New Oriental Education & Technology Group Inc. Responds to Media Reports

Rhea-AI Summary

New Oriental Education & Technology Group (NYSE: EDU) addressed media reports regarding potential new PRC regulations affecting after-school tutoring services in China. The company clarified that these regulations have not been officially published and that they do not comment on market speculations. As the largest private educational service provider in China, New Oriental offers a broad array of educational programs, including K-12 tutoring and online education.

Positive

• Largest provider of private educational services in China, enhancing competitive positioning.

Negative

• Uncertainty around new PRC regulations could lead to operational challenges.

BEIJING, July 23, 2021 /PRNewswire/ -- New Oriental Education & Technology Group Inc. ("New Oriental" or the "Company") (NYSE: EDU and SEHK: 9901), the largest provider of private educational services in China, today noted that certain English and Chinese language media outlets reported that the PRC regulators are considering a new set of regulations concerning after-school tutoring service related to school subjects taught in China's compulsory education system.  The regulations have not been published, and the Company has not received official notification of the regulations.  It's the Company's policy not to comment on market speculations.     

About New Oriental

New Oriental is the largest provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental's program, service and product offerings consist of K-12 after-school tutoring, test preparation, language training for adults, pre-school education, primary and secondary school education, education materials and distribution, online education, and other services. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental's ADSs, each of which represents one common share. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

For more information about New Oriental, please visit http://www.neworiental.org/english/. 

Contacts

For investor and media inquiries, please contact:
Ms. Sisi Zhao
New Oriental Education & Technology Group Inc.
Tel: +86-10-6260-5568
Email: zhaosisi@xdf.cn   

Ms. Rita Fong / Ms. Charlotte Cheung
FTI Consulting
Tel: +852 3768 4548 / +852 3768 4732
Email: rita.fong@fticonsulting.com  / charlotte.cheung@fticonsulting.com    

View original content:https://www.prnewswire.com/news-releases/new-oriental-education--technology-group-inc-responds-to-media-reports-301340157.html

SOURCE New Oriental Education and Technology Group Inc.

FAQ

What new regulations is New Oriental Education (EDU) facing?

New Oriental Education is facing potential regulations from PRC regulators concerning after-school tutoring services, though these have not been officially published.

How is New Oriental Education (EDU) addressing media speculation?

New Oriental has stated that it does not comment on market speculations regarding the potential new regulations.

What services does New Oriental Education (EDU) offer?

New Oriental offers a wide range of educational programs, including K-12 after-school tutoring, test preparation, and online education.

What impact could the new regulations have on New Oriental Education (EDU)?

The new PRC regulations could pose operational challenges for New Oriental Education by potentially limiting tutoring services.