New Oriental Education: Articles on Founder’s Yu Minhong Personal Blog Do Not Represent Company Views
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New Oriental Education announced to the Hong Kong Stock Exchange (HKEx) on Monday that its board of directors had noticed numerous recent reports on the company, including some citing personal blog posts posted by Yu Minhong, the founder of the company. business, which were linked to the business and financial performance of the business.
In the announcement, New Oriental Education pointed out that the company reminded shareholders and investors that these media posts are not authorized and do not represent the views of the company. Only data published by the company and disclosed on the HKEx and SEC websites can be considered true information about and originating from the company.
New Oriental Education said it is reviewing its financial performance for the semester ended November 30, 2021 and will provide the market with updated financial performance data for that period in the form of announcements posted on HKEx’s websites and the SEC as soon as it becomes available (currently scheduled for late January 2022 and no later than mid-February 2022).
On January 8, Yu Minhong posted an article on his official WeChat account, claiming that the company’s market value fell by 90%, its operating income fell by 80%, 60,000 employees were laid off and Cash spending such as tuition reimbursement, employee layoffs, and educational point rent reimbursement reached nearly $ 20 billion ($ 3.14 billion), which sparked strong discussions among Internet users.
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On January 10, Yu Minhong again published an article saying that no matter what the outside world says, the business must develop continuously, and he must face the hardships and get everyone to continue the hardships. He said, “Even though there are still so many employees, there are still around 50,000 employees and teachers in the company. “
