In just half a year, New Oriental laid off more than 40,000 employees, and its share price plummeted by 90%, and more than 200 billion went up in smoke. 1500 teaching points were cancelled and 67 billion yuan was spent on renovation. After decades of hard work, 60-year-old Yu could not help but burst into tears.
Five years ago, Ma Yun and Yu had a debate. At that time, Ma Yun said that the Education Association would exist for 100 years, but New Oriental might not exist. Unexpectedly, Ma Yun's remarks at that time have come true. At this time, Yu Dui said, "Will Alibaba, Tencent, Xiaomi, LeTV, the century-old hope of China's economy and the prosperity of China still exist? I think these companies may be gone, but what can guarantee the sustainable development of China? I think there are only two words: education. So after a hundred years, New Oriental will definitely still be there. "
Later, when it was Ma Yun's turn to give a speech, he went on to say, "These companies mentioned just now may not be in 100 years after ten years. This education will be available, and so will New Oriental. There are two logical errors. The first logical mistake, within ten years, we may not be here. Second, there will be education, and so will New Oriental. These are two different things.
Everybody, at that time, I just thought it was bickering and joking. Unexpectedly, five years later, under the pressure of the national double reduction policy. New Oriental, which has been the leader in the teaching and training industry for many years, is facing a devastating blow. Due to delisting, New Oriental will take back the lease of 1500 teaching points, and the renovation of these teaching points will cost 6.7 billion yuan, as well as huge expenses such as liquidated damages, deposits, student tuition fees, refunds, and salaries of teachers who have left their posts. Not only will the business of New Oriental be reduced, but at least 40,000 employees will be laid off. The 60-year-old founder Yu Hui will feel very sad. How did he handle it? It is said that the share price of New Oriental has gone up by 104% in ten days, and it is going to teach Chinese in the United States. In order to tide over the difficulties, Yu, a former godfather, has now put down his body and started a live broadcast. Can he succeed? From inferiority to transcendence, his inspirational life is still being written. Let's go and have a look!
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1962 was born in an ordinary rural family in Jiangyin City, Jiangsu Province on September 4th. His father is a carpenter and his mother is the female captain of the local production team. I also have a barefoot doctor sister.
Although Yu is an expert in transplanting rice seedlings in the village, he didn't study well since he was a child, so he was admitted to the university three times in a row. The first two college entrance examinations are actually his current strength-English.
In the first college entrance examination, I only got 33 points in English. Later, I entered the repeat class, and my English foundation was poor. I have never been encouraged by my teacher, and I lived to the end with a powerful "self-encouragement function". In the second year of college entrance examination, I got 55 points in English. Although there is progress compared with before, it still fails.
In the midst of doubts, I insisted on going to the third year of high school. That summer, Yu signed up for an English cram school. With the accumulation of the previous two years and the efforts of the last year, the students of Grade Five got 90 points in the English test, and were finally admitted to Peking University.
Although I entered Peking University, where is Peking University? Everyone is a dragon and a phoenix, and everyone is smarter and more capable. He is always laughed at by his classmates. He is a marginal figure among his classmates. He has never been in love in college, and the ugliest girls in his class despise him.
At that time, 50 elites from all over the country were organized into a class. During his college years, he never entered the top 40 of his class.
He is lost and can't see hope. He summed up three things about going to college: knowledge, friendship and love. However, with him is always despair. Learning is not as good as people, intelligence is not as good as people, health is not as good as people, and even having a girlfriend is not as good as people ... "Even the idea of death is there."
After graduating from college, I was mistakenly left in school as a teaching assistant. At that time, going abroad was almost the only sign of success. Friends, classmates, Liu Jiang, Bao ... went to the United States and Canada one after another, leaving behind what is always inferior to others. My wife hates iron and calls him a loser.
Finally, I waited until an American university wanted to admit him, but there was only 3/4 scholarship, and I was still short of $5,000. Even if you buy a steamed bun and an onion, you can count on it. Where can you collect the money?
He decided to take part-time classes outside. 1989 In the late summer, he wore shorts and went outside as a teacher in an English training class. Every hour in 20 yuan, he set a goal to strive for 1/4 tuition.
Soon, Peking University punished Yu, saying that Yu taught outside without permission, which seriously affected the teaching order. He knew that Peking University could not stay any longer.
199 1 In autumn, 28-year-old Yu left Peking University. This once gave him glory, self-confidence and inferiority. Peking University, which troubled him and made him sad. ...
On the second day after leaving Peking University, the dormitory was taken back by the school. He rented a house four or five times as a guerrilla, got married and had children. At first, he rented a farmer's house to teach the farmer's children English, math and Chinese instead of rent. ...
