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RISE Education

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uuid0005rd1

Namestring
RISE Education
Legal namestring
RISE Education (瑞思学科英语)
Company typeenum
Private
Founded yearint
2007
Descriptiontext

RISE Education (瑞思学科英语) is a Beijing-based private education company founded in 2007 that delivers an American K-12 English language curriculum to Chinese students aged three to 18, originally built in partnership with Houghton Mifflin Harcourt Group (HMHG). Its core product, the 'Subject English' program, combines a structured U.S. K-12 curriculum with interactive multimedia delivered both inside self-owned learning centers and through digital channels, organized into five age-differentiated stages that develop language, subject knowledge, cooperation, communication, thinking, and management skills. The portfolio has expanded to include 'RISE up' (an online American middle school curriculum launched 2016-2017) and 'RISE Online Group Class' (a digital group-class product launched March 2020), alongside content partnerships with DreamWorks (Kung Fu Panda licensing) and U.S. K-12 schools (Crosspoint Warriors Academy, Saint Raphael Academy, The Prout School, Cotter Schools). Revenue is generated B2C through self-owned learning centers and digital channels targeting Chinese families; the company is privately held following a prior NASDAQ listing (REDU), received strategic investment from Bain Capital, and employs 5,001-10,000 people. In February 2022 the company acquired Dada Auto, signaling a strategic pivot beyond the core K-12 English education business, and a 2020 C-suite overhaul brought in a CEO with Bain Capital Asia private equity background along with operations and finance leaders from internet and consumer technology firms.

Short descriptiontext

RISE Education is a Beijing-based private education company founded in 2007 that delivers an American K-12 English curriculum to Chinese students aged 3-18 through self-owned learning centers and digital channels, following a prior NASDAQ listing and a 2022 pivot via the Dada Auto acquisition.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
5,001–10,000
akta.pro rankint
HeadquartersBeijing, China
HQ citystring
Beijing
HQ countrystring
China
HQ regionstring
Asia
Markets served

Serves global market

Offices1 record

Each record includes

City, Country, Type, Description, Source

Keyword5 values
children's English education, after-school tutoring, K-12 English curriculum, subject-based learning, language learning centers
Industry3 codes
1Literacy Foundations (Phonics, Reading Fluency, Comprehension) Platforms
CodeEDAFAOADPrimaryYes
2Literacy & ELA Instruction (School-Delivered)
CodeEDAJAFAFPrimaryNo
3Enrichment-Focused Before/After Care (Arts, STEM, Language)
CodeEDACAHAIPrimaryNo
NAICS code2 codes
  • Language Schools611630
  • Elementary and Secondary Schools6111
SIC code1 code
  • Services-Educational Services8200
Product category
Children's English Language Education
No data
Marketing channels1 record

Each record includes

Title, Type, Stage, Description, Source

Distribution channels1 record

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
GTM typeB2C
B2C
Offering typeServices
Services
Core offering1 text field

RISE Education provides after-school English language learning and tutoring programs for children aged three to 18, built on an American K-12 curriculum developed in partnership with Houghton Mifflin Harcourt Group (HMHG). Instruction is delivered through self-owned learning centers across China and through online channels, covering subject knowledge, personal development, and social development skills via immersive English instruction.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

RISE Education operates as a unified educational platform built around its core 'Subject English' program—an American K-12 curriculum delivered through interactive multimedia to students aged 3 and above. The portfolio includes digital extensions (RISE Online Group Class), online middle school curricula (RISE up), and five age-differentiated stage-based programs. The company also publishes educational materials and operates an annual student competition. The offering integrates classroom instruction with digital resources and follows the Houghton Mifflin Harcourt Group educational framework.

Product and service4 records
1RISE Subject English
CategoryChildren's English Language Education (core curriculum)
Description

RISE's flagship American K-12 curriculum-based English language learning program for children aged three and above, developed in partnership with Houghton Mifflin Harcourt Group. Provides interactive multimedia instruction covering knowledge, personal development, and social development through immersive English learning at self-owned learning centers across China.

2RISE Online Group Class
CategoryOnline English Education
Description

Digital product enabling students to attend group English classes online, representing RISE's expansion into online/digital learning modalities.

