Company Overview

New Oriental Education & Technology Group Inc. is a leading private education services provider originating in China, primarily operating in the education and training industry with a focus on language instruction, test preparation, tutoring, and, more recently, educational services and products aligned with regulatory-compliant and non-academic learning. The company is publicly listed on the New York Stock Exchange (NYSE: EDU) and the Hong Kong Stock Exchange, and it operates through a variable interest entity (VIE) structure commonly used by Chinese firms listed overseas.

Historically, the company’s core revenue drivers were K-12 after-school tutoring, overseas test preparation (such as TOEFL, IELTS, GRE, and GMAT), and study-abroad consulting services. Following China’s 2021 “Double Reduction” regulatory reforms, which significantly restricted for-profit academic tutoring, New Oriental undertook a strategic transformation. The company pivoted toward adult education, non-academic tutoring, educational content, and livestream-based e-commerce through its subsidiary East Buy Holding Limited, representing a major evolution from its original business model. Founded in 1993, New Oriental grew from a single test-preparation school into one of China’s most recognizable education brands before restructuring its operations to adapt to regulatory changes.

Business Operations

New Oriental operates through several major business segments, including Educational Services and Test Preparation, Non-academic Tutoring and Educational Content, and Livestream E-commerce. The company generates revenue through tuition fees, course materials, consulting services, online platforms, and product sales. Its education-related services are delivered through a combination of physical learning centers, online platforms, and mobile applications, while its e-commerce revenue is primarily driven by livestream sales of agricultural and consumer products.

The company maintains domestic operations primarily within China, supported by a nationwide network of learning centers and digital infrastructure. Internationally, New Oriental operates overseas test-preparation and consulting services through subsidiaries serving Chinese students seeking education abroad. Key subsidiaries include New Oriental China, which manages domestic education services, and East Buy Holding Limited, which operates the livestream e-commerce business. The company controls proprietary teaching content, digital learning platforms, and educator training systems, and it maintains partnerships with overseas educational institutions for consulting and placement services.

Strategic Position & Investments

Strategically, New Oriental has repositioned itself to focus on regulatory-compliant education services, adult and vocational learning, and content-driven commerce. A central growth initiative has been the expansion of East Buy Holding Limited, which leverages the company’s brand, teaching talent, and digital capabilities to monetize livestream content through product sales. This business has become a material contributor to revenue following the contraction of K-12 tutoring.

The company has invested in digital education technologies, content development, and supply-chain capabilities to support its e-commerce operations. While large-scale acquisitions have been limited in recent years, New Oriental has made targeted investments in educational technology and content platforms to strengthen its ecosystem. Emerging areas of focus include smart learning solutions, educational publishing, and livestream-based knowledge commerce, reflecting a hybrid strategy combining education, content, and consumer engagement.

Geographic Footprint

New Oriental’s primary operations are concentrated in Mainland China, where it maintains a presence across major urban centers and provincial capitals. Its headquarters are located in Beijing, which also serves as the central hub for corporate management, content development, and strategic planning. The company’s domestic footprint remains extensive despite the closure and consolidation of many K-12 learning centers following regulatory reforms.

Internationally, the company operates in North America, Europe, Australia, and parts of Asia, primarily through overseas test-preparation programs and study-abroad consulting services. These international operations support Chinese students seeking education outside China and provide the company with cross-border exposure, although they represent a smaller share of overall revenue compared to domestic operations.

Leadership & Governance

New Oriental was founded by Michael Yu, also known as Yu Minhong, who has played a central role in shaping the company’s culture and strategic direction. The leadership philosophy emphasizes resilience, long-term brand value, and adaptability, particularly in response to regulatory and market disruptions. The company is governed by a board of directors and executive management team with extensive experience in education, technology, and corporate management.

Key members of the leadership team include:

• Michael Yu – Founder and Executive Chairman
• Michael Yu – Chief Executive Officer
• Stephen Zeng – Chief Financial Officer
• Don Yang – President
• Louis T. Hsieh – Independent Director

The leadership team has overseen the company’s post-2021 restructuring, focusing on compliance, operational efficiency, and diversification into new business models while maintaining oversight consistent with U.S. and Hong Kong public company governance standards.