Produced by Radar Finance and | Wu Yanrui, editor| Deep Sea
On January 12 and January 13, New Oriental added new executed information for two consecutive days, with a total of 264,600 yuan of execution targets.
Radar Finance found that New Oriental has been executed continuously, which is suspected to be related to the previous Beijing Tianyue School incident. In the Tianyancha data, new oriental's previous 7 historical judgment debtor related cases are the same.
In May 2016, New Oriental signed a cooperation agreement with Tianyue Investment and Development Co., Ltd., in which the condition for the contract to take effect is that Tianyue School obtains a school license before September 2016. Since then, Tianyue School has been enrolling students with "New Oriental Schools" as the publicity point. The school opened in August 2017, and the main facilities of the school were not completed. The school license was not obtained at the time of the judgment.
Some of the students' parents took New Oriental and the above-mentioned related companies to court, and the court finally ordered the two companies to refund the tuition fees paid by the parents.
Radar Finance noted that New Oriental, which has been executed repeatedly, has suffered a huge impact on its disciplinary business.
New Oriental was executed twice totaling 264,600 yuan
Recently, New Oriental Education Technology Group Co., Ltd. added two new pieces of executed information. The Chaoyang District People's Court of Beijing Municipality filed cases on January 12 and January 13 respectively, with a total of 264,600 yuan in enforcement targets.
The case number (2022) Jing 0105 Zhi 2203 was filed on January 12, 2022, and the executors were New Oriental and Beijing Tianyue Mingde Education Technology Co., Ltd. (hereinafter referred to as "Tianyue Mingde"), and the subject matter of execution was RMB138,500. The case number is (2022) Jing 0105 Zhi 2360, the case filing date is January 13, the executor is New Oriental, and the subject of the execution is 126,100 yuan.
According to the data of Tianyancha, Tianyue Mingde was established in December 2016 with a registered capital of 70 million yuan. The largest shareholder of Tianyue Mingde is Beijing Tianyue Investment and Development Co., Ltd. (hereinafter referred to as "Tianyue Investment"), holding 60% of the shares. The legal representatives of Tianyue Investment and Tianyue Mingde are Wang Junying.
In addition to education companies, Tianyue Investment's subsidiaries are also involved in real estate development, cultural media and property management. Tianyue Investment and Wang Junying, the company's legal representative, received the consumption restriction order twice in August 2020 and September 2021 respectively.
Suspected of being dragged down by Tianyue School
Radar financial combing found that New Oriental has been executed one after another, suspected of being dragged down by Tianyue School.
According to the relevant judgment, New Oriental said that in May 2016, New Oriental and Tianyue Investment signed a cooperation agreement on running a school, and the condition for the contract to take effect was that Tianyue School obtained a school license before September 2016.
New Oriental said that Tianyue School was applied for by Tianyue Mingde Company to be established and opened, New Oriental did not have any hardware, software or personnel investment in Tianyue School, and New Oriental did not collect any remuneration or fees from Tianyue Mingde Company and Tianyue Investment Company. Because Tianyue School has not obtained a school operating permit, the aforementioned school running contract has not taken effect.
Due to the delay in obtaining the school license of Tianyue School, many parents sued New Oriental Company and Tianyue Mingde Company for refund of tuition fees.
According to one of the judgments, New Oriental Company and Tianyue Mingde Company jointly established Beijing Tianyue School (hereinafter referred to as "Tianyue School") in 2017, which officially opened in August 2017. Zhang's children were admitted to the school and paid a tuition fee of 198,700 yuan, and the receiving unit was Tianyue Mingde Company. Hou Zhang found that Tianyue School had not obtained a school license, had no school running qualifications, and promised to complete the main facilities of the school in May 2017 until the trial of the case was still incomplete, and the students could only attend classes in the temporary campus.
Zhang Mou believes that the child wasted at least one school year in a fake school without school running qualifications, causing huge losses to parents in time and economy, and should be refunded in full the tuition fees paid. In terms of responsibility, the current Tianyue School has not yet registered, the school advertised at the time of enrollment that the school is a school under the New Oriental Company, and will provide all the hardware facilities by tianyue Mingde Company, and the New Oriental Company will provide software investment, responsible for the management of the school, the input of the teaching staff, and sent the principal Gao Wei to tianyue School. Tianyue Mingde Company and New Oriental Company shall bear joint and several liability. The parents only learned in November and December 2017 that the school did not have the qualification to run the school, because the school did not provide the transfer certificate, resulting in the failure to transfer the school in time, and the school has been making commitments to the certification and completion time in the form of open letters, etc., and the parents have also been defending their rights, so they have not handled the transfer in time, and the parents are not at fault for this.