3RISE up Online Curricula Program
CategoryOnline Middle School Education
Description

Global advanced American middle school online curricula program designed for middle school students, providing online access to American educational content.

4Stage-Based Programs (Stage 1-5)
CategoryChildren's English Language Education (curriculum stages)
Description

Age-differentiated educational programs serving students from age three and beyond, with each stage focusing on age-appropriate language skills, subject knowledge, cooperation skills, communication skills, thinking skills, and management skills.

Scale indicator2 records

Each record includes

Type, Value, Description, Source

Partnership6 partners
Strategic tierCoreTypeStrategic or Co-development Partner
Description

RISE was established in 2007 based on HMHG's professional experience and outstanding products. HMHG is an international education giant that provided the foundational curriculum and educational expertise for RISE's Subject English model in China.

Strategic tierMinorTypeStrategic or Co-development Partner
Description

In January 2017, RISE partnered with WildAid to promote the rescuing of wild animals around the world. RISE's annual event 'RISE Star' featured dramatic performances with the theme 'When the Buying Stops, the Killing Can Too.'

3Crosspoint Warriors Academy
Strategic tierMinorTypeStrategic or Co-development Partner
Description

Crosspoint Academy was built in 1974 in Bremerton, WA. It offers a well-rounded curriculum including challenging academics, athletics, music, arts, and Christian values, providing comprehensive elementary and secondary education from Kindergarten through 12th grade.

en.risecenter.com
Strategic tierMinorTypeStrategic or Co-development Partner
Description

Saint Raphael Academy is a Roman Catholic, co-educational, college preparatory school in Pawtucket, Rhode Island, USA. It offers a rich and robust college-prep AP curriculum and is the only Catholic co-educational school in Rhode Island to offer the Rhode Island College Early Admissions Program.

Strategic tierMinorTypeStrategic or Co-development Partner
Description

The Prout School is a private, co-educational, college-preparatory high school located in Wakefield, Rhode Island. It is a member of NEASC and an International Baccalaureate school, being the only International Baccalaureate high school in Rhode Island.

Strategic tierMinorTypeStrategic or Co-development Partner
Description

Cotter Schools, located in Winona, Minnesota, USA, is an international learning community guided by faith since 1911. They serve motivated and engaged students in grades 7 through 12 and are accredited through AdvancEd.

Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight5 records

Each record includes

Type, Description

Peers10 records
TypeDirect peer
Description

One of China's largest K-12 after-school tutoring companies, offering academic enrichment including English for children and adolescents. Directly competes with RISE in the same Chinese K-12 after-school tutoring market and has been similarly impacted by the Double Reduction policy.

TypeDirect peer
Description

China's largest private education company, providing K-12 tutoring, test prep, and English-language training through physical centers and online platforms. Directly competes with RISE in children's English language education and adult/learner English instruction.

TypeBroad incumbent
Description

Global English-language learning giant operating language schools and online programs. Comparable to RISE in English-language curriculum focus and immersive teaching methodology, though EF operates globally rather than China-centric.

TypeDirect peer
Description

International adult and young-learner English-language school chain with significant China presence. Directly comparable to RISE in the immersive, center-based English language learning model.

TypeEmerging player
Description

China-based online English-learning platform connecting Chinese students with North American teachers. Competes with RISE for the same online English-learning demand from Chinese families, particularly in the post-Double Reduction online pivot.

TypeEmerging player
Description

Online English-language tutoring platform serving Chinese learners with foreign teachers. Directly competes with RISE's online group class product and digital curriculum offerings.

TypeDirect peer
Description

Provides educational content and apps for Chinese children ages 3-8 focused on literacy, math, and English. Highly comparable to RISE in age segment (early childhood), subject focus (English literacy), and digital-native delivery model.

TypeOthers
Description

Major US-based K-12 educational publisher and RISE's foundational curriculum partner. Adjacent rather than directly competing—HMHG supplies the content backbone that differentiates RISE's Subject English model.

TypeBroad incumbent
Description

Global education company offering English-language learning (Pearson English) and K-12 curriculum. Comparable to RISE in English-language curriculum design and instructional content, operating at much larger global scale.

