New Oriental
| Type | Public |
|---|---|
| Founded | 1993 |
| Headquarters | No.6 Haidian Zhongjie, Haidian District (100080) |
| Key people | Yu Minhong (俞敏洪) |
| Employees | 21,248 (2013) |
| Website | www.neworiental.org |
New Oriental Education & Technology Group Inc. (Simplified Chinese 新东方教育科技集团, NYSE: EDU), more commonly New Oriental (Simplified Chinese 新东方) is a provider of private educational services in China. The headquarters of New Oriental is located in the Haidian district of Beijing. It is currently the second largest comprehensive educational company in China. The business of New Oriental includes pre-school education, general courses for students of various age levels, online education, overseas study consulting, and textbook publishing. New Oriental was the first Chinese educational institution to enter the New York Stock Exchange in the United States in 2006. New Oriental had built 53 short-time language educational schools, 47 book stores, and 500 learning centers in 48 cities in China in May 2011. According to statistics, there were about 15,000,000 students who had studied in New Oriental by 2011. And the company values 64.23 billion RMB by the evaluation.
History
Beijing New Oriental School was established on November 16, 1993 by an English teacher YU Minhong at Peking University. In the earlier years, it only offered training on GRE and TOEFL since a vast majority of the students were looking into graduate schools. Recently, due to the trend of high schoolers graduating directly into undergraduate schools, New Oriental began SAT training as well. It has now 40 schools all over the nation, and has expended its service to National English Exam, Teenage English and other types of English training. It also provides consulting service for studying abroad.
September 7, 2006, New Oriental listed on New York Stock Exchange.
Top Executives
Michael M Yu
CEO & Chairman
Born October 15, 1962. A Chinese National, appointed CEO and Chairman of the company from 1993. He started his career at Peking University in 1985. He found New Oriental in 1993 after he left Peking University. He is vice chairman of Beijing Young Entrepreneurs Association.[1]
Louis Hsieh
Chief Financial Officer
A Chinese national, appointed CFO of the company with effect from May 2009.[2]
Robin Li
Non-executive Director
Denny Lee
Non-executive Director
Zhuang Yang
Non-executive Director
Services
The English Education for go-abroad study
Provide the education for preparing the entry examinations from different countries, including TOEFL, SAT, AP, GRE, GMAT, IELTS and etc.
Third language education[3]
Provide education for beginning learners of Japanese, French, German, Spanish, and etc.
The general courses education
Provide the Chinese, Math, English, and Science, Social Science courses to the students in primary school, middle school and high school. The goal of the education is helping students have a good grade in the National Higher Education Entrance Examination. New Oriental also provides English course education for the student study in universities to prepare College English Test Band 4 (CET-4).[4]
The pre-school English education
Provide relax and entertained environment to teach English to the children have not entered school.
On-line education
Provide all kinds of courses for every age level students on line.
Book Store
Selling all kinds of textbooks which be used in the class and some other kinds of books which published by New Oriental.
Oversea study consulting
Helping students who want to go abroad for study prepare for the English examination. Consult with choosing university, applying VISA.
Legal Conflicts with ETS
2001, Educational Testing Service sent a public letter to US universities, reminding them to pay special attention to Chinese students' GRE scores. In this letter, ETS hinted that New Oriental used their past exam questions in teaching without authorizations.
In January, 2001, New Oriental was sued by the ETS for illegally copying, publishing, and selling its testing questions for examinations for non-English-speaking students since 1997.
On September 27, 2003, the First Intermediate People's Court of Beijing made a ruling during the first trial, ordering the Chinese school to pay over 10 million yuan (about 1.2 million US dollars) to the ETS in compensation for the infringement.
The Higher People's Court of Beijing has maintained that the Beijing-based New Oriental School (NOS) should pay compensation to the ETS, of the United States, for the infringement of copy and trademark rights.
However, the higher court has reduced the sum of compensation by over 6 million yuan (about 722,000 US dollars) to 3,740,186.2 yuan (about 450,624 US dollars) plus 22,000 yuan (about 2,650 US dollars) for court charges.