Hujiang EdTech, FLTRP, and New Oriental Co-Establish Publishing Company in the UK

SHANGHAI, Aug. 25, 2017 /PRNewswire/ On 22 August, China's leading online education company, Hujiang EdTech ("Hujiang"), officially announced its strategic cooperation agreement with the Foreign Language Teaching and Research Press ("FLTRP") and New Oriental Education & Technology Group ("New Oriental"). The three giants will join to establish Innova Press Limited ("Innova") in the UK, a publishing company focusing on overseas copyrights in the education industry. Cai Jianfeng, President of FLTRP, Michael Yu, Founder and Chairman of New Oriental, and Arnold Fu, Founder and CEO of Hujiang EdTech attended the signing ceremony in Beijing, as the official representatives of the trio.

Innova is a UK-based innovative publishing company, co-founded by FLTRP (UK), a wholly-owned subsidiary of FLTRP, Hujiang, and Elite Concept Holding Limited, a wholly-owned subsidiary of New Oriental. It aims to help students around the world to better prepare for study or work in English or Chinese, and to provide matching training and support for global educators. It also commits itself to publishing quality innovative products about China and Chinese culture for English-speaking readers, leveraging the resources of the three shareholders.

According to the 2017 China Digital Publishing Industry Annual Report, the annual revenue of China's digital publishing industry last year was over 570 billion CNY (nearly 86 billion USD). With a market size of over 100 billion CNY, the digital education publishing is accelerating at a rapid pace and is increasingly playing a critical role in the digital publishing industry. Apparently, the growing need for online education and digital education publishing stems from the pursuit of high-quality teaching content among domestic users.

Hujiang provides multilingual courses used in almost 200 countries and regions. It has the most comprehensive e-learning matrix in the industry and has established a complete ed-tech ecosystem, raging from the huge web traffic attracted by free e-learning materials and tools, to high conversion rate brought by quality resources on HJCLASS (Hujiang Online Class), a massive online course platform, and CCtalk, an interactive online teaching platform.

In recent years, tens of thousands of teachers as well as institutions and publishers have benefited from the Hujiang platform, including Cambridge University Press, Oxford University Press, McGraw-Hill Education and Harper Collins Publishers.

"FLTRP, as the largest and leading foreign languages publisher in China, has abundant overseas copyrights resources and partners. New Oriental is a pioneer in the training industry, and has furthered the development of language training and education in China. Hujiang enjoys a fully-developed ecosystem, and possesses the learning behavior patterns and data of 150 million learners around the world. The three parties complement each other. I hope Innova can bring in quality overseas copyrights, and facilitate the export of Chinese copyrights and educational products," said Arnold Fu, founder and CEO of Hujiang EdTech,

Founder of New Oriental Michael Yu added, "New Oriental has been dedicatingin English teaching for the last two decades. But it came to us that, to come up with world-class English learning materials, we should not only look to domestic teaching resources. Based in London, it is easier to create good publications. Also, this cooperation has a far-reaching effect as three corporations will work in a complementary way. FLTRP will bring the publications to a higher level and Hujiang could provide excellent online communication channels."

At the ceremony, FLTRP designated the British core management team for the operation of Innova. He Haoyu, Vice President of FLTRP and Chairman of the Board of Innova, issued a letter of Appointment for President of Innova to Richard Peacock, a British professional manager. In his inaugural speech, Mr. Peacock detailed the mission of the new company, and demonstrated his confidence in making it an innovative publisher in the UK targeting global users.

In his remarks, Cai Jianfeng, President of FLTRP, acknowledged the alliance with New Oriental and Hujiang as mutually complementary and strategically coordinated. He hopes that Innova can provide global learners with quality English and Chinese publications, and promote Chinese culture overseas. "We will work hard to make the joint venture a model in Sino-British cultural and creative industries, as a part of our effort to enhance the international influence and appeal of Chinese culture."

Those also present included Richard Burn (Minister of the British Embassy in Beijing and Director of the Department of International Trade in China), Peng Long (President of Beijing Foreign Studies University), Wang Hua (Deputy Inspector of the Department of Import Administration of the State Administration of Press, Publication, Radio, Film and Television), and Li Pengyi (Vice President of Publishers Association of China).

About Hujiang EdTech

Founded in 2001, Hujiang EdTech started as an online BBS community offering online courses, and now it becomes one of China's leading online education companies. Hujiang EdTech strives to make high-quality education more accessible and enjoyable through mobile learning applications, online courses, and its interactive online teaching platform. Serving over 150 million users (including 120 million mobile users) in China, Hujiang EdTech offers a wide range of online educational programs, including international & domestic examination preparation, foreign language learning, professional skills training, and more.

About New Oriental

New Oriental, as a world leading education group, became listed at The New York Stock Exchange in 2006. In 23 years since its founding, New Oriental has established 77 schools and 855 studying centers in China, and has offered over 30 million person-times on-site teaching.

About FLTRP

FLTRP is China's largest foreign languages publisher and a leader in educational publishing. Its publications range from general readings, Chinese, to natural sciences, children's books and others. With more than 500 global partners, it publishes in nearly 50 languages an array of materials, over half of which are results of internationAl Cooperation.

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