| Company type | Public |
|---|---|
| Traded as | SEHK: 1082 |
| Industry | Secondary tuition, especially HKCEE and HKALE |
| Founded | 1998; 26 years ago (1998) |
| Headquarters | Hong Kong |
Modern Education (Chinese: 現代教育), formerly Intel Education, is a Hong Kong cram school. It was founded in 1988 by Ken Ng Kam-Lun. According to the Education Bureau, there are 14 branches across Hong Kong, Kowloon and the New Territories.
The school's curriculum is targeted at secondary students (Form 1 to Form 7), particularly the Form 5, Form 7 and Form 6 students sitting for the HKCEE, HKALE and HKDSE exams respectively.
The school was the first of its kind to go public, when it listed in HKEx in 2011.
Ownership
The founder and major shareholder of Modern Education Group is Ken Ng Kam-Lun, who teaches English in Modern Education. In 2009, optimistic that the HK government's education reforms would lead to double-digit growth, it was rumoured that Modern Education, which then had 17 centres, sought to raise HK$800 million to increase the number of tuition centres. The company was the first of its kind to go public when it listed in HKEx in 2011. One year after the business listed on the HK stock Exchange, the major shareholder sold his shares just as its student numbers started to decline.
11-07- 2013【Ming Pao】Intel Education invest 50 million to Compass College.
Tutors
Ken Ng, founder, claims credit for initiating this trend, and for "liberat the very feudal education system" whilst making a lot of money. He also claims credit for democratising access to maximising student performance at public examinations by employing the best teachers from Band One schools.
In late 2015, media reported that Modern Education was overtly trying to poach a "star tutor" employed by a competitor. The tutor, said to have been responsible for over 40 percent of the fees generated by rival Beacon College, was reported to have been offered a lucrative package worth an estimated HK$85 million (US$10.97 million) a year. The package included $30 million signing bonus plus 65% of all the revenue he generates throughout his 4-year contract period. Modern Education took out full-page advertising in two local journals to vaunt its offer publicly. The brazen attempt of Modern Education to poach the Chinese tutor signalled to investors the extent that these schools may be dependent on a single teacher.
Winding-Up Petition
On 26 May 2020, a printer company petitioned to wind-up Modern Education. The Hong Kong High Court ordered it to be wound up on 26 August 2020.
See also
References
- ^ "Why Lam Yat-yan is walking away from a US$10 mln pay day". EJ Insight.
- "明報財經網 - Page Error".
- ^ "HK Magazine Archive".
- "Why this Hong Kong tutor is worth 22 Barack Obamas". EJ Insight.
- "Want to earn a cool HK,5 million? Hong Kong tutorial school tries to poach top teacher from rival institution". South China Morning Post. 9 October 2015.
External links
- "Modern Education: The Future of Learning (2024) | TISA". The International School Agra. Retrieved 3 April 2024.