The displaced Yu is determined to join the Jianghu and become a "self-employed" with brains and mouths trained by Peking University.
He went to consult the private Oriental University, where he had taught, and established the English Training Department of Oriental University. The school issued a sign, and he paid a management fee of 15%.
He rented a bungalow as a classroom in Zhongguancun No.2 Primary School, in a narrow alley. A desk and a chair were placed outside the door, and the English Training Department of Oriental University was formally established. There are only two people. He is the boss and his wife's boy. Yu went out by bike in the morning, carrying a paste bucket. Put up an advertisement on the telephone pole and wait for him in the afternoon.
At first, several students came, but no one signed up, and then they left. I have a plan in my heart. The next day, he filled in 30 fake names in all the registration books of TOEFL and gre, and all the people who came started with 3 1 This move is quite clever, and some students signed up with a grain of salt. Finally, I have a student source.
It's winter in 199 1 in a blink of an eye. The stagnant water in Zhongguancun No.2 Primary School has begun to live, but there are still not many students, who can't die, can't live well and are not angry. How can we convince everyone that the English training department of Oriental University is awesome? He is really awesome now, and he has credit.
He has another idea. "We have fewer students now and can't make money. Let's hold a free lecture. "
He wrote an advertisement and booked a large classroom for 50 people in Zhongguancun No.2 Primary School. As expected, two or three hundred people came in the evening and the classroom was full. There are more than 200 people outside the classroom, blocking four windows.
The scene is grand and touching, and the popularity is strong. Yu's spirit suddenly doubled, and he chatted and played beyond the standard. After two hours, the effect was excellent. In the early winter weather in Beijing, it was extremely cold outside, the classroom windows were wide open, and no one left inside and outside. This is an experience that Yu has never had in his teaching career in Peking University. He felt a passion and desire in the eyes of students, which gave him shock and hope.
"Free lectures" have created a new form of private education in Beijing and opened up a new situation for overseas examinations and training.
I remember the date of1993165438+10/6 as clearly as my daughter's birthday. On this day, "New Oriental" was born in a bungalow in Xisanqi, the northwest corner of Beijing.
By 1994, I have earned enough tuition and can follow and study abroad. But he stopped to look back. He found that the carriage of New Oriental had gone a long way, and the number of students in 1994 was several hundred times more than that in 199 1, and there was a tendency to continue to increase. He was shocked himself: Is it getting bigger? !
Going abroad, or continuing to drag the carriage of New Oriental? He froze for a long time with the student register.
Go abroad. Learn what? To put it bluntly, it is a matter of face.
He finally made the most important decision in his life: to stay and study in hell!
When he realized that New Oriental would be his lifelong career, he thought of his old friends abroad and he needed them to work with him. By the end of 1995, New Oriental had enough strength and development prospects to attract old friends from abroad.
At that time, the genius Xu Xiaoping lived a poor life abroad. The wife teaches to support the family and takes care of two children at home. Hopeless in the future, depressed for a long time.
So I went to Canada, found it and spent a lot of money in front of him. He stayed in North America for more than 40 days, met his classmates and friends, and spent more than 10,000 dollars along the way. He is obviously showing off, and he wants to spend money to show it to everyone. He is eager to let his classmates know, "I have changed from a particularly worthless person to a particularly promising person."
Yu He talked about New Oriental. He said: New Oriental now has more than 10,000 students. Teachers in New Oriental can earn more than 1000 yuan per class, and each class lasts for two hours. He and some teachers teach 10 hours a day and earn thousands of dollars a day.
Xu Xiaoping began to settle accounts. The annual salary of a Harvard professor is1.2000 USD, and that of a month is1.000 USD, which is 300 USD a day. If converted into RMB, it is 2400 RMB a day, while that of a New Oriental teacher is 4000-5000 USD a day. This is definitely the highest daily wage for people who make a living by teaching in the world!
Xu Xiaoping was shocked.
I advised him to come back for immigration consultation, because he had done immigration consultation in a Canadian company, knew Canadian laws and could take advantage of the stage of New Oriental.
Then, he found Wang Qiang. Wang Qiang works as a software developer in the famous Bell Laboratories in the United States with an annual salary of $60,000.
What really moved Wang Qiang was "look".
I came to Princeton with Yu and walked into a supermarket. A working China student suddenly came up and asked admiringly, "Are you Teacher Yu?" Walking into a restaurant, some students from China stood up. "Teacher Yu ..." Even if I walk in the street and on campus, I will meet many people named "Teacher Yu". Wang Qiang flashing eyes, looked at Yu like an alien. This is amazing! How exciting!
