Good evening, and thank you for standing by for New Oriental's FY 2023 first-quarter results earnings conference call. Today, you will hear from Stephen Yang, executive president and chief financial officer.
Shares of New Oriental Education & Technology Group (NYSE: EDU) were jumping after the Chinese tutoring company posted better-than-expected results in its fiscal first-quarter earnings report. New Oriental is still adjusting its business after China banned for-profit tutoring in core K-12 education a year ago. Because of the new policy regarding for-profit tutoring, New Oriental Education has been forced to close schools and learning centers -- the total number fell from 1,556 a year ago to 706.
After a particularly difficult session for Chinese stocks trading on U.S. exchanges Monday, several of them rebounded Tuesday following Beijing's release of new economic data. As of 12:21 p.m. ET, shares of e-commerce giant JD.Com (NASDAQ: JD) were trading roughly 2.4% higher, shares of vaping leader RLX Technology (NYSE: RLX) were up by nearly 13%, and shares of private education company New Oriental Education & Technology Group (NYSE: EDU) were up by nearly 9.7%. Monday was one of the roughest days of trading for Chinese stocks since the Great Recession.