BEIJING, Nov. 14, 2021 /PRNewswire/ — New Oriental Schooling & Technologies Team Inc. (“New Oriental” or the “Business”) (NYSE: EDU and SEHK: 9901), a company of private academic companies in China, these days provided company updates next the the latest regulatory developments relating to right after-college tutoring expert services, including the Opinions on Further Alleviating the Stress of Research and Just after-School Tutoring for Pupils in Obligatory Education, released in July 2021 by the Basic Business of the CPC Central Committee and the Standard Office environment of the State Council (the “View”) and the similar implementation guidelines, polices and steps promulgated by knowledgeable authorities.
In compliance with the Belief and relevant rules, rules and measures, the Corporation plans to stop providing tutoring services connected to tutorial subjects to pupils from kindergarten by way of grade 9 (“K-9 Tutorial AST Solutions”) at all studying facilities across China by the stop of 2021. The Corporation expects that the cessation will have a substantial adverse effect on the Company’s revenues for the fiscal 12 months ending Could 31, 2022 and subsequent intervals. In the fiscal decades ended Could 31, 2020 and 2021, the revenues from providing K-9 Tutorial AST Services accounted for somewhere around 50% to 60% of the Firm’s overall revenues for each fiscal year.
The Enterprise remains absolutely dedicated to its pupils, training staff and shareholders. The Organization will change its target and methods in direction of academic products and solutions and services that are not associated to K-9 Tutorial AST Expert services, such as its test planning programs, language training programs for grownups and instructional products. The Organization will also continue on to check out new company prospects and development initiatives. With respect to the Firm’s on-line education and learning services, the Firm’s the vast majority-owned subsidiary, Koolearn Technology Keeping Minimal (SEHK: 1797), previously declared its update on enterprise functions on October 25, 2021, which can be accessed on The Stock Trade of Hong Kong Limited’s site at http://www.hkexnews.hk.
The Corporation will go on to search for guidance from and cooperate with authorities authorities in numerous provinces and municipalities in China in relationship with its attempts to comply with the policy directives of the Belief and any relevant implementation principles, regulations and steps. The Firm will even further modify its small business functions as expected, and update its shareholders as acceptable.
Harmless Harbor Assertion
This announcement includes ahead-seeking statements. These statements are designed below the “harmless harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These forward-hunting statements can be identified by terminology such as “will,” “expects,” “anticipates,” “long run,” “intends,” “designs,” “believes,” “estimates” and comparable statements. New Oriental may well also make penned or oral ahead-on the lookout statements in its reports filed or furnished to the U.S. Securities and Exchange Fee, in its annual reviews to shareholders, in press releases and other composed materials and in oral statements produced by its officers, directors or workforce to third parties. Statements that are not historical info, which include statements about New Oriental’s beliefs and expectations, are ahead-looking statements. Forward-hunting statements require inherent challenges and uncertainties. A quantity of factors could cause real benefits to differ materially from those contained in any forward-seeking assertion, which includes but not confined to the adhering to: our capability to bring in learners without the need of a important lower in course expenses our potential to keep on to employ the service of, educate and keep experienced academics our capability to sustain and enrich our “New Oriental” brand name our ability to properly and competently control the improvements of our school community and correctly execute our method the consequence of ongoing, or any foreseeable future, litigation or arbitration, like individuals relating to copyright and other mental residence rights competition in the personal training sector in China modifications in our revenues and specific value or expenditure products as a percentage of our revenues the predicted changes of the Chinese non-public schooling current market Chinese governmental policies relating to personal instructional expert services and companies of these kinds of providers overall health epidemics and other outbreaks in China and general economic situations in China. Even more facts about these and other dangers is bundled in our yearly report on Form 20-F and other documents filed with the Securities and Exchange Commission. New Oriental does not undertake any obligation to update any ahead-seeking statement, except as required beneath applicable legislation. All data supplied in this press release and in the attachments is as of the day of this press release, and New Oriental undertakes no duty to update such information, apart from as essential under applicable legislation.
About New Oriental
New Oriental is a service provider of non-public instructional providers in China featuring a broad array of educational plans, providers and products and solutions to a assorted scholar populace in the course of China. New Oriental’s method, provider and product or service offerings predominantly consist of examination preparing, language teaching for grownups, training supplies and distribution, on the web schooling, and other solutions. New Oriental is outlined on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental’s ADSs, each and every of which signifies just one prevalent share. The Hong Kong-detailed shares are fully fungible with the ADSs mentioned on NYSE.
For extra information about New Oriental, make sure you check out http://www.neworiental.org/english/.
For trader and media inquiries, be sure to contact:
Ms. Sisi Zhao
New Oriental Instruction & Engineering 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]
Resource New Oriental Education and learning and Technology Group Inc.