At 8:00 pm on Tuesday, Yu Minhong, Chairman of New Oriental Education & Technology, held a live stream to sell agricultural products through Douyin for the first time.
Since Chinese authorities introduced the "Double Reduction Policy" earlier this year, domestic educational and training services firm New Oriental has accelerated plans to undergo a transformation.
Koolearn and Tmall Genie announced a new cooperation between the two companies on Wednesday. The two sides will carry out comprehensive cooperation in technology, content and services of smart education hardware.
According to a person familiar with the matter, New Oriental Education's subsidiary BlingABC began to offer online Chinese courses in the United States.
Michael Yu acquired another 1.429 million shares of Koolearn, an online education company under New Oriental Education, at an average price of HK $6.95 per share.
Gaotu Techedu Inc. announced that it will end its off-campus tutoring services related to academic subjects from kindergarten through grade nine (the "K-9 Academic AST Services").
On November 13, Chinese extracurricular education company Tomorrow Advancing Life issued a statement that it will be terminating its off-campus training for compulsory education in mainland China by the end of this year.
The company plans to set up a large-scale agricultural platform in the future. Together with hundreds of teachers, Yu will offer goods through live commerce to help sell agricultural products and support rural revitalization.
"With the adjustment of our business, New Oriental has decided to donate new study desks and chairs to primary and secondary schools in rural areas, having donated nearly 80,000 sets so far," Michael Yu posted.
Koolearn Technology Holding Limited, an online education company under New Oriental, announced on Monday that the group will stop off-campus training services for compulsory education in mainland China.
On October 13, Beijing-based private education firm New Oriental issued a notice stating that it would cancel K9-related business sections such as Pop Kids and U-Can Secondary School sections.
On September 25th, Chinese tutoring giant New Oriental held a press conference, saying that it will completely overhaul its existing projects offered to college students.
