According to news on November 4, today, New Oriental Chairman Yu Minhong said via Weibo,“New Oriental adjusted its business and donated nearly 80,000 sets of desks and chairs for rural children.”This move aroused the attention and praise of netizens. Some netizens left a message saying, “There is no complaint that they are still doing good deeds, and I hope that New Oriental will take off again on the new track.”
On October 25, New Oriental Online and the Hong Kong Stock Exchange issued an announcement stating that in accordance with the new regulations and to ensure that the Group and its operations fully comply with all applicable legal and regulatory requirements.
The company’s board of directors has decided,The Group will cease operations in Mainland ChinaeducateThe off-campus training service for subjects of the stage is provided to students from kindergarten to grade 9 (K-9 or compulsory education) in Mainland China.
The termination is expected to take effect before the end of November 2021.
According to statistics, after the announcement of the double reduction policy,New Oriental’s stock price fell by more than 80%, and its market value shrank by 230 billion Hong Kong dollars.
Since then, New Oriental has completely stopped enrolling students under the subject business line for primary and secondary school students, and various cities have gradually closed teaching sites.
Not only that, New Oriental also plans to lay off more than 40,000 employees by the end of this year.