TypeEmerging player
Description

Disney-branded immersive English learning centers for Chinese children (now largely exited the market). Historically a direct competitor to RISE in the premium children's English center category in China.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment1 record

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature4 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles5 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment1 record

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

RISE Education

Children's English Language Educationen.risecenter.com

RISE Education is a Beijing-based private education company founded in 2007 that delivers an American K-12 English curriculum to Chinese students aged 3-18 through self-owned learning centers and digital channels, following a prior NASDAQ listing and a 2022 pivot via the Dada Auto acquisition.

What RISE Education does

RISE Education (瑞思学科英语) is a Beijing-based private education company founded in 2007 that delivers an American K-12 English language curriculum to Chinese students aged three to 18, originally built in partnership with Houghton Mifflin Harcourt Group (HMHG). Its core product, the 'Subject English' program, combines a structured U.S. K-12 curriculum with interactive multimedia delivered both inside self-owned learning centers and through digital channels, organized into five age-differentiated stages that develop language, subject knowledge, cooperation, communication, thinking, and management skills. The portfolio has expanded to include 'RISE up' (an online American middle school curriculum launched 2016-2017) and 'RISE Online Group Class' (a digital group-class product launched March 2020), alongside content partnerships with DreamWorks (Kung Fu Panda licensing) and U.S. K-12 schools (Crosspoint Warriors Academy, Saint Raphael Academy, The Prout School, Cotter Schools). Revenue is generated B2C through self-owned learning centers and digital channels targeting Chinese families; the company is privately held following a prior NASDAQ listing (REDU), received strategic investment from Bain Capital, and employs 5,001-10,000 people. In February 2022 the company acquired Dada Auto, signaling a strategic pivot beyond the core K-12 English education business, and a 2020 C-suite overhaul brought in a CEO with Bain Capital Asia private equity background along with operations and finance leaders from internet and consumer technology firms.

RISE Education firmographics

Firmographics
Name
RISE Education
Legal name
RISE Education (瑞思学科英语)
Website
https://en.risecenter.com
Company type
Private
Founded year
2007
Operating status
Operating
Headcount range
5,001–10,000 employees
Short description
RISE Education is a Beijing-based private education company founded in 2007 that delivers an American K-12 English curriculum to Chinese students aged 3-18 through self-owned learning centers and digital channels, following a prior NASDAQ listing and a 2022 pivot via the Dada Auto acquisition.
Ownership category
akta.pro rank

RISE Education industry classification

Industry
Product category
Children's English Language Education
NAICS
Language Schools (611630), Elementary and Secondary Schools (6111)
SIC
Services-Educational Services (8200)
akta.pro primary industry
Literacy Foundations (Phonics, Reading Fluency, Comprehension) Platforms (EDAFAOAD)
akta.pro secondary industries
Literacy & ELA Instruction (School-Delivered) (EDAJAFAF), Enrichment-Focused Before/After Care (Arts, STEM, Language) (EDACAHAI)

Keywords

  • Children's English education
  • After-school tutoring
  • K-12 English curriculum
  • Subject-based learning
  • Language learning centers

Where RISE Education is headquartered

Location

Headquarters

HQ city
Beijing
HQ country
China
HQ region
Asia

Offices1 record

Markets served

RISE Education business model

Business model
GTM type
B2C
Offering type
Services
Cost components
Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Distribution channels1 record

Marketing channels1 record

RISE Education product offering

Product offering

Core offering

RISE Education provides after-school English language learning and tutoring programs for children aged three to 18, built on an American K-12 curriculum developed in partnership with Houghton Mifflin Harcourt Group (HMHG). Instruction is delivered through self-owned learning centers across China and through online channels, covering subject knowledge, personal development, and social development skills via immersive English instruction.

Product overview

RISE Education operates as a unified educational platform built around its core 'Subject English' program—an American K-12 curriculum delivered through interactive multimedia to students aged 3 and above. The portfolio includes digital extensions (RISE Online Group Class), online middle school curricula (RISE up), and five age-differentiated stage-based programs. The company also publishes educational materials and operates an annual student competition. The offering integrates classroom instruction with digital resources and follows the Houghton Mifflin Harcourt Group educational framework.

