New Oriental Announces Upsizing of Share Repurchase Program

Core Viewpoint - New Oriental Education & Technology Group Inc. has announced an increase in its share repurchase program from US$400 million to US$700 million, extending the program through May 31, 2025 [1][2]. Group 1: Share Repurchase Program - The initial share repurchase program authorized the company to repurchase up to US$400 million of its ADSs and/or common shares from July 28, 2022, to May 31, 2023 [1]. - The program has been extended for an additional two years, now effective through May 31, 2025 [1]. - As of the announcement date, the company had repurchased approximately US$330.3 million worth of its ADSs under the original program [1]. - The new aggregate value for the share repurchase program is now set at US$700 million [2]. - Repurchases may occur through various means, including open market transactions and block trades, depending on market conditions [2]. Group 2: Company Overview - New Oriental is a provider of private educational services in China, offering a diverse range of educational programs, services, and products [3]. - The company's offerings include educational services, test preparation courses, overseas study consulting, and livestreaming e-commerce [3]. - New Oriental is listed on both NYSE (NYSE: EDU) and SEHK (9901.SEHK), with its ADSs representing ten common shares [3].