New Oriental
| Public | |
| Founded | 1993 |
| Headquarters | No.6 Haidian Zhongjie, Haidian District (100080) |
Key people | Yu Minhong (俞敏洪) |
Number of 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 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.
Chairman
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]
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.