Early Life
Michael Minhong Yu was born in Xianggang Subdistrict, Jiangyin, Jiangsu, China, on September 4, 1962. He came from a rural family, and his mother encouraged his education. Despite facing early academic challenges, including failing the university entrance exam twice, he was eventually admitted to Peking University.
Rise to Success
After graduating from Peking University with a degree in English, Yu became an English instructor at the university. Recognizing the need to help students prepare for English language tests, he founded New Oriental School in 1993. The company initially focused on preparing students for TOEFL and GRE exams. New Oriental expanded rapidly, becoming China's largest private education company. The company's IPO on the New York Stock Exchange in 2006 was a significant milestone. In 2021, Yu pivoted the company into livestream e-commerce, after regulations impacted the tutoring sector.
Key Business Strategies
Yu's strategies included focusing on test preparation for overseas study, and developing engaging teaching methods. New Oriental's success was fueled by the increasing demand for overseas education among Chinese students. Yu expanded New Oriental's offerings to include a broad range of educational services.
Philanthropy
Yu has been involved in various philanthropic endeavors through New Oriental and has taken steps to support the development of youth in China.