At that time, Yu personally taught thousands of students in New Oriental, distributed in universities in North America, which really felt like "peaches and plums are all over the world". This is exactly what Wang Qiang dreamed of feeling.
Three people "joined hands" to inject fresh blood into New Oriental. Formed a powerful explosive force of New Oriental.
From 1995, New Oriental entered a period of rapid growth. The number of students enrolled is increasing at a rate of more than 100% every year!
In six years, the number of students increased from 3,500 in 1994 to 250,000 in 200 1. Increase by about 7 1 times! In 2004, the national enrollment reached 750,000. Moreover, it has established a relatively complete overseas examination training, basic foreign language training, overseas study service teaching system and related industrial systems, and the market competition radius extends to major central cities.
So far, New Oriental has established the dominant position in China's foreign language training market.
Poor teachers have always been tied to the word "poor" in history. Yu and New Oriental simply removed the word "poor" in front of the teacher, not only removed it, but also turned the teacher into a millionaire.
On September 7th, 2006, an example of China, which was successfully listed through the education industry, was born. Yu's net worth immediately soared to 654.38+08 billion, and rose to 5.5 billion in less than a year!
As the first educational institution in China to be listed on NYSE, New Oriental has produced nearly 10 rich teachers in China, which has aroused strong concern inside and outside the educational circle. The demonstration effect of New Oriental makes international hot money fall in love with China education, and a large amount of money desperately seeks partners for private education in China. The capital of education in China has come in spring.
Subsequently, Yu was named "Economic Person of CCTV in 2006" and "25 Most Influential Business Leaders in 2007".
At the beginning of fiscal year 20 16, a decision was made to require that income and profit no longer appear in the salary index of new oriental principals. I explained this in an interview with whale media before. He believes that we should pay more attention to the evaluation indicators such as teaching products, teaching quality, teacher quality and customer recommendation rate, return to the essence of products and education, and curb the unhealthy trend of the decline of teaching quality in branch schools and the blind price increase for the completion of performance.
In Yu's view, it was this reform that made the CFO of New Oriental sweat, and finally made New Oriental reverse the downward trend of profit in fiscal year 20 16, and the revenue will break through the10 billion yuan mark, which also brought the highest point since listing. June 20 16, the market value of new oriental exceeded 6 billion dollars, and the intraday market value once exceeded 7 billion dollars.
Compared with New Oriental before 10, the revenue of New Oriental after 10 has also increased by 10 times.
On the morning of June 9th, 2020, 165438+ New Oriental Education Technology Group was successfully listed in Hong Kong. It is also the first educational technology company to complete the second listing in Hong Kong.
At that time, the market value of New Oriental in Hong Kong stocks had reached 224.623 billion yuan.
By the end of 2020, the business of New Oriental will not be limited to study abroad consultation and information. Provide educational services and products for all ages from kindergarten to adults, including K- 12 after-school counseling, overseas and domestic preparation, adult language training, preschool and primary and secondary education, textbooks and distribution, online education and other services.
New Oriental established 104 school, 136 1 learning center and 12 bookstore in 9 1 cities nationwide. Since its establishment, it has served more than 55.4 million students.
Ma once said that "extremes meet". It seems that New Oriental has reached its peak and is about to decline, but this decline is an abyss. .
As early as 20 16, the annual meeting forum of China Green Company was held in Quancheng. At that time, both Ma Yun and Yu, who were in the limelight, attended the forum as 10 famous entrepreneurs.
The climax of the forum was also created by these two people. It's the conversation at the beginning of our video.
Unexpectedly, Ma Yun's careless joke in those days has now become a prophecy!
Indeed, in this era of change and development, nothing is eternal, including New Oriental.
Four months ago, Yu, who was about to turn 60, ushered in a watershed in her life. After the announcement of the double reduction policy, well-known teaching and auxiliary training institutions, including New Oriental, were pushed to the forefront in an instant, and major changes and crises will inevitably occur after the huge earthquake in the industry.
In this case, New Oriental has become an early bird. With the official announcement of the end of the off-campus training era, New Oriental, once a "brother of teaching and training", also ushered in a dark moment: within a week, the market value of New Oriental evaporated by more than 200 billion Hong Kong dollars, a drop of 90%, and after being halved, it was halved n times; In the U.S. stock market, New Oriental also dropped to $2 from this year's highest point 196.940 like a broken kite! Yu Lian, who chased kites, couldn't even touch the string of kite-pulling, and the biggest educational capital in history was almost destroyed!
He has worked hard all his life for New Oriental, and he has reached his twilight years.
Is it stressful at this time? Of course it's big!
Anyone familiar with it knows that he has a row of sleeping pills bottles at home. In the past 15 years, he took 3000 sleeping pills.
