[EpochTimesNovember92021]After the Chinese Communist Party announced the “double reduction” policy, off-campus education and training institutions across the mainland have closed down. Yu Minhong, president of New Oriental Group, China’s largest education and training organization, said in his personal Douyin live broadcast room on the evening of November 7 that New Oriental will set up a large-scale agricultural platform in the future to help sell agricultural products through live broadcasts.
Yu Minhong said in the live broadcast that he will lead hundreds of teachers to sell agricultural products through live broadcast. Since the introduction of the double reduction policy, my time has been spent on thinking about the transformation of New Oriental and dealing with internal issues. After discussing and communicating with others, I finally made the above decision.
Yu Minhong also said that New Oriental will withdraw the rent of 1,500 teaching sites. Previously, these teaching sites only cost about six to seven billion yuan (RMB, the same below) for renovation, plus liquidated damages, deposits, student tuition refunds, and the salaries of leaving teachers, which are very expensive.
He said that he has always insisted that there must be enough cash on the company’s books to ensure that if New Oriental suddenly goes bankrupt or fails to do so, the company has the funds to cope with this situation.
Prior to this, Yu Minhong announced on the social platform WeChat on the 4th that due to business adjustments, New Oriental has donated brand-new desks and chairs to rural primary and secondary schools and has donated nearly 80,000 sets so far. He said in the live broadcast that there may be nearly 80,000 sets of desks and chairs to be sent away in the future.
In July of this year, the CCP issued a “double reduction” policy to limit the tuition time during the compulsory education stage on the grounds of so-called “reducing the burden of students’ school homework and off-campus training”, and required that the subject-related tutoring industry should be registered as a non-profit organization. Under this policy, the mainland’s off-campus education and training institutions have been hit hard.
As the leader of China’s education and training industry, New Oriental announced on October 13 that schools across the country will divest elementary and junior high school (K9) businesses. Its online education website also announced in late October that it will terminate its kindergarten to 9th grade services. Previously, New Oriental closed its wholly-owned subsidiary Oriental Youbo in September, and initiated refunds for trainees and compensation for employee redundancy. The scale of related refunds will reach 70,000.
As of May 31, New Oriental had 122 schools, 1,547 learning centers, and 11 bookstores on the mainland, employing 54,200 teachers, most of them full-time teachers. With the divestiture of the core business, a large number of schools have been rented out and teachers have been dismissed. According to “China Fund News” on November 8, New Oriental plans to lay off more than 40,000 employees by the end of the year. Yu Minhong reposted the article in Moments on the 8th and left a message stating that the era of education and training is over.
Yu Minhong will lead hundreds of teachers to live broadcast the news of selling agricultural products, which will be listed on the Internet on the 8th. Some netizens expressed “sympathy” to Yu Minhong, and some netizens said, “Lao Yu is a responsible entrepreneur. I sincerely hope that he can re-emerge as a hero again in a few years.” Some netizens said, “Help me.” Apples are sold in my hometown. The apples in Jingning County, Gansu are crisp, sweet and juicy.”
Editor in charge: Gao Miao#
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