俞敏洪親述：新東方在線為什麽要上市？

Dear esteemed family, colleagues, honorable investors and those who contributed to the listing of New Oriental (XDF Online Koolearn), members of the Entrepreneurs’ Club from Peking University, and supporters of New Oriental, good evening ladies, and gentlemen!

各位親愛的朋友，各位投資者朋友，還有幫助新東方在線上市的各位投行朋友，還有我們的親朋好友，來自北大企業家俱樂部的朋友，新東方自己的朋友，大家晚上好！

I wore a red tie when I headed for the stock market this morning but somebody ripped it off. Somebody told me that “‘green’ stands for ‘gain’ in Hong Kong, so you must wear a green tie and wear a green hat. Therefore, I had to put on a tie dashed with some green and went to the trading floor. However, after reviewing the colors more carefully tonight, I decided to pick a red tie tonight because red is a color closely related to happiness in China. Plus, when you open the Stock Guide on Tencent, “red” also means “rise.” Now Koolearn's listing is on the Hong Kong stock exchange; we prefer to march happily. That’s why I chose to wear a red tie, and that was the first story I wanted to tell.

我早上去港交所的時候，戴了一個紅領帶，跑到門口被團隊扯下來了。他們說在香港綠的代表上漲，所以你必須戴綠領帶，最好再戴上綠帽子。我被迫換了一條帶有一點綠色的領帶，最後去上市了。但是，今晚我想一下，我要戴紅領帶，理由也非常簡單，因為紅色對中國人來說是一個喜慶的顏色，而且大家只要打開騰訊股票指南，紅色都表示上漲。既然已經上市了，我們就要按照紅色、喜慶的方式往前走，所以我想了一下還是要戴紅色領帶過來。

The other thing is that maybe the stock price did not perform at our usual brilliance today; the closing price did not fall below the initial public offering but did not rise either. I believe that investors here do not intend to buy the shares of Koolearn just to sell it later. I will sincerely advise those who want a quick profit to view the market in the long run. During my five years in university, I was not that seemingly outstanding. As a result, I did not enjoy the admiration of any female classmates. It will take a long time before a real dark horse or big-time potential stock like me could be detected. If you only focus on the present, then you will suffer a loss in the long run. I hope all the investors here today would trust us and believe us. Believe that XDF Online Koolearn is full of people with excellent entrepreneurs’ mindset, it is full of friends with strong determination who won’t quit until they succeed, people who want to grow the investors with them. After 30 years, you will find this is a marvelous stock to own. Just like my friends found out that I’m a good guy after spending 30 years with me.

第二，今天的股價表現並不是特別出色，收盤沒有跌破發行價，但是也沒漲。我想的說是，在座的各位投資人，買新東方在線的股票一定不是為了今天買，今天賣。那些今天買和今天賣的人，建議看事情要看長遠。我在大學的時候，整整五年，都顯得不那麽出色，以至於大學女生沒有一個愛上我的。但像我這樣的，實際上是真正的潛力股，但是要很久才能體現出來。如果你只是看當前，最後一定會長久吃虧。希望在座的投資人要相信我們，相信新東方是有事業心的，相信我們是不把事情乾好，絕不罷休的一幫人，相信我們一定會跟投資者共同成長，當你股票持有30年的時候，一定發現這是一支特別好的股票，就像我的一些朋友，跟我交往了30年，終於承認我是一個好男人。

The third story is that everything has a silver-lining behind it. The IPO is not only about making money, though I know that the capital was necessary for XDF to develop into a great company. Money does not solve everything, but it can help resolve some of the issues. Without the capital, a country cannot evolve into an economic super-power; without the cash, a company cannot innovate or make any breakthrough. Today, with the support from all our investors, Koolearn finally got listed, which indicates that we do have some money at hand now, amounting to about 200 million US dollars. However, the cash is not to be used arbitrarily or carelessly at all. We will not spend it on a private plane, luxury sedans or rent luxury offices, so please trust us. Every penny you invest will be investing and spending on the students, teachers, advancement of the technologies, training the management, with an ultimate goal that we could afford private plane in a decade or so, but not today.

