Michael Yu Increases Shareholding in Koolearn
According to information disclosed by the Hong Kong Stock Exchange, on November 17, 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. A total of HK $9,927,300 was spent to increase his shareholding ratio from 4.63% to 4.77%.
This increase in shareholdings shows Michael Yu’s confidence in the recent positive transformation exploration of new businesses of Koolearn. The company closed at HK $8.490 per share today, up 23%.
Previously, in April and September 2020, Michael Yu increased his holdings of Koolearn twice. In April, he increased its holdings by 1.2 million shares at an average price of HK $26.5 per share, a total of HK $31.8 million. In September, New Oriental Education and Yu acquired shares of Koolearn for $230 million.
According to recent announcement by New Oriental Education, the company has shifted its focus and resources to educational products and services unrelated to K-9 services, such as exam preparation courses, adult language training courses and teaching materials.
SEE ALSO: New Oriental’s Koolearn to Stop Off-Campus Training Business for Compulsory Education
At the same time, the company will continue to explore new business opportunities. Yu had previously said in a live-stream that New Oriental Education plans to set up a large-scale agricultural platform in the future, and he and hundreds of teachers will offer products and services through live commerce to help sell agricultural products and support rural revitalization.
