Media: New Oriental plans to raise $1 billion in Hong Kong IPO next week

category:Finance
 Media: New Oriental plans to raise $1 billion in Hong Kong IPO next week


On October 13, Beijing time, New Oriental announced its financial results for the first quarter of fiscal year 2021 (June 1 to August 31) before the US stock market on that day.

According to the financial report, New Orientals operating revenue in the first quarter was 986 million US dollars, a year-on-year decrease of 8%, but it was higher than the upper limit of performance guidance given in the previous quarter; the net profit was 184.5 million US dollars, a year-on-year decrease of 19.8%.

From the perspective of business composition, K12s revenue increased by about 8% year-on-year, while the income from yoneng and bubble children increased by 9% and 3.5% respectively; overseas business was greatly affected, and the income of overseas examination preparation business and overseas study consultation business decreased by 51% and 31% respectively. Yu Minhong, executive chairman of the board of directors of New Oriental, said, the main reason for the drop in income is that the enrollment time of summer classes and autumn classes this year is later than that of previous years. The summer vacation in many major cities has also been shortened by one to two weeks. Affected by the epidemic, Beijing and other cities have delayed the resumption of classes. However, with the gradual disappearance of the epidemic in China, New Orientals various businesses have shown signs of recovery For example, the number of students who have signed up has increased significantly.

From the perspective of business composition, K12s revenue increased by about 8% year-on-year, while the income from yoneng and bubble children increased by 9% and 3.5% respectively; overseas business was greatly affected, and the income of overseas examination preparation business and overseas study consultation business decreased by 51% and 31% respectively.

Yu Minhong, executive chairman of the board of directors of New Oriental, said, the main reason for the drop in income is that the enrollment time of summer classes and autumn classes this year is later than that of previous years. The summer vacation in many major cities has also been shortened by one to two weeks. Affected by the epidemic, Beijing and other cities have delayed the resumption of classes. However, with the gradual disappearance of the epidemic in China, New Orientals various businesses have shown signs of recovery For example, the number of students who have signed up has increased significantly.