ChinaEdu Corporation Appoints Ben Cheng as a Director
BEIJING, Feb. 24, 2012 /PRNewswire-Asia/ -- ChinaEdu Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"), a leading online education services provider in China, today announced the appointment of Ben Cheng as a director of ChinaEdu, effective February 14, 2012.
''We are very pleased to welcome Mr. Cheng to ChinaEdu's Board of Directors. His wealth of leadership experience gained over many years of management roles in the financial industry as well as his expertise in equity and investments in China will bring significant value to ChinaEdu,'' said Julia Huang, ChinaEdu's chairman of the board of directors. ''We are confident that he will make valuable contributions to ChinaEdu's strategic development and we look forward to his input."
Ben Cheng began making private equity investments in China in the mid-1990s, as an investment director at Citicorp China Investment Management Ltd., which managed the Citicorp Everbright China Fund. He was also a director at Emerging Markets Partnership, focusing on greater China. Before that, Mr. Cheng was an assistant manager at Brown Brothers Harriman in New York and Hong Kong for six years. He began his career as an associate at Lee & Li, a Taiwanese law firm. Mr. Cheng joined Actis LLP in 2003 and as a partner, led the China team in sourcing, executing, managing and exiting expansion-capital private equity investments until his retirement in 2010. Mr. Cheng holds an MA in International Relations from Yale University and a Master of Laws degree from the University of Pennsylvania. He also earned a Bachelor of Laws from National Chengchi University in Taiwan in 1982.
ChinaEdu Corporation is an educational services provider in China, incorporated as an exempted limited liability company in the Cayman Islands. Established in 1999, the Company's primary business is to provide comprehensive services to the online degree programs of leading Chinese universities. These services include academic program development, technology services, enrollment marketing, student support services and finance operations. The Company's other lines of businesses include the operation of private primary and secondary schools, online interactive tutoring services and providing marketing, support for international and elite curriculum programs and online learning community for adult students.
The Company believes it is the largest service provider to online degree programs in China in terms of the number of higher education institutions that are served and the number of student enrollments supported. The Company currently has 19 long-term contracts that generally vary from 10 to 50 years in length. ChinaEdu also performs recruiting services for 21 universities through nationwide learning center network.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1 and its annual report on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
SOURCE ChinaEdu Corporation
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