Michael Yu, founder of private tutoring firm New Oriental Education, issued a post through his personal WeChat account on Tuesday, responding to public speculation about his retreat from the company.
On April 7th, Yu wrote: “I’ve always felt that New Oriental Education was not the only purpose of my coming into this world, or at least not the most important purpose. I have been doing my best for the company for 30 years. Maybe now is the time for me to stand aside a little further and re-examine the company and myself.” Subsequently, some netizens thought that Yu showed his intention of retreating from the Beijing-based training firm.
Today, Yu denied the rumor and explained his intentions: “I am not leaving New Oriental Education soon, but I hope to look at the company at a higher level and bring it into a better development direction.”
The private tutoring group grew from what was once known as the Beijing New New Oriental Education School established in 1993. It now has many well-known educational brands such as Student Growth Center, International Education, College Student Learning and Development Center, and Koolearn Tech.
As a famous private educational institution in China, New Oriental Education was successfully listed on the New York Stock Exchange on September 7, 2006 and subsequently listed on the Hong Kong Stock Exchange on November 9, 2020. On April 8, the company announced that it will report its financial results for the third quarter ended February 28, 2022, before the U.S. market opens on April 26, 2022.
According to data released by the Ministry of Education, the number of college graduates in China is expected to reach 10.76 million in 2022, an increase of 1.67 million year-on-year, leading to intensifying employment competition. On April 9th, New Oriental Education and iResearch jointly released the White Paper on the Learning and Development of Chinese College Students in 2022. The white paper shows that 54% of the respondents are willing to pursue further studies.
Yu once again publicly affirmed the development direction of New Oriental Education. “The company will persist in working hard in the field of education,” he said.