New Oriental Education & Technology Group Inc. Announces Upsizing of Share Repurchase Program
New Oriental Education & Technology Group Inc., a leading provider of private educational services in China, has announced the upsizing of its share repurchase program. The company’s board of directors has approved an adjustment to the Share Repurchase Program, increasing the aggregate value of shares authorized for repurchase from US$400 million to US$700 million.
The Share Repurchase Program, initially launched in July 2022, allowed New Oriental to repurchase up to US$400 million of the company’s ADSs and/or common shares. With the extension of the program through May 2025, New Oriental has already repurchased approximately US$330.3 million worth of its ADSs.
Under the upsized Share Repurchase Program, New Oriental will have the flexibility to repurchase shares through various means, including open market transactions, privately negotiated transactions, block trades, and other legally permissible methods. The repurchases will be conducted at prevailing market prices, depending on market conditions and in accordance with applicable rules and regulations.
New Oriental’s board of directors will periodically review the Share Repurchase Program and may further authorize adjustments to its terms and size. This strategic move demonstrates the company’s commitment to enhancing shareholder value and confidence in its long-term prospects.
New Oriental Education & Technology Group Inc. is a prominent provider of private educational services in China, offering a wide range of educational programs, services, and products to a diverse student population across the country. Its offerings include educational services, test preparation courses, private label products, livestreaming e-commerce, overseas study consulting services, and educational materials and distribution.
Listed on the New York Stock Exchange (NYSE: EDU) and the Stock Exchange of Hong Kong (SEHK: 9901), New Oriental’s ADSs, each representing ten common shares, are traded on the NYSE. The Hong Kong-listed shares are fully fungible with the ADSs listed on the NYSE.
For more information about New Oriental Education & Technology Group Inc., please visit their website at http://www.neworiental.org/english/.