第三，任何一件事情，都有背後的意義。新東方在線的意義不僅僅是為了賺錢。儘管我知道，賺錢是必須的，有錢並不等於一切，但沒錢是萬萬不行的。一個國家沒錢，經濟就不能騰飛；一個公司沒錢，它就沒法創新和突破。今天在各位投資人的支持下，新東方在線終於上市了，所以至少現在，在線的口袋裡是有錢的，接近2億美金。但我想說錢也不是可以隨便亂花的，我們不會用這個錢去買私人飛機，我們也不會用這個錢去買豪華轎車，我們也不會用這個錢去租賃豪華辦公室。請相信我們，你們給我們的每一分錢，我們都會用在學生身上，用在老師身上，用在技術升級上，用在管理團隊提升上，其最終的目的是希望10年以後我們真的有錢買私人飛機，而不是今天。

For us, it is necessary to ensure that every student can receive qualified education in New Oriental (XDF Koolearn) so that they can have a better future. For instance, every family can place their trust in New Oriental, no matter online or offline; they can consider New Oriental as a helper in the growth of the children and the family. We want to achieve our students' development at any cost, and this is like how to be a kind-hearted person; most of my life-long friends still trust me due to my kindness. One personal character I believe in is "treat others the way you want to be treated, even when you highly doubt that they will do the same in return." I will bring this personal character of mine into XDF management philosophies.

如何讓每個學生能夠真的在新東方接受到好的教育，使他們的前途更加美好，如何讓每個家庭更加信任新東方，不管是通過在線，還是地面，把新東方作為他們家庭成長、孩子成長真正的依托，我覺得這些事情是我們必須要做到的。這好像是做人一樣，我到今天為止，還是受到了大部分朋友的信任，其中一個重要的原因，是我覺得我是一個“寧可天下人負我、我不負天下人”個性的人。我會把這個個性用在新東方。

Today, the ordinary folks and almost everybody choose to trust New Oriental, though we are not perfect. We can still improve our system, build more teaching content, and after 25 years we may have some old desk jockeys. There is one glistening fact and that is 80% of families attach great trust to New Oriental and send their children to us more than once. Some students have brought in their children to become second-generation XDF students, and some even brought in their third generation of students in. We hope we can offer better service in a broader sense to parents and children with our efforts to reform, and this is one important reason why we listed Koolearn as an independent enterprise.

儘管新東方做的有很多不足，比如說系統做得不夠好，教學內容、教學體系的研發也不夠好，還有新東方已經有25年的歷史，已經有很多老化官僚主義現象，革新做的不夠。但是有一點，至少跟新東方接觸的家庭中，80%左右的家庭和孩子仍然對新東方寄予了厚望，對新東方寄予了信任，一次又一次把他們的孩子送到新東方來。有的已經到了第二代，甚至已經快接近第三代了。我們希望通過新東方不斷的變革，能夠為家長、孩子提供更好的服務，而且能夠服務更廣闊的領域。這也是我們為什麽要把新東方在線獨立出來上市的一個重要原因。

Listing of Koolearn was not intended for money or fame, though some netizens said that “Michael Yu is loaded. He got two companies listed”. Well, here is my reply “getting listed is not that complex, but the important question is what you wish to do with the company.” The listing of New Oriental has a two-fold meaning. By connecting the capital market, on the one hand, we could be supported by it, and on the other hand, which is more crucial, we would be pushed by the capital market, so that we will make a continuous effort to achieve great targets. As it is known to all, the relationship between partners is equal, while the one between father and son is subordinate. If the relationship between New Oriental and Koolearn was like father and son, now we send “the son” to live independently. As an independent one, Koolearn could attract more resources and talents to achieve further development. We could say Koolearn got a birth certificate or got baptized today, with which Koolearn could draw great talents, a magnificent system, and outstanding contents to earn its living independently.

在線上市，不是為了斂錢，也不是為了能夠有一個上市的所謂名頭。今天在網上不少網友說，俞敏洪還挺牛的，弄兩個公司上市了。我說弄公司上市其實是不難的事情，更加重要的是你為什麽要上市。新東方上市，其實是我們通過和資本市場的嫁接，既得到了資本市場的加持，更加重要的是得到資本市場的催促，讓我們能夠日夜奮進，同時也為自己找到了一個獨立的地位。因為大家都知道，兩人夥伴關係是平等關係，但是父子關係通常是從屬關係。如果說原來新東方在線和新東方總公司之間是父子關係的話，現在我們把這個兒子送到世界上，讓他去獨立的生存，讓它獨立聚集資源，獨立吸引更多的人才，進行更多的發展。實際上今天可以說是我們給了新東方在線一張出生證，讓它在這個世界上從今以後聚合偉大的人才、偉大的系統、偉大的內容來獨立生存。

There is a social cause for the greater goods behind Koolearn. I do believe that online education could play a crucial role in offering a balanced training, promoting the development of education in mountainous regions plus the poverty-stricken and rural areas in China and around the world, and we can pass on excellent education resources. With the birth of 5G, the perfection of the online-teaching system, the improvement of education efficiency and effectiveness brought by AI, I believe that children in mountainous, poverty-stricken and rural areas, would finally have access to qualified education like you and me in my childhood. And under the assistance of qualified education and their continuous efforts, they would get admitted to famous universities in China or worldwide. To promote our online education is also our social responsibilities and objectives to benefit our future generations. This ideal does not contradict the commercial development, and they mutually benefit.

