New Oriental Subsidiary East Buy Sees Executive Departure

TL;DR

New Oriental's East Buy subsidiary is losing exec Yuhui Dong due to personal career goals.

AI Summary

East Buy Holding Limited, a subsidiary of New Oriental Education & Technology Group Inc., announced on July 25, 2024, that Mr. Yuhui Dong will depart from his role after amicable discussions. The departure is attributed to Mr. Dong's personal career aspirations and other pursuits.

Why It Matters

The departure of a key executive from a subsidiary can impact investor confidence and the subsidiary's operational direction.

Risk Assessment

Risk Level: low — The filing is an announcement of an executive departure and does not involve financial distress or significant operational changes.

Key Players & Entities

• East Buy Holding Limited (company) — Majority-owned subsidiary of New Oriental
• New Oriental Education & Technology Group Inc. (company) — Parent company
• Yuhui Dong (person) — Departing executive from East Buy
• July 25, 2024 (date) — Date of announcement

FAQ

Filing Documents

• d809502d6k.htm (6-K) — 9KB
• 0001193125-24-184259.txt ( ) — 10KB

From the Filing

Form 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of July 2024 Commission File Number: 001-32993 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. No. 6 Hai Dian Zhong Street Haidian District Beijing 100080, Peoples Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F Recent Updates East Buy Holding Limited ( East Buy ) (SEHK: 1797), a majority-owned subsidiary of New Oriental Education & Technology Group Inc. (the Company ), announced today that Mr. Yuhui Dong has decided to depart from East Buy after amicable discussions. The departure was due to Mr. Dongs career aspirations, commitment to his other pursuits and personal time arrangement and did not result from any dispute or disagreement with East Buy or its board of directors. The departure took effect on July 25, 2024 (Beijing time). On the same date, Beijing New Oriental Xuncheng Network Technology Co., Ltd. ( Beijing Xuncheng ), a variable interest entity of East Buy, Mr. Yuhui Dong, and Time with Yuhui (Beijing) Technology Ltd (the Target Company ), a wholly-owned subsidiary of Beijing Xuncheng that primarily engages in businesses under the brand Time with Yuhui, entered into an agreement under which Beijing Xuncheng agreed to sell, and Mr. Yuhui Dong agreed to acquire, 100% of the equity of Target Company for approximately RMB76.59 million. The parties to the agreement shall use their best endeavours to complete the transaction within six months from the date of the agreement. After the sale, the Target Company will cease to be a consolidated affiliated entity of East Buy and the financial results of the Target Company will no longer be consolidated into the consolidated financial statements of East Buy. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. New Oriental Education & Technology Group Inc. By: /s/ Stephen Zhihui Yang Name: Stephen Zhihui Yang Title: Executive President and Chief Financial Officer Date: July 25, 2024

View Full Filing

View this 6-K filing on SEC EDGAR