Crazy Rich EducAsians: Part 1

advertisement

To say that the private education industry is booming in China would be something of an understatement, with estimates valuing the private tutoring market alone at nearly RMB 380 billion. So it’s no wonder that of the 290 richest Beijingers listed last year, 12 of them made their fortunes in after-school services and international education.

In this two-part series, we profile the folks who have cashed in on this growing demand, and are helping to keep China’s youth competitive in a global market place.

Zhang Bangxin – TAL Education Group

In 2003, Zhang Bangxin was a PhD candidate at Peking University. To make ends meet, he was holding down seven part-time jobs, one of which was working as a private tutor. Sensing that he had a knack for working with young minds, Zhang started Xueersi, a private after-school tutoring company for primary and secondary school students. As the company continued to grow, Zhang decided to put his PhD studies on hold and focus on developing Xueersi even further. Since then, he’s grown his company into a full-blown education behemoth that serves more than 500,000 students. Xueersi has since changed its name to TAL Education Group, and not only serves as a tutoring center but also invests in other education endeavors “that align with their mission and core values”.

Lu Zhongfang & Li Yongxin – Offcn Education Technology

Li Yongxin

This mother-son duo operates Offcn Education Technology, which was founded by son, Li Yongxin, in 2010. Offcn cornered the tutor and prep services market of none other than China’s civil service exams. The Beijing-based company tutors 2.3 million students in 880 centers spread across 319 cities in China. Mom, Lu Zhongfang, formerly worked in a pesticide factory and was lucky enough to become an early investor in her son’s visionary enterprise.

Wang Zhendong – Offcn Education Technology

Wang Zhendong is not related to Lu Zhongfang and Li Yongxin, but he’s still enjoying the family’s fortunes as president and CEO of Offcn Education Technology. Unfortunately, Wang seems to keep a lower profile, and thus there isn’t as much information about his background online.

Yu Minhong – New Oriental Education and Technology Group

Affectionately known as “The Godfather of Overseas Study”, Yu Minhong is the founder of the New Oriental Education and Technology Group, a company that offers training for students who need to take the English as a Foreign Language test and Graduate Record Examinations, before they can attend university overseas.

Yu’s own academic career was fraught with missteps, having failed the gaokao twice because of low scores in English. What’s more, during his junior year at Peking University in the 80s, Yu caught pneumonia and had to take a one-year leave of absence from the school. Despite all the setbacks however, in 1993, Yu decided to open his first English school and recruited students by posting advertisements around Haidian district. His teaching style was a massive success, propelling him to the front lines of China’s burgeoning education industry, where he’s enjoyed a comfortable place ever since.

advertisement

Chen Xiangdong – GSX Techedu

Before founding his own company, GSX Techedu, Chen Xiangdong got his start at New Oriental Education & Technology Group in 1999, where in just 11 short years, he rose the ranks from Executive Assistant all the way to Executive President. In 2014, he left the company to start GSX Techedu, an after-school tutoring company which relies on technology and big data to serve K-12 students.

Dr. Peng Jianhua – AKD International Education Inc.

Dr. Peng Jianhua seems to keep a low profile, however, he is the Chairman of Canada AKD International Education Inc., a company that works closely with Sino-Canadian educational institutions, and helps strengthen the friendship between the Canadian and Chinese governments. Canada AKD International Education has been operating in the international education sector for more than 20 years, has established more than 30 schools across 20 provinces in China, and graduated over 10,000 pupils.

advertisement

Photos: all-free-download.com, ceibs.edu, chinadaily.com, wikimedia.com, forbes.com, bj-ipcf.org

Hot Topics This Week