Digitalization is the Foundation for the Technological Empowerment of Education, RISE CEO Says
RISE CEO Yiding Sun Delivers Keynote Address at Global Education Technology Summit in Beijing BEIJING, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Digitalization is the foundation for the technological empowerment of education, Mr. Yiding Sun, the chief executive officer of RISE Education Cayman Ltd (NASDAQ: REDU) (“RISE” or the “Company”), a leading junior English Language Training provider in China, told the Global Education Technology Summit & Expo 2018 in Beijing today.
In the age of the Internet, online education is opening up a new channel for education. Still, RISE believes the power of such technology must be harnessed to supplement education in the classroom, Sun told the conference. For this reason, RISE started its technology empowerment process in 2017. To empower education, RISE aims to build intelligent teaching, exercise, evaluation, and home-school systems. The latest voice and image recognition technology and data mining will be embedded to customize study plans for each individual student. For the education empowerment, RISE preserves a philosophy of “Education + Internet”. The company believes online tools must be an add-on to on-site education. For example, younger learners (3-6 years old) require personal interaction in education, he said. This makes RISE different from online education firms, in that RISE sticks to its subject-based learning philosophy and character education, demonstrating a unique way to implement online tools.
To empower teaching quality, RISE had built an intelligent teaching training system to collect training, teaching, evaluation and review data to customize online and offline training for teachers to explore their talent and personality. To empower its corporate operations, RISE has built teaching and learning systems, operations, customer relationship management system, as well as finance and human resources system to ensure the efficiency and standardization of the company. RISE is still paving the way to further incorporate technology in corporate management, Sun said.
The rapid expansion and development of the education sector have aroused growing interest from the capital market, attracting more capital inflows to the education sector, especially to online education and K12 education. This, in turn, has helped education companies lower financing costs, he said.
RISE is among the companies that have benefited from capital inflows and favorable government policies toward the education sector, Sun said. RISE, which just celebrated the first anniversary of its NASDAQ listing in October this year, stands as a perfect example of how an education company can continue to develop its corporate management, branding and business innovation, and seek opportunities after an IPO. RISE reported total revenue increased 32.4% year-over-year to US$45.4 million in the second quarter of 2018, with a total number of student enrollments in self-owned centers and online courses reaching 14,419. The student retention rate increased to approximately 71%. In addition, RISE has entered a strategic agreement with SSAT China to become SSAT’s exclusive on-site learning institution in China.
The integration of technology in the education industry will continue to be accelerated by continuous capital inflow, and this will present education companies unprecedented opportunities, Sun said. RISE is now expanding beyond ELT education, by providing services in other fields of character education. The company is also actively seeking opportunities in science, technology, engineering, mathematics and art education and programming.
About RISE EducationRISE Education Cayman Ltd is a leading junior English Language Training (“ELT”) provider based in Beijing. Founded in 2007, the Company pioneered the application of the “subject-based learning” philosophy in China, which uses language arts, math, natural science, and social science to teach English in an immersive environment that helps students learn to speak and think like a native speaker. Primarily through three flagship courses, Rise Start, Rise On, and Rise Up, the Company provides ELT to students aged three to six, seven to twelve and 13 to 18, respectively. The Company’s highly scalable business model includes both self-owned and franchised learning centers. For more information, please visit http://en.risecenter.com/.