On December 27, Oriental Selection, a live-streaming ecommerce company under the US-listed New Oriental Group, announced that it will sell its education business for a total price of 1.5 billion yuan to its parent company.
Michael Yu, founder of private tutoring firm New Oriental Education, issued a post through his personal WeChat account on Tuesday, responding to public speculation about his retreat from the company.
"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.