In this regard, New Oriental said that before the start of the 2017-2018 school year, there were parents who applied for withdrawal, and the reasons for withdrawal included the unfinished teaching building and the school's lack of school qualifications, which can also reflect that parents are aware of the school's lack of qualifications. However, parents still choose to continue to receive education, and parents claim that there is a loss of time and cost, which is inconsistent with their behavior of continuing to attend school, and even if there is a loss, it is also a loss that the parents have expanded on their own. The parents are at fault for this. The parent's request for a refund is based on the invalidity or termination of the contract, but the company is not the counterparty to the contract and is not liable for the refund. Moreover, there have been more than 40 similar cases, and in the cases that have been executed, the company has assumed most of the refund liability, and Tianyue Mingde Company and Tianyue Investment Company, as the counterparties to the contract, have not assumed responsibility, which is unreasonable.
The court held that Beijing Tianyue School had not obtained a school operating license and found that the relevant education and training contract was invalid. At the same time, combined with the evidence submitted by both parties, it can be determined that the parents "have reason to believe that the school where their children attend is a school under the 'New Oriental'", and New Oriental Company should bear joint and several liability with Tianyue Mingde Company.
In the end, the court ordered the defendants New Oriental and Tianyue Mingde to jointly refund the plaintiff's fees of 138,500 yuan within seven days from the effective date of the judgment, and rejected the plaintiff's other litigation claims.
According to the judgment of Jingmin Shen No. 3205 in case number (2021), New Oriental appealed the relevant judgment, holding that New Oriental had no other legal basis for the responsibility for returning tuition fees, and had borne huge economic losses and reputational losses for this purpose. In the end, the court rejected New Oriental's application for retrial.
Among the executors in the history of New Oriental, 7 cases were all disputes between parents and Tianyue Mingde and New Oriental related education and training contracts. The date range for filing a case is from May 2020 to October 2021.
Discipline business has been greatly impacted
New Oriental, which has been repeatedly sued, has been greatly affected by the "double reduction policy".
In September last year, Yu Minhong said at an internal executive meeting that offline enrollment in elementary and junior high school disciplines would be stopped after the fall course was over, and cities would gradually close teaching sites in the future.
In October, New Oriental Online announced that the company's board of directors decided to stop operating Chinese mainland subject-based off-campus training services in the compulsory education stage, including students from kindergarten to ninth grade in the Chinese mainland. The termination is expected to take effect by the end of November 2021. The Board expects that the termination will have a material adverse effect on the Group's total revenue for the financial year ended 31 May 2022 and subsequent periods.
Since then, Yu Minhong has led some New Oriental employees to open a live broadcast with goods. During the 2021 Singles Day period, Yu Minhong made his debut in the live broadcast room. Yu Minhong once revealed in public that New Oriental Plans to set up a large-scale agricultural platform in the future, and he and hundreds of teachers will help sell agricultural products and support the cause of rural revitalization through live streaming. Yu Minhong said that this move is not to simply sell goods, but to help agricultural industrial upgrading and rural revitalization, but also to help farmers improve their professional level.
On December 28, New Oriental announced that it will launch the live streaming platform "Oriental Selection", and Yu Minhong will conduct the first live broadcast of farm products at 8 pm on the same day. Relevant data show that in the 3-hour live streaming, Yu Minhong sold a total of 5 million yuan of agricultural products, with a GMV of 4.9084 million.
On the afternoon of January 8, 2022, Yu Minhong, the founder of New Oriental, posted a post on his personal public account, reviewing 2021 and looking forward to the future transformation direction. Yu Minhong said that in 2021, the market value of New Oriental fell by 90%, revenue decreased by 80%, employees dismissed 60,000 people, and cash expenses such as tuition refund, employee dismissal N+1 (compensation), and teaching point rent withdrawal were nearly 20 billion yuan.
Note: This article is the original of Radar Finance (ID: leidacj). Unauthorized reproduction is prohibited.