Differentiator

Problem solved

Functional benefit

Products and services

  • RISE Subject English RISE's flagship American K-12 curriculum-based English language learning program for children aged three and above, developed in partnership with Houghton Mifflin Harcourt Group. Provides interactive multimedia instruction covering knowledge, personal development, and social development through immersive English learning at self-owned learning centers across China.
  • RISE Online Group Class Digital product enabling students to attend group English classes online, representing RISE's expansion into online/digital learning modalities.
  • RISE up Online Curricula Program Global advanced American middle school online curricula program designed for middle school students, providing online access to American educational content.
  • Stage-Based Programs (Stage 1-5) Age-differentiated educational programs serving students from age three and beyond, with each stage focusing on age-appropriate language skills, subject knowledge, cooperation skills, communication skills, thinking skills, and management skills.

Companies that use RISE Education

Customer profile

Segments1 record

Ideal customer profiles1 record

RISE Education technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature4 records

RISE Education partnerships and signals

Strategic signal

Partnerships

Six partnerships are on record, tiered core and minor.

  • Houghton Mifflin Harcourt Group (HMHG)coreStrategic or Co-development PartnerRISE was established in 2007 based on HMHG's professional experience and outstanding products. HMHG is an international education giant that provided the foundational curriculum and educational expertise for RISE's Subject English model in China.
  • WildAidminorStrategic or Co-development PartnerIn January 2017, RISE partnered with WildAid to promote the rescuing of wild animals around the world. RISE's annual event 'RISE Star' featured dramatic performances with the theme 'When the Buying Stops, the Killing Can Too.'
  • Crosspoint Warriors AcademyminorStrategic or Co-development PartnerCrosspoint Academy was built in 1974 in Bremerton, WA. It offers a well-rounded curriculum including challenging academics, athletics, music, arts, and Christian values, providing comprehensive elementary and secondary education from Kindergarten through 12th grade.
  • Saint Raphael AcademyminorStrategic or Co-development PartnerSaint Raphael Academy is a Roman Catholic, co-educational, college preparatory school in Pawtucket, Rhode Island, USA. It offers a rich and robust college-prep AP curriculum and is the only Catholic co-educational school in Rhode Island to offer the Rhode Island College Early Admissions Program.
  • The Prout SchoolminorStrategic or Co-development PartnerThe Prout School is a private, co-educational, college-preparatory high school located in Wakefield, Rhode Island. It is a member of NEASC and an International Baccalaureate school, being the only International Baccalaureate high school in Rhode Island.
  • Cotter SchoolsminorStrategic or Co-development PartnerCotter Schools, located in Winona, Minnesota, USA, is an international learning community guided by faith since 1911. They serve motivated and engaged students in grades 7 through 12 and are accredited through AdvancEd.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

RISE Education competitors and assessment

Company assessment

Direct peers

  • TAL Education Group (Xueersi / 好未来): One of China's largest K-12 after-school tutoring companies, offering academic enrichment including English for children and adolescents. Directly competes with RISE in the same Chinese K-12 after-school tutoring market and has been similarly impacted by the Double Reduction policy.
  • New Oriental Education & Technology Group (新东方): China's largest private education company, providing K-12 tutoring, test prep, and English-language training through physical centers and online platforms. Directly competes with RISE in children's English language education and adult/learner English instruction.
  • Wall Street English: International adult and young-learner English-language school chain with significant China presence. Directly comparable to RISE in the immersive, center-based English language learning model.
  • iHuman Inc. Provides educational content and apps for Chinese children ages 3-8 focused on literacy, math, and English. Highly comparable to RISE in age segment (early childhood), subject focus (English literacy), and digital-native delivery model.

Broad incumbents

  • EF Education First: Global English-language learning giant operating language schools and online programs. Comparable to RISE in English-language curriculum focus and immersive teaching methodology, though EF operates globally rather than China-centric.
  • Pearson plc: Global education company offering English-language learning (Pearson English) and K-12 curriculum. Comparable to RISE in English-language curriculum design and instructional content, operating at much larger global scale.

