BEIJING, Oct. 10,
2022 /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 updates
its status under the Holding Foreign Companies Accountable Act (the
"HFCAA"). The Company filed its annual report on Form 20-F for the
fiscal year ended May 31, 2022 with
the SEC on September 29, 2022 and was
provisionally named by the United States Securities and Exchange
Commission (the "SEC") as a Commission-Identified Issuer on
October 6, 2022, U.S. Eastern Time,
following such filing.
This is the first time that the Company was named so after the
SEC started to make such identification pursuant to the HFCAA and
its implementation rules issued thereunder. The Company understands
that this identification indicates that the SEC determines that the
Company used an auditor whose working paper cannot be inspected or
investigated completely by the Public Company Accounting Oversight
Board of the United States (the
"PCAOB") to issue the audit opinion for its financial statements
for the fiscal year ended May 31,
2022.
In accordance with the HFCAA, the SEC shall prohibit a company's
shares or American depositary shares ("ADSs") from being traded on
a national stock exchange or in the over-the-counter trading market
in the United States if the
company has been identified by the SEC for three consecutive years
due to PCAOB's inability to inspect the auditor's working
paper.
The Company has been actively exploring possible solutions to
protect the interest of its stakeholders. The Company's common
shares have been listed on the Main Board of the Hong Kong Stock
Exchange since November 2020 and the
ADSs and common shares are fully fungible. The Company
will continue to comply with applicable laws and regulations in
both China and the United States.
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, online education
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. 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.