YuMinHong: the company has entered a new stage

At the same time, the financial report disclosed the repurchase plan.
YuMinHong, executive chairman of the board of directors of New Oriental, said that fiscal year 2022 was a year full of challenges and opportunities. New Oriental has restructured its core business and operations and has entered a new stage. The remaining major businesses of the company are stable, laying a solid foundation for future development. In this fiscal year, the preparation for overseas examinations and overseas consulting business increased by 6% and 16% YOY respectively. The domestic examination preparation business for adults and college students increased by about 30% year-on-year.

For the live broadcast business, Zhou Chenggang, CEO of New Oriental, pointed out in the financial report that New Oriental online established an e-commerce platform called "Oriental Selection" to sell agricultural products and other products; At the same time, Tiktok have been piloted to carry out live broadcasting activities, and Oriental Selection has made significant progress.

The financial report also disclosed that on July 26, 2022, the board of directors of New Oriental authorized a share repurchase plan for New Oriental's common shares, with a maximum repurchase amount of $400 million and a period from July 28, 2022 to May 31, 2023.

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