新東方在線背後還有一個社會理想。我認為中國未來的均衡教育以及山區、貧困地區、農村地區教育的發展，真正能起到優質教育資源傳遞的一定是在線教育。5G的來臨，教育互動系統越來越完美，AI系統對教育效率和效果進行提升，相信未來那些在邊遠地區的農村孩子和山區孩子，將像我們一樣，像我小時候一樣，終於有機會得到好的教育，通過不斷的努力，最終走入中國乃至世界的名牌大學去讀書。這是我們教育在線未來的社會責任和社會理想。這種理想跟商業模式的發展並行不悖，互相推動。

At last, I would say an enterprise resembles an person in many ways. The following characters make a decent man and thus a responsible enterprise.

最後一點，我想說的是一個人和一個企業是一樣的。我覺得一個人最重要的是幾個要素。

The first enterprise component is that the goal must be worth your pursuit and effort. For me, it was the desire to be admitted to Peking University, and it was to become a teacher in it at first. Then it was to establish New Oriental after failing to go abroad, and finally to publicly offer New Oriental and try to make it the largest education company in the world, each of these goals keeps driving me forward, and I would hate to waste even one minute in my life not doing what I love.

第一個要素，你必須要有某個目標值得你去追隨，值得你去努力，對於我來說，從考大學到留在北大當老師，最後出國，沒有成功，最後做新東方，希望新東方做成一個上市公司，希望做成中國最大的教育集團，每一步目標每時每刻都在牽引著我，讓我的生命一刻都不願意浪費。

The second enterprise component is the cause plus passion for your goal. We are full of love when operating New Oriental as we know every worthy effort or hardship we face can result in the positive growth of children. Or to put it in a broader context, every effort promotes the development and advancement of China and the World.

第二個要素，做任何一個事情，都要賦予意義，更重要的是賦予意義背後的激情。現在做新東方，我們充滿激情，因為我們知道我們每一份努力都會在孩子成長當中體現，再往大了說一點，它推動著中國的發展和中國的進步。

The third component is a consistent update and reform. Just before dinner, an investor conversed with me. He prepared a long speech to tell me which areas of New Oriental are in desperate need of reform. I pointed out the weaknesses and gave the plan in advance, and he finally agreed with me and gave up his original idea. What I would like to point out here is that the cells in our bodies rejuvenate every day, but our minds are not. Therefore I hope, in my 50s, we could always reform, update and embrace the new technology, new system, and new talents.

第三個要素，最重要的是要不斷更新和變革。剛才吃飯之前，有一個投資者跟我聊天，他本來準備了一段比較長的話來告訴我新東方哪些領域需要變革，我提早就把自己的缺點和計劃說出來了，他認可我說的話，說那我就不說了，你們已經意識到了自己的問題。每天我們身上的細胞都在更新，我們的思想卻常常是頑固透頂。所以我希望到了我這個年齡，50多歲，依然不斷的變革，不斷的更新，不斷迎接世界上任何新的技術，任何新的系統和任何新的人才。

The fourth component is perseverance. After the goal, ideal, reform, and renovation, you need to persist in the right matters, and you must hold on to the goals you deem most valuable. In my case, if I have operated in the education industry up until today, I will persist through tomorrow and the day after tomorrow.

New Oriental and New Oriental Online(Koolearn）are the same, we’ll have extraordinary goals. We’ll have the passionate dedication to persist in meaningful developments and outperform in the education industry. We’ll have the courage to revolutionize and rejuvenate ourselves so that we could manage the company until it becomes astounding. Therefore, we not only need to get involved in China’s education but also have to get to sit at the table to contribute to the decision-making process. Furthermore, New Oriental and Koolearn need to sit at the head of the table and stay as the chief in China’s education sector. This is our ambition. This is our ideal, thank you, everyone.

第四個要素，非常重要的是堅持，當你有了目標，有了理想，有了變革，有了創新以後，你要把自己認為對的事情堅持的做下去，並且堅持做在你所從事的領域，認為最有價值的事情。對於我來說，我在教育領域堅持到今天，我就必然堅持到明天，也將必然堅持到後天。

新東方在線和新東方總公司一樣，我們有偉大的目標，我們有激情堅持我們所做的有意義的事情，我們有突破自己和變革自己的勇氣，直到它變成一個真正偉大公司，所以我們不僅僅要getting involved 參與進來，參與中國的教育。我們還要get a seat at the table,我們要在主桌上佔有一席之地。不僅要在主桌上佔有一席之地，新東方教育、新東方在線，我們一定要sit at the head of the table，一定要坐到中國教育的首席上去，這是我們的雄心，我們的理想，謝謝大家。