Emerging players

  • VIPKid: China-based online English-learning platform connecting Chinese students with North American teachers. Competes with RISE for the same online English-learning demand from Chinese families, particularly in the post-Double Reduction online pivot.
  • 51Talk (China Online Education Group): Online English-language tutoring platform serving Chinese learners with foreign teachers. Directly competes with RISE's online group class product and digital curriculum offerings.
  • Disney English: Disney-branded immersive English learning centers for Chinese children (now largely exited the market). Historically a direct competitor to RISE in the premium children's English center category in China.

Others

  • Houghton Mifflin Harcourt (HMHG): Major US-based K-12 educational publisher and RISE's foundational curriculum partner. Adjacent rather than directly competing—HMHG supplies the content backbone that differentiates RISE's Subject English model.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

RISE Education financial estimates

Financial estimate

Revenue estimate

Valuation estimate

RISE Education leadership team

Management profile

Number of profiles

Profiles5 records

RISE Education funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

RISE Education M&A and investment

M&A and investment

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RISE Education

What does RISE Education do?

RISE Education provides after-school English language learning and tutoring programs for children aged three to 18, built on an American K-12 curriculum developed in partnership with Houghton Mifflin Harcourt Group (HMHG). Instruction is delivered through self-owned learning centers across China and through online channels, covering subject knowledge, personal development, and social development skills via immersive English instruction.

Is RISE Education a public or private company?

RISE Education is a private company. It is classified as private equity controlled and is currently operating.

When was RISE Education founded?

RISE Education was founded in 2007. It employs 5,001 to 10,000 people.

Where is RISE Education based?

RISE Education is headquartered in Beijing, China, in the Asia region.

Who are RISE Education's main competitors?

Direct peers on record are TAL Education Group (Xueersi / 好未来), New Oriental Education & Technology Group (新东方), Wall Street English and iHuman Inc.. Broad incumbents are EF Education First and Pearson plc. Emerging players are VIPKid, 51Talk (China Online Education Group) and Disney English. Houghton Mifflin Harcourt (HMHG) is listed as an others.

Does RISE Education have an API?

No public API is recorded for RISE Education.

What industry is RISE Education in?

RISE Education's product category is Children's English Language Education. Its primary akta.pro industry code is EDAFAOAD, Literacy Foundations (Phonics, Reading Fluency, Comprehension) Platforms, with a secondary code of EDAJAFAF, Literacy & ELA Instruction (School-Delivered). Its NAICS code is 611630 and its SIC code is 8200.

