Yu Minhong

Yu Minhong
Born October 15, 1962
Jiangyin,Jiangsu,China

Yu Minhong, or Michael Yu (Simplified Chinese: 俞敏洪; born 15 October 1962 in Jiangyin, Jiangsu) is the founder and current CEO of New Oriental Education & Technology Group Inc. (Simplified Chinese: 新东方教育科技集团), and a member of the central committee of China Democratic League. As the owner of one of the largest private educational services, Yu is known as the "richest teacher in China", and "Godfather of English Training".[1] On Hurun Report's China Rich List 2013, he had an estimated wealth $1.1 billion and was ranked No. 245 on the list.[2]

Approximately 70% of Chinese students studying in the United States and Canada have taken English classes from the firm.[3] In addition, the online education section has attracted more than 2 million registered users since beginning in 2003. New Oriental was the first Chinese private education company to list shares on the New York Stock Exchange.[4]

Yu stated, "My biggest dream is to found a private university, and for it to be one of China's top educational institutions after 40-50 years of development. When applying for higher education, my dream is for the best high school graduates to take my university into consideration, along with the likes of Tsinghua and Beijing University." [5]

Early life

Yu Minhong was born in a rural family. Unlike for the time, Yu's mother encouraged him to go to school. Yu twice failed the university qualification exam and lost a year from illness.[5] Yu was eventually admitted to Beijing University.

Yu was placed in a class for sub-standard students, because he couldn't speak standard Chinese. Yu was a poor student, both financially and academically. In his junior year, pneumonia forced him to take a year off. After graduation in 1985, many classmates went abroad for further education, Yu began to apply for US universities while teaching English in Beijing University. After three years, Yu was accepted by a university. His requests for overseas study visas were repeatedly denied.

New Oriental

As the largest provider of private educational services in China, New Oriental soffer educational programs including English and other foreign languages, overseas and domestic test preparation courses, tutoring, primary and secondary school education and online education. New Oriental's instruction combines humorous, interactive teaching techniques with traditional Chinese educational values.[6]

Foundation

New Oriental School was established on November 16, 1993. Yu Minhong was the only English teacher at the beginning. As enrollment grew, Yu persuaded some of his former classmates to work with him. One of them, Wang Qiang has a Master`s degree from the State University of New York. "I took Yu Minhong to Princeton University to show him around the campus. To my surprise, almost every Chinese student recognized him. They would call him 'Teacher Yu'. I was amazed to see how famous he was." Said Wang Qiang.[3]

Development

Yu converted the business into the New Oriental Education and Technology Group. In 2010 it was the largest private educational enterprise in China, with approximately 10.5 million enrollment, 465 learning centers in 44 cities and 29 bookstores.

In September 7, 2006, the New Oriental Education and Technology Group listed on the New York Stock Exchange. Yu was then labeled "China's richest teacher" with wealth of US$800 million.[3]

Speech

In a speech Yu stated:

“ Hew a stone of hope out of a mountain of despair and you can make your life a splendid one.

In the beginning, there were no roads in the world; only as people began traveling did roads come into being. Successful roads are formed not when people roam aimlessly, but when they are headed in the same direction. The same is true for New Oriental; it was formed as people gathered to study. And like a successful road, it did not achieve its success by chance. People who shared dreams and aspirations worked together to forge an exciting trail.

The road ahead will be even longer and more arduous, because our goals are even grander. But with a clear mission, dedicated hearts and the pioneering spirit that has driven us from the beginning, we're certain that our strength, wisdom, and energy will enable us to write a new page in the records of China's educational undertaking.[7]

Michael Minhong Yu

 ”

See also

References

  1. ↑ "'American Dream' in China: Yu Minhong Goes from Rags to Riches". Xinhua News Agency. 30 October. Retrieved 4 May 2011. Check date values in: |date= (help)
  2. ↑
  3. ↑ 3.0 3.1 3.2 "YuMinhong(俞敏洪)". baidu. Retrieved 4 May 2011.
  4. ↑ Yu, Minhong (2007). The Relentless Pursuit of Success. Singapore: Cengage Learning Asia. ISBN 978-981-4195-48-5.
  5. ↑ 5.0 5.1 "Yu Minhong". Retrieved 4 May 2011.
  6. ↑ "New Oriental Education & Technology Group". Retrieved 5 May 2011.
  7. ↑ "Chairman's Words". Retrieved 5 May 2011.