Shulou(Shulou.com)11/24 Report--

CTOnews.com, January 5, New Oriental online announced today that the board of directors recommended that the English name of the company be changed from Koolearn Technology Holding Limited to East Buy Holding Limited, and the dual foreign language name of the company be changed from "New Oriental online Technology Holdings Limited" to "Oriental selection Holdings Limited".

The announcement points out that the proposed change of company name is subject to the following conditions: shareholders approve the proposed change of company name by special resolution at the annual special general meeting of the company to be held on Tuesday, January 31, 2023; the Registrar of companies in the Cayman Islands approves the proposed change of company name by issuing a certificate of registration for change of name.

CTOnews.com learned that New Oriental online said that assuming the above conditions were met, the proposed change of company name would take effect from the date of completion of the Cayman registration. The company will then go through the necessary filing procedures with the Hong Kong companies Registry.

When talking about the reasons for changing the company's name, New Oriental online said that as part of the board's re-evaluation of the company's business focus and strategic direction, it recognizes that the company's focus has shifted to live e-commerce and the growth potential that this area can bring to the group in the long run. The current name of the company does not fully cover all current lines of business and brands well known to customers at its main place of operation (i.e. mainland China). The company believes that the new English name and dual foreign language name can better reflect the development direction and future prospects of the company's existing business.

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