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Our first school was established by Mr. Michael Minhong Yu, our executive
chairman, in Beijing, China in 1993 to offer TOEFL test preparation courses to
college students. We established New Oriental China in 2001 as a domestic
holding company to act as the sponsor of our schools and hold some operating
subsidiaries. Since our inception, we have grown rapidly and transformed
ourselves from primarily a language training and test preparation company to the
largest provider of private educational services in China offering a wide range
of educational programs, services and products to a varied student population
throughout China. In compliance with regulatory policies promulgated in 2021, we
have ceased offering the K-9 Academic AST Services in China since the end of
2021.
In order to facilitate foreign investment in our company, we established our
offshore holding company, New Oriental Education & Technology Group Inc., in the
British Virgin Islands in August 2004.
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