SCHEDULE: First Beijing Investment Boosts New Oriental Stake to 11.6%

First Beijing Investment Ltd. has disclosed an 11.6% beneficial ownership stake in New Oriental Education & Technology Group Inc. as of September 30, 2025.

Summary

• First Beijing Investment Ltd. reported beneficial ownership of 182,678,710 common shares in New Oriental Education & Technology Group Inc. as of September 30, 2025.
• This ownership represents 11.6% of the issuer's common shares outstanding.
• The aggregate amount beneficially owned comprises 89,213,700 common shares and 9,346,501 American Depositary Shares (ADSs), with each ADS representing ten underlying common shares.
• First Beijing Investment Ltd. holds sole voting power over 88,649,120 shares and sole dispositive power over 182,678,710 shares.
• The filing is an Amendment No. 3 to a Schedule 13G, indicating a continued or adjusted position by the reporting person.
• First Beijing Investment Ltd. is classified as an Exempt Reporting Advisor and is based in Hong Kong.

Sentiment

Score: 7

Explanation: The disclosure of a substantial 11.6% beneficial ownership by First Beijing Investment Ltd. in New Oriental Education & Technology Group Inc. suggests a strong, long-term conviction in the company's value proposition. While a 13G is a factual filing, the size of the stake implies a positive outlook from the investor.

Positives

• The disclosure of a substantial 11.6% beneficial ownership by First Beijing Investment Ltd. can be interpreted as a vote of confidence in New Oriental Education & Technology Group Inc.'s long-term prospects and value.
• Maintaining a significant stake suggests a favorable view of the company's strategic direction and market position.

Negatives

• NA

Risks

• The filing itself does not detail specific business or operational risks for New Oriental Education & Technology Group Inc.
• The reporting person certifies that the securities were not acquired and are not held for the purpose of changing or influencing the control of the issuer, mitigating potential governance risks from an activist investor perspective.

Future Outlook

NA

Management Comments

• "To the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

New Oriental Education & Technology Group Inc. operates in the dynamic Chinese education sector. A substantial investment by an entity like First Beijing Investment Ltd. could signal confidence in the company's ability to navigate regulatory changes and capitalize on future growth opportunities within this evolving market.

Comparison to Industry Standards

• A beneficial ownership stake of 11.6% is a significant position for an institutional investor in a publicly traded company, often indicative of a long-term, strategic holding rather than short-term trading.
• While specific comparable companies or projects are not detailed in this filing, such a substantial stake is generally viewed as a strong commitment by an investor to the company's value.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may instill confidence among other shareholders, potentially influencing market perception and share price by signaling a large investor's belief in the company's value.
• Management: The presence of a substantial shareholder, even a passive one, can lead to increased scrutiny or engagement, although the filing explicitly states no intent to influence control.

Next Steps

• First Beijing Investment Ltd. will continue to monitor its investment in New Oriental Education & Technology Group Inc. as part of its portfolio management.
• New Oriental Education & Technology Group Inc. will continue its business operations and fulfill its reporting obligations to the SEC.

Key Dates

Recommendation

This filing is a disclosure of a significant beneficial ownership stake by First Beijing Investment Ltd. in New Oriental Education & Technology Group Inc. While the large stake (11.6%) by an institutional investor can be seen as a vote of confidence, the Schedule 13G itself does not provide new operational or financial performance data to warrant a 'buy' or 'sell' recommendation. It primarily confirms a substantial, passive investment. Therefore, a 'hold' recommendation is appropriate, pending further operational or financial updates from the company.

Keywords

New Oriental Education, First Beijing Investment, Beneficial Ownership, Schedule 13G, Education Technology, China Education, Common Shares, ADSs, Investment, Stake