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Live signals
PR NewswireRISE Education Announces ADS Ratio ChangeRISE Education Cayman Ltd, a Nasdaq-listed education company, announced a change to its American Depositary Share ratio from 2 shares per ADS to 10 shares per ADS, effective June 10, 2022. ADS holders will be required to exchange existing ADSs for new ADSs on a one-for-five basis, with the depositary JPMorgan Chase Bank handling fractional shares by selling them and distributing net proceeds. The change, which has the same effect as a one-for-five reverse split, will not reduce shareholders' percentage ownership or voting rights and no new shares will be issued.PR NewswireRISE Education Cayman Ltd Enters into a Definitive Merger Agreement with Dada Auto Inc., an Innovative Technology Solutions Provider to China's Electric Vehicle Charging MarketRISE Education Cayman Ltd has entered into a definitive merger agreement with Dada Auto Inc., a provider of technology solutions for China's electric vehicle charging market, to create a combined entity. The transaction values Dada Auto at approximately $587 million and is expected to close around mid-2022 pending regulatory approvals and shareholder consent.PR NewswireRISE Education Announces Closing of the Sale of Rise (Tianjin) Education Information Consulting Co., Ltd., RISE Education International Limited and Rise IP (Cayman) LimitedRISE Education Cayman Ltd announced the closing of its previously announced sale, transferring all equity interests in Rise (Tianjin) Education Information Consulting Co., Ltd. to Wuhan Xinsili Culture Development Co., Ltd. on December 28, 2021, and in RISE Education International Limited and Rise IP (Cayman) Limited to Bain Capital Rise Education IV Cayman Limited on December 30, 2021. Upon completion, the company has sold substantially all of its assets through its subsidiaries. In connection with the sale, the company also completed a settlement with lenders for a US$80 million facilities agreement, resulting in the transfer of the Edge business (offering admission consulting, academic tutoring and test preparation services in Hong Kong and Singapore) to a lender-nominated party.PR NewswireRISE Education Cayman Ltd Announces Results of the Extraordinary General Meeting on December 23, 2021RISE Education Cayman Ltd announced that shareholders approved the sale of its WFOE and intellectual property holdings to Wuhan Xinsili Culture Development Co., Ltd. and Bain Capital Rise Education IV Cayman Limited, respectively. The transaction involves RISE receiving US$2.5 million to settle existing debt facilities while transferring operational assets and IP rights to the buyers.PR NewswireRISE Education Cayman Ltd to Hold an Extraordinary General Meeting on December 23, 2021RISE Education Cayman Ltd announced it will hold an extraordinary general meeting on December 23, 2021 in Beijing to seek shareholder approval for the sale of its equity interests in WFOE to Wuhan Xinsili Culture Development Co., Ltd. for RMB 1, and the sale of its interests in Rise HK and Rise IP to Bain Capital Rise Education IV Cayman Limited for US$2,500,000. The transaction includes assumption of liabilities under facilities agreements totaling up to US$80,000,000 and requires both special and ordinary resolutions for approval.BenzingaSpark Education Abandons Listing Plan, as Rise Moves Closer to Exit Door - Gaotu Techedu (NYSE:GOTU)Rise Education has reached a final agreement with Bain Capital to facilitate a delisting from the U.S. stock market, with Bain's 62.7% stake being transferred to a buyer group through a $17 million loan convertible to shares at $0.70 per ADS, netting Bain approximately $8 million despite the stake once being worth up to $600 million. Separately, Spark Education has formally withdrawn its New York IPO application citing unfavorable capital market conditions, becoming another casualty of China's "double reduction" crackdown on private education companies. Additionally, China East Education's deputy chairman disclosed plans to sell 33 million shares at a 12% discount to market price, reflecting ongoing investor pressure even on companies less affected by the sector-wide regulatory cleanup.PR NewswireRISE Education Cayman Ltd Announces Resignation of Independent Registered Public Accounting FirmRISE Education Cayman Ltd (NASDAQ: REDU) announced on November 22, 2021 that Ernst & Young Hua Ming LLP resigned as its independent registered public accounting firm, effective November 19, 2021. EY's 2020 audit report was unqualified, but the firm could not complete the 2021 audit due to unresolved regulatory requirements on after-school tutoring registration. The company plans to hire a new audit firm.PR NewswireRISE Education Announces Receipt of a Preliminary Non-Binding Proposal to Acquire Substantially All Assets of the CompanyRISE Education Cayman Ltd announced receiving a preliminary non-binding proposal from its chairwoman and CEO, Ms. Lihong Wang, to acquire substantially all assets of the company, with the equity value and purchase price effectively being zero after accounting for existing liabilities and prepaid tuition fees. The board of directors, with Ms. Wang recused, has begun evaluating the proposal and engaged China Renaissance Securities as financial advisor, while the transaction remains subject to consent from lenders under the CTBC Facility. There can be no assurance the proposed transaction will be completed or that any definitive agreement will be entered into.BenzingaRISE Education CFO Warren Wang ResignsRISE Education Cayman Ltd's Chief Financial Officer Warren Wang has resigned effective August 31, 2021, citing personal reasons, with Alex Wu appointed as acting CFO starting September 1, 2021. Wang is expected to remain with the company through September 30, 2021, to facilitate a transition period. Alex Wu previously served as executive vice president at Bain Capital Private Equity and holds degrees from Peking University and the University of New South Wales.PR NewswireRISE Education Announces Management ChangeRISE Education Cayman Ltd announced that Chief Financial Officer Warren Wang resigned from his position effective August 31, 2021, due to personal reasons. Alex Wu has been appointed as the acting CFO starting September 1, 2021, and will remain with the company through September 30 to facilitate a smooth transition.