New Oriental Education (EDU) Announces Upsized $400M Share Buyback

New Oriental Education & Technology Group Inc. (NYSE: EDU), a provider of private educational services in China, today announced that its board of directors has approved the upsizing of its share repurchase program. As previously disclosed, the Company launched a share repurchase program (the "Share Repurchase Program") whereby the Company was authorized to repurchase up to US$400 million of the Company's ADSs and/or common shares during the period from July 28, 2022 through May 31, 2023. The Share Repurchase Prgram was extended by two years through May 31, 2025. As of the date of this press release, the Company had repurchased approximately US$330.3 million worth of its ADSs under the Share Repurchase Program.

The Company's board of directors has approved an adjustment to the Share Repurchase Program, pursuant to which the aggregate value of shares that the Company is authorized to repurchase under the Share Repurchase Program is increased from US$400 million to US$700 million. The upsized Share Repurchase Program is effective through May 31, 2025.

The repurchases may be effected from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The Company's board of directors will review the Share Repurchase Program periodically, and may further authorize adjustment of its terms and size.

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