New Oriental Education and Technology Group Inc. | March 28, 2022
New Oriental Education & Technology Group Inc. ("New Oriental" or the "Company") (NYSE: EDU and SEHK: 9901), a provider of private educational services in China, today announced that it plans to change the ratio of its American Depositary Shares ("ADSs") to its common shares (the "ADS Ratio"), par value US$0.001 per share, from the current ADS Ratio of one (1) ADS to one (1) common share to a new ADS Ratio of one (1) ADS to ten (10) common shares. A post-effective amendment to the ADS Registration Statement on Form F-6 will be filed with the SEC to reflect the change in the ADS Ratio. The Company anticipates that the change in the ADS Ratio will be effective on or about April 8, 2022, subject to the effectiveness of the post-effective amendment to the ADS Registration Statement on Form F-6 on or before that date.
For New Oriental's ADS holders, the change in the ADS Ratio will have the same effect as a one-for-ten reverse ADS split. Each ADS holder of record at the close of business on the date when the change in ADS Ratio is effective will be required to surrender and exchange every ten (10) existing ADSs then held for one (1) new ADS. Deutsche Bank Trust Company Americas, as the depositary bank for New Oriental's ADS program, will arrange for the exchange of the current ADSs for the new ones. New Oriental's ADSs will continue to be traded on the New York Stock Exchange under the symbol "EDU."
No fractional new ADSs will be issued in connection with the change in the ADS Ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the depositary bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the depositary bank. The change in the ADS Ratio will have no impact on New Oriental's underlying common shares, and no common shares will be issued or cancelled in connection with the change in the ADS Ratio.
As a result of the change in the ADS Ratio, the ADS trading price is expected to increase proportionally, although the Company can give no assurance that the ADS trading price after the change in the ADS Ratio will be equal to or greater than ten times the ADS trading price before the change.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. New Oriental may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about New Oriental's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our ability to attract students without a significant decrease in course fees; our ability to continue to hire, train and retain qualified teachers; our ability to maintain and enhance our "New Oriental" brand; our ability to effectively and efficiently manage the changes of our school network and successfully execute our strategy; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the private education sector in China; changes in our revenues and certain cost or expense items as a percentage of our revenues; the expected changes of the Chinese private education market; Chinese governmental policies relating to private educational services and providers of such services; health epidemics and other outbreaks in China; and general economic conditions in China. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. New Oriental does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and New Oriental undertakes no duty to update such information, except as required under applicable law.
About New Oriental
New Oriental is a provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental's program, service and product offerings mainly consist of test preparation, language training for adults, education materials and distribution, online education, and other services. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental's ADSs, each of which represents one common share. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.
N2Y | May 21, 2020
n2y, an innovator in the fields of special education and virtual learning, had the honor of receiving the 2020 CODiE Awards in the Best Solution for Exceptional Students category for its Total Solution, and Best Data Solution category for Positivity®. n2y was also proud to be named a finalist in an additional four categories, which included Best Virtual Learning Solution, Best Learning Capacity-Building Solution, Best Cloud-Based Solution and Best ESL, ELL or World Language Acquisition Solution. n2y’s Total Solution supports the whole student across all learning environments—including remote learning settings. While unifying the entire stakeholder team, it supports teachers with time-saving, standards-aligned, differentiated instruction and assessment; compliance reporting; behavior management; relevant symbol-supported resources; weekly current events; and skill building games—all powered by best-in-class professional development. Positivity enhances classroom management and promotes Social Emotional Learning (SEL) to lay the foundation for successful outcomes. It integrates easily into learning environments with online delivery and tracking of proactive behavior strategies that support the behavior intervention process from start to finish.
Illuminate Education | August 25, 2020
New research released today by Illuminate Education indicates that students will likely experience 2 to 4 months of learning loss as a result of COVID-19 disruptions, with new analyses on the impact on grades K-2. These findings highlight a need for additional instructional support this fall. “The data are telling us what we already suspected: this fall, educators need to be ready to use the appropriate tools to identify and contend with student learning loss, particularly in grades K-2,” said Dr. John Bielinski, Sr. Dir. of Research & Development at Illuminate Education. “Now more ever, screening will be instrumental in understanding where the biggest learning gaps are, and our team will be watching closely to provide guidance where we can with the most up-to-date information.”
GFG Alliance | August 14, 2020
LIBERTY Steel Group (‘LSG’), part of Sanjeev Gupta’s sustainable industry leader GFG Alliance, has succeeded in its bid to acquire the strategic French steel assets of France Rail Industry business (‘Hayange’) and the Ascoval steelworks (Ascoval). Following the decision in July by the Tribunal de Grande Instance de Strasbourg to award Hayange to LSG, the French government has today given its final approval for the deal which will secure the future of the nationally strategic plants and their 700-strong workforce.Hayange, located in Moselle, France manufactures a wide range of steel rails for nationally significant infrastructure clients including France’s national rail operator SNCF and RATP, the operator of Paris’ metro system, and is regarded as a strategic asset by the French government. The site, which employs around 430 people, produces over 300,000 tonnes of rail per year. While the French rail market is key to the business, with help from across the LSG network the company will seek to grow sales of rails across Europe and other markets. LSG already has a rail mill supplying the Australian network from its steelworks in Whyalla, South Australia.