Yu Minhong, founder of private tutoring company New Oriental Education, posted a message via his personal WeChat account on Tuesday, responding to public speculation about his withdrawal from the company.

On April 7, Yu wrote, “I have always thought that the new Eastern education was not the only purpose of my coming into the world, or at least not the most important purpose. I’ve been doing my best for the company for 30 years. Maybe it’s time for me to step back a little more and re-examine the business and myself. Afterwards, some netizens thought that Yu showed his intention to withdraw from the Beijing-based training company.

Today, Yu denied the rumor and explained his intentions, “I’m not leaving New Oriental Education soon, but I hope to look at the company at a higher level and take it to a better direction of development.”

The private tutoring group grew out of what was once known as Beijing New New Oriental Education School, established in 1993. It now has many well-known educational brands such as Student Growth Center, International Education, College Student Learning and Development Center and Koolearn Tech..

As a famous private education institution in China, New Oriental Education was successfully listed on the New York Stock Exchange on September 7, 2006, and then on the Hong Kong Stock Exchange on November 9, 2020. On April 8, the company announced that it will release its financial results for the third quarter ended February 28, 2022, before the U.S. market opens on April 26, 2022.

According to data released by the Ministry of Education, the number of university graduates in China is expected to reach 10.76 million in 2022, an increase of 1.67 million year-on-year, leading to an intensification of the competition for jobs. On April 9, New Oriental Education and iResearch jointly released the white paper on learning and development for Chinese students in 2022. The white paper shows that 54% of respondents are willing to continue their studies.

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Yu once again publicly asserted the development direction of the New Eastern Education. “The company will persist in working hard in education,” he said.