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Note from Titanium Media: This article is from the WeChat public account Mammoth Capital Bureau (ID: mengmazibenju), author | Justin Deng, and published by Titanium Media with permission.
For the 300 yuan math Olympiad class, parents in Singapore are going crazy.
K12 subject training institutions have gone overseas to survive, and the Mathematical Olympiad training class has become an “export”.
The most well-known brand of TAL.NYSE, Xueersi, has expanded its math Olympiad training business to Southeast Asia.
On April 21, Singaporean parent Chen Li (pseudonym) told the Times Weekly reporter that although Singapore is small in size, there are many Chinese people, and it is an uncompromising education and tutoring country. “The Mathematical Olympiad is very important. Many parents have enrolled their children in the Mathematical Olympiad class since elementary school.” Chen Li said.
On April 14, the WeChat public account “Singapore Xueersi Think Academy” released Xueersi’s recent competition results in Singapore: In the RIPMWC round of results, 35 students achieved excellent results. In the 2021 SMOPS Math Olympiad, 9 students won medals, including 1 platinum medal. In the 2021 GEP selection (genius class), the first-round pass rate of GEP students is 72%.
After several years of development, Xueersi Math Class has an excellent reputation among Chinese parents in Singapore. “Xueersi’s Mathematical Olympiad class is difficult to grab places, and everyone agrees with Xueersi’s course.” Chen Li said.
Xueersi’s Mathematical Olympiad business is further expanding to other Southeast Asian countries.
On April 5, the WeChat public account of “Think Academy Malaysia Branch” was quietly launched, and the certification body was “Beijing Xueersi Education Technology Co., Ltd.”. The platform currently only publishes an article titled “Think Academy (Xue Er Si) Comes to Malaysia”. In the article, Xueersi Malaysia said that it is expected that various activities will be officially launched in May.
01 Lecturers have to go through 6 rounds of interviews and 3 to 5 rounds of trial lectures
In Singapore, Mathematical Olympiad scores are one of the most important indicators when entering junior and senior high schools.
Chen Li introduced that Singapore has Mathematical Olympiad competitions for students at all stages of primary and secondary schools, such as Singapore International Mathematical Olympiad Challenge (SIMOC), Singapore Kangaroo Mathematics Competition (SMKC), Raffles Primary School Mathematics Competition (RIPMWC), Singapore National Mathematics Competition Olympic (NMOS), etc.
Xueersi, which started with Mathematical Olympiad training, is now taking Mathematical Olympiad training as Xueersi’s key business in Singapore.
The certification body of the WeChat account of “Xueersi Singapore” is “Beijing Xueersi Peiyou Training School Co., Ltd.”. A recent article on the official account shows that Xueersi Singapore Branch has a school-based curriculum system to consolidate knowledge on campus, as well as a professional Mathematical Olympiad curriculum system and competition system, as well as a long-term mathematics class for GEP selection (genius class).
Xueersi Singapore has strict requirements on teacher qualifications. Singapore Xueersi revealed that they selected lecturers at the highest level in the industry, graduates from the world’s top 20 schools, and only after 6 rounds of interviews, 3-5 rounds of training and trial lectures, and half a year of class inspection and training can they officially take up their posts.
Affected by the epidemic, Xueersi’s courses in Singapore are mainly online live classes, including online high-quality small-class live classes and online dual-teacher live classes. The teacher-student ratio of the former is 1:12, and the price starts from SGD 50 per class (approx. RMB 236) to SGD 70 (approximately RMB 331), focusing on 1-to-1 interaction; the teacher-student ratio of the latter is 1:30, and the price is SGD 35 (approximately RMB 165) per class It ranges from 45 Singapore dollars (about 213 yuan at the RMB exchange rate), and each class is equipped with a professional tutor to supervise after class.
Even if you are not in Singapore, you can sign up for the live courses of the Singapore Mathematical Olympiad. Singapore Xueersi said that the course was prepared by local and Xueersi senior teaching and research experts according to the syllabus of the Singapore Ministry of Education and taught in English.
Singapore’s Mathematical Olympiad teaching model is still dominated by traditional small-class teaching with famous teachers. In contrast, the dual-teacher model and teaching and research system that Xueersi has trained in China are quite attractive to parents.
Chen Li told the Times Weekly reporter: “Many friends around me have said that the experience of learning and thinking is good, and the teachers are younger and more energetic, and they are more liked by children.”
02 Which markets are the main directions of attack?
As planned, the Malaysia branch will be the fourth branch established by Xueersi overseas.
