New Oriental Education & Technology Group Inc.

Our first school was established by Mr. Michael Minhong Yu, our executive chairman, in Beijing, China in 1993 to offer TOEFL test preparation courses to college students. We established New Oriental China in 2001 as a domestic holding company to act as the sponsor of our schools and hold some operating subsidiaries. In order to facilitate foreign investment in our company, we established our offshore holding company, New Oriental Education & Technology Group Inc., in the British Virgin Islands in August 2004. We redomiciled to the Cayman Islands in March 2006 and are now a Cayman Islands company. We have three wholly-owned subsidiaries in Hong Kong that directly own our wholly-owned subsidiaries in China. We completed an initial public offering and listed our ADSs on the NYSE under the symbol EDU in September 2006. On August 18, 2011, we effected a change in the ratio of our ADSs to common shares from one ADS representing four common shares to one ADS representing one common share. Beijing Xuncheng, previously majority-owned subsidiary of New Oriental China, was restructured as a variable interest entity controlled by Koolearn Technology Holding Limited, or Koolearn, a majority-owned subsidiary of our offshore holding company, in 2018. On March 28, 2019, Koolearn completed its initial public offering and the listing of its shares on the Main Board of the Hong Kong Stock Exchange. In February 2023, the English name of Koolearn was changed from Koolearn Technology Holding Limited to East Buy Holding Limited.