A reporter from the Beijing News learned from an insider that Giant Education had decided to withdraw from the education and training market and has been doing the aftermath of the students and employees in recent times.

Beijing News (Reporter Liu Yang) "We are very sorry to tell everyone that due to business difficulties, Giant School will not be able to continue to provide teaching services to students in the fall." Today (August 31), the official WeChat account of Giant Education released a "Letter to Giant Students", saying that it will try its best to solve the undigested courses through the help of other training institutions. A reporter from the Beijing News learned from an insider that Giant Education had decided to withdraw from the education and training market and has been doing the aftermath of the students and employees in recent times.

Giant Education mentioned in the open letter, "As a 27-year-old training school, I deeply apologize and regret for not being able to fulfill my commitment to everyone. Due to various reasons, I also deeply blame myself for the possibility of not being able to meet parents' refund requirements." Giant Education said that it has contacted many excellent training institutions to provide courses, and has also coordinated many resources through third-party institutions. "I hope to use these courses and resources to help Giant students convert unexpensive tuition fees and reduce parents' losses. I hope to get everyone's understanding."

Giant Education announced the relevant consultation hotline, and internal personnel said that they will handle the follow-up issues safely. Image source: "Class suspension notice" screenshot

In fact, as early as mid-to-late August this year, Giant Education has asked peer education and training institutions for help. The relevant person in charge of Giant Education once said at this meeting, "Giant has been carrying a heavy historical burden in the past, and has improved overall in the past two years. However, in the current environment, its own funds are difficult to support the transformation, so they made the decision to stop running the school as a whole. First, they need to deal with the original problems of faculty and staff and students. I hope their peers can provide help."

"Didn't run away, but chose to leave after fulfilling their responsibilities." According to insiders, Giant Education's funding gap is more than 30 million yuan. It has previously asked for help from brother institutions. Most of the more than 15,000 students' remittance and transfer problems have been solved. At present, the main reason is that the parents of the "one-on-one" students have concerns about remitting classes and hope to refund the fees.

According to the information disclosed in the open letter, China Private Education Association has coordinated the help of institutions in the industry for Giant Education. Institutions such as Gaosi Education, Tongcheng Tongmei, Walnut Programming, and Yimi Tutoring will lend a helping hand. In addition, Giant School commissioned a third-party company Beijing Mengquanquan Technology Co., Ltd. to provide personalized course transfer plans for Giant students, which will be announced one after another in the near future.

In this regard, relevant personnel from the China Private Education Association said that many institutions are indeed insolvent now, and withdrawing is a helpless choice. If the institutions go bankrupt and liquidate, the parents will suffer the most. Therefore, the China Private Education Association urges all institutions to fulfill their responsibilities and create conditions for students to redeem and transfer classes. At the same time, the association is also coordinating forces from all parties to take over these institutions as much as possible. Recently, some institutions preparing to leave the market have taken the initiative to contact the association. The association has provided legal and policy guidance on their exit plans and reached a consensus on "refusing to run away, and then leaving the court after performing their responsibilities."

China Private Education Association recommends that parents who already have prepaid options to exchange courses of the same amount to seek to maximize benefits and minimize losses. On the other hand, the association also reminds parents not to stock up on classes when prepaid in education and training institutions. "Parents with low success rate of classes are often those with more classes." At present, the Education Commission of all districts in Beijing has successively released the "white list" of subject-type off-campus training institutions within its jurisdiction, and it is recommended that parents choose "white list" institutions with funding supervision.

public information shows that Giant Education was founded on July 18, 1994 and developed from a training institution into a large comprehensive education group. It develops teaching products for young people aged 5-18, and mainly carries out education and training, education publishing, franchise and other businesses. The company has a total of 32 campuses in Beijing. In August 2018, Jingrui Education , which was listed on US stock , acquired Giant Education with full capital. Tianyancha information shows that at present, Jingrui Education's shareholding ratio in Giant Education is 14.4%, Geng Xiaofei's 65.60%, and Beijing Juyou Innovation Technology Partnership (Limited Partnership) is 20%.Recently, parents and employees said that Giant Education has experienced stores closures and inability to attend classes and wages arrears from employees.

Beijing News reporter Liu Yang Proofreading Fu Chunyan