First of all, the listing of New Oriental is not entirely due to lack of money and financing. If it develops according to the current scale of New Oriental, its capital situation is good, and there is no need for listing financing.

However, New Oriental wants to set foot in basic education. Due to the natural disadvantages of private education, New Oriental needs to invest a lot of money in this field in the early stage, but the speed of capital accumulation is too slow by rolling on its own.

By chance, I saw the capital leverage brought by stock financing, and the cash pressure of investors also forced New Oriental to go public.