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6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Jul 25 18:24
Summary by Futu AI
New Oriental Education & Technology Group Inc. (New Oriental), through its majority-owned subsidiary East Buy Holding Limited (SEHK: 1797), has announced the departure of Mr. Yuhui Dong from East Buy. The departure, effective July 25, 2024, was a result of Mr. Dong's personal career aspirations and commitments outside of East Buy, with no disputes or disagreements cited. Concurrently, an agreement was reached for Mr. Dong to acquire 100% equity of Time with Yuhui (Beijing) Technology Ltd, a subsidiary of Beijing New Oriental Xuncheng Network Technology Co., Ltd., which is a variable interest entity of East Buy. The transaction, valued at approximately RMB76.59 million, is expected to be completed within six months from the agreement date. Following the sale, Time with Yuhui will no longer be part of East Buy's consolidated affiliated entities, and its financial results will be excluded from East Buy's consolidated financial statements.
New Oriental Education & Technology Group Inc. (New Oriental), through its majority-owned subsidiary East Buy Holding Limited (SEHK: 1797), has announced the departure of Mr. Yuhui Dong from East Buy. The departure, effective July 25, 2024, was a result of Mr. Dong's personal career aspirations and commitments outside of East Buy, with no disputes or disagreements cited. Concurrently, an agreement was reached for Mr. Dong to acquire 100% equity of Time with Yuhui (Beijing) Technology Ltd, a subsidiary of Beijing New Oriental Xuncheng Network Technology Co., Ltd., which is a variable interest entity of East Buy. The transaction, valued at approximately RMB76.59 million, is expected to be completed within six months from the agreement date. Following the sale, Time with Yuhui will no longer be part of East Buy's consolidated affiliated entities, and its financial results will be excluded from East Buy's consolidated financial statements.
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