile for a publicly listed company known as New Oriental. For the profile of the operating company associated with, but distinct from this company, click here: New Oriental Education & Technology Group Inc.
Explore the data
Revenue
Source: New Oriental 2020 Annual Reportinvestor.neworiental.org/static-files/8afc19aa-2380-40a8-a43a-302e3f8005a7Notes: 2020
Source: New Oriental 2020 Annual Reportinvestor.neworiental.org/static-files/8afc19aa-2380-40a8-a43a-302e3f8005a7Notes: 2020
Employees
Source: Investor FAQinvestor.neworiental.org/shareholder-services/investor-faqs
Source: Investor FAQinvestor.neworiental.org/shareholder-services/investor-faqs
Valuation
Source: Yahoo Financefinance.yahoo.com/quote/EDU/key-statisticsNotes: Valuation is reported as market capitalization. It was last updated on September 13, 2022 13:49:15.
Source: Yahoo Financefinance.yahoo.com/quote/EDU/key-statisticsNotes: Valuation is reported as market capitalization. It was last updated on September 13, 2022 13:49:15.
Overview
New Oriental Education Technology Group lnc is a shell company part of a variable interest entity (VIE) arrangement. This special corporate structure relies on a loophole in Chinese law to bypass restrictions on foreign entities investing and operating in certain industries. It is used to mimic a traditional owner-subsidiary relationship through contracts: Companies in restricted industries who seek foreign investment create an offshore shell company that is entitled to the economic profits and control of the associated China-based operating company through a series of contracts.
The arrangement is tacitly allowed by the Chinese government given the benefits of foreign investment, but skeptics say VIE contracts may be unenforceable, leaving foreign investors with no rights or claims regarding the China-based operating company. For more information on VIEs, click here.
Fast facts
- Full ENGLISH Name
- New Oriental Education Technology Group
- Full Chinese Name
- 新东方教育科技集团有限公司
- WEBSITE
- www.popnew.cn
- TICKER SYMBOL
- NYSE: EDU
- Headquarters
- No. 6, Haidian Middle Street, Haidian District, Beijing
- Year founded
Source: Qichachawww.qcc.com/firm/2abeb3f4a35859d8d8e049e67516101b.html
- 2001
- POINT OF CONTACT
Phone number: 010-60908000
Email: lbb220@163.com- COMPANY TYPE
- Publicly Traded
- REGISTERED CAPITAL
- USD 7.4 M
- LEGAL Representative
- Yú Mǐnhóng
- IPO DATE
- September 7, 2006 (NYSE); November 9, 2020 (HKEX)
Ownership
| English Name | Chinese Name | Percent Ownership | Ultimate Beneficiary | Share Class |
|---|---|---|---|---|
Beijing Shiji Youhao Education Investment
| 100% | 100% |
Subsidiaries
| English Name | Chinese Name | Percent Held |
|---|
Leadership
| English Name | Chinese Name | Title |
|---|---|---|
Yú Mǐnhóng
| 俞敏洪 | Executive Director |
|
Zhōu Chénggāng
| 周成刚 | Manager |
|
Guān Rùi
| 关睿 | Statutory Auditor |
Latest News
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DUE DILIGENCE
Legal Proceedings
New Oriental was significantly impacted by the CCP crackdown on edtech. The company announced it would cease offering tutoring services to students from kindergarten through to grade nine, a revenue stream that accounted for approximately 50% to 60% of the company’s total revenue for FY2020 and FY 2021. In an effort to pivot away from the now-defunct education sector, New Oriental will establish a new e-commerce platform where they will sell agricultural produce with the help of hundreds of teachers. New Oriental aims to help farmers increase their professional skills and earn higher incomes through the platform. They also hope to encourage more young farmers to return to their hometowns and spend time with their children so that there will be fewer children left behind in China. This effort aligns closely with the CCP’s Common Prosperity initiative by seeking to assist with a multitude of rural-related issues.