For a time, he even understood why Master Hongyi chose to become a monk at the most brilliant moment in his life.
As a result, after the introduction of the policy, Lao Yu rarely had time to visit Kunming Lake. Netizens just tied him to Lao She who jumped into the lake decades ago and advised Lao Yu to take it easy and not wander around in the lake!
So, is Yu so easy to give up?
Of course not. Over the years, there have been many topics about Lao Yu, and he left us some impression labels:
"Grassroots", children born in ordinary families and poor families; "Diligence can make up for it", with an average IQ, has created a miracle in the college entrance examination. As a person who has studied abroad, he has helped countless people to advance; "Natural leadership". When I was in college, I was too afraid to run for club cadres. I have never been a manager, but I have successfully led two great people, Wang Qiang and Xu Xiaoping.
Yu once said that he and Ma Yun were not very clever, and they both took three exams before they were admitted to the university.
However, in the past two decades, Ma Yun and Yu, who are "not very smart", have made hundreds of millions of wealth in their respective fields, and it seems that they are both stretched in risk prediction and response. ...
Looking back at history, we have a different taste.
In recent years, we have seen that New Oriental, founded by, is facing difficulties in the education industry. With the continuous blessing of capital, running all the way ...
Although there are many controversies in this process, the education industry is still developing rapidly under the acceleration of capital. However, when capital erodes or monopolizes the national economy and people's livelihood, it will inevitably be ruthlessly suppressed.
The country needs you to serve the society, instead of turning these areas related to people's livelihood into bloodsuckers of capital monopoly.
In the future, if educational enterprises can't take quality and word-of-mouth as the core orientation, can't return to the essence of education and the initial intention of products, and can't really serve the society.
So, today's "total annihilation" is just the beginning.
After thinking for a long time, I made several important decisions.
First, even in the face of this dilemma, I still fulfilled my due obligations and promised to unconditionally refund the tuition fees of students in proportion. Those who fail to start classes after registration will be refunded unconditionally. For those who have started classes, the corresponding tuition fees will be deducted according to the completed hours, and the rest will be returned unconditionally.
Secondly, 80,000 sets of desks and chairs with a value of 654.38 billion yuan were donated to rural schools at the first time.
Time returned to 1 1.4, and Yu sent a message in a circle of friends: "At the end of the teaching era, New Oriental donated brand-new desks and chairs to rural schools, and nearly 80,000 sets have been donated." The price of each set of tables and chairs is about 600 yuan to 700 yuan, and the total price is roughly estimated at 50 million yuan. Plus freight, it's nearly 100 million. For New Oriental, which is in dire straits, this money is not a small sum. New Oriental can sell these tables and chairs to re-inject its own blood, but it is very determined. Tables and chairs should be placed in the classroom to support those children who are eager to learn.
Some netizens commented: I didn't forget to hold an umbrella for others when I got caught in the rain!
Third, the 40,000 employees of New Oriental will be dissolved. The starting point of compensation standard for all employees is N+ 1. It is likely that he paid for it himself or borrowed it from a friend. The common practice now is that after an enterprise applies for bankruptcy, the wages owed to its employees are not paid back, and the enterprise as a legal person can ignore everything. But I didn't.
Many years ago, I thought this day would come. At that time, he whispered in the basement: I have a rule in New Oriental. New Oriental is bankrupt, and all the students' expenses and all the teachers' and employees' salaries will not be owed a penny!
Fourth, start a business again and sell vegetables live!
In the face of the changes of this era, I turned gracefully and silently continued my strength. Because New Oriental still has tens of thousands of employees all over the country, there is no reason to fall.
Judging from Yu's response to some people questioning his live broadcast of selling vegetables, while accepting the question of "not making quick money" modestly, he still wants to go on the road of live broadcast.
After all, some things have to be done by yourself. At the very least, it's better to do it than not to do it.
Fifth, copy the basics of your own New Oriental, and teach Chinese in the United States.
Yu's creed is to seek victory in failure and hope in despair. 165438+1October 17, 18, and invested 25 million Hong Kong dollars to increase its holdings in the secondary market. In the past two weeks, the share price of New Oriental Online has doubled. 165438+1October 26th, according to media reports, New Oriental began to offer Chinese courses in the United States, giving lectures online, mainly teaching Chinese. It seems that Yu and New Oriental have found a new direction.
Yu once told the host that there is no end to the suffering of life. What people should do is to get up from suffering and do what they can. Why can I survive every time I go through hardships? Because he knows how to let go, it's not as difficult as he thought. There is nothing in life that can't be let go. Only by learning to let go can we start a new life calmly and calmly.
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