BEIJING, May 24, 2024
/PRNewswire/ -- New Oriental Education & Technology Group Inc.
("New Oriental" or the "Company") (NYSE: EDU and SEHK: 9901),
a provider of private educational services in China, today announced that its board of
directors has authorized the Company to extend its share repurchase
program launched in 2022 and amended in 2023 (the "Share Repurchase
Program"), over the next twelve months through May 31, 2025. As of the date of this press
release, the Company had repurchased approximately US$246.3 million worth of its ADSs under the
Share Repurchase Program, and a balance of approximately
US$153.7 million authorized under the
Share Repurchase Program had not been utilized. Pursuant to the
extended Share Repurchase Program, the Company may repurchase up to
approximately US$153.7 million of its
shares in the form of ADSs and/or common shares through
May 31, 2025.
The repurchases may be effected from time to time through open
market transactions at prevailing market prices, in privately
negotiated transactions, in block trades and/or through other
legally permissible means, depending on the market conditions and
in accordance with applicable rules and regulations. The Company's
board of directors will review the Share Repurchase Program
periodically, and may further authorize adjustment of its terms and
size.
About New Oriental
New Oriental is a provider of private educational services in
China offering a wide range of
educational programs, services and products to a varied student
population throughout China. New
Oriental's program, service and product offerings mainly consist of
educational services and test preparation courses, private label
products and livestreaming e-commerce and other services, overseas
study consulting services, and educational materials and
distribution. New Oriental is listed on NYSE (NYSE: EDU) and SEHK
(9901.SEHK), respectively. New Oriental's ADSs, each of which
represents ten common shares, are listed and traded on the NYSE.
The Hong Kong-listed shares are
fully fungible with the ADSs listed on NYSE.
For more information about New Oriental, please visit
http://www.neworiental.org/english/.
Contacts
For investor and media inquiries, please contact:
Ms. Rita Fong
FTI Consulting
Tel: +852 3768 4548
Email: rita.fong@fticonsulting.com
Ms. Sisi Zhao
New Oriental Education and Technology Group Inc.
Tel: +86-10-6260-5568
Email: zhaosisi@xdf.cn
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SOURCE New Oriental Education and Technology Group Inc.