Xueersi Malaysia’s tweet shows that in 2019, Xueersi went out of China and established its first overseas campus in Silicon Valley, USA. So far, Xueersi has set up three overseas teaching centers in Silicon Valley, London and Singapore.
In October 2019, Xueersi Silicon Valley’s WeChat public account “ThinkAcademy Silicon Valley” (hereinafter referred to as “Silicon Valley Campus”) announced that Xueersi Peiyou will open a campus in Silicon Valley in the United States, launching online work and offline get off work, and for American elementary and middle school students bring mathematics competition training.
As soon as the news came out, the local Chinese parent group in Silicon Valley exploded. A Silicon Valley mother recalled to the Times reporter that within a day, the first official parent group established by Xueersi was full and had to build two more. “Could it be that all the parents of Chinese school-age children have been pulled into the group?” The mother expressed doubts.
On April 5th, Xueersi Silicon Valley Branch issued a document saying that the 2022 AMC 8 (American Mathematics Invitational Competition) officially ended, and as of April 3rd, 2022, Xueersi Thinking Point “AR (Global Honor Award) won more than the number of awards. The results of 123 students ranked No. 1 in the world, the number of HR (Global Excellence Award) awards temporarily ranks first in the world, and the number of DHR (Distinguished Honor Award) awards ranks No. 1 in institutional test centers.”
The “Xueersi Cup”, one of the four major Olympic Mathematical Cups in the past, has also been “resurrected” in the United States. In March 2022, Xueersi Silicon Valley Branch issued a document saying that the “Think Cup Xueersi Cup” Global Mathematics Invitational Competition is open for registration, aiming to provide children in grades 1-5 in primary schools with an opportunity to experience the “corresponding grade AMC” early.
Xueersi Singapore revealed that TAL’s branch campuses in preparation will focus on Southeast Asia, North America, New Zealand and Australia, and India.
The relevant person in charge of Xueersi said that in 2022, it will vigorously develop overseas business. “In the next 5-10 years or even longer, TAL will continue to build overseas business models, brand recognition and operational capabilities.” A new business model with technology and content as the core”.
03 Xueersi and New Oriental have opened Chinese courses
In addition to Mathematical Olympiad, Chinese courses for Chinese families are also one of the important directions of Xueersi.
According to Xueersi Silicon Valley Campus, Xueersi’s Chinese courses use textbooks compiled by the top domestic teaching and research teams selected by the domestic Ministry of Education, attach importance to language application, and ensure the original language and culture.
In April 2022, Xueersi Silicon Valley Campus cooperated with the local San José Public Library (San José Public LibraryCA) to carry out a Chinese cultural public welfare project. By celebrating traditional festivals together and enjoying themed picture books, it will attract children of different skin colors to understand Chinese traditional culture. .
Another education and training giant, New Oriental (EDU.NYSE, 09901.HK), also turned its attention overseas.
New Oriental will launch Link Chinese’s global partner recruitment campaign in April 2022. According to reports, Link Chinese, established in 2021, provides Chinese and Chinese culture learning courses for overseas Chinese children and teenagers to improve their Chinese listening, speaking, reading, writing and translation skills. The most authentic Chinese class.”
In addition, the online education giant Yuanfudao has established two overseas education companies, Yuanyin and Yuanzhu, specializing in the Indian market. According to media reports, Yuanyin currently has nearly 200,000 paying users, ranking first on the K12 live broadcast tutoring track in India. Ape Yin’s revenue is estimated to be around US$3 million this year, and it is expected to increase to US$20 million next year.
Moving to overseas markets seems to have become one of the most feasible transformation paths for education and training giants.
In February 2022, TAL released its financial report for the third quarter of fiscal 2022 ending on November 30, 2021, with a loss of nearly US$100 million in a single quarter. According to the financial report, TAL’s third-quarter net revenue was US$1.0209 billion, a decrease of 8.8% compared with US$1.1191 billion in the same period last year; the net loss was US$99.4 million.
TAL stated in its financial report that its financial results as of November 30, 2021 are not indicative of its future performance. The company will continue to operate and grow its business beyond K9 subject training and will explore other opportunities to provide compliant learning solutions.
New Oriental’s financial report released on the same day showed that in the first half of the 2021-2022 fiscal year, New Oriental’s net loss exceeded 900 million US dollars. This is New Oriental’s first loss-making financial report since its listing in 2004.
In February 2022, Yu Minhong, founder of New Oriental, said on his personal account “Lao Yu Gossip” that “all new businesses and transformation businesses have begun to advance step by step after the initial rush, and some have already achieved initial results.”
Now, it still takes time to test whether the overseas business, which is mainly based on Olympiad and Chinese, can support the bright future of education and training giants.
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