Rider University Chapter of the AAUP
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    • Chinese Company Out As Buyer Of Westminster Choir College
    • Kaiwen is Gone
    • Kaiwen Education Reply to a June 2019 Inquiry from the Shenzhen Stock Exchange
    • Update on Kaiwen Education's Financial Status
    • Arbitration Over Layoffs at WCC
    • Kaiwen Education 2018 Annual Report
    • By Federal Reserve Standards Kaiwen Education is a Highly Leveraged and Risky Business
    • Two Updates on Kaiwen's Finances
    • Due Diligence and Kaiwen Education
    • Chronology of a Crisis
    • WCC Reset
    • New Jersey Attorney General’s Office Delivers Major Setback to Rider University’s Plan to Sell Westminster Choir College
    • Westminster Foundation Press Release on AG Investigation
    • Purchase Agreement
    • Faculty Shocked to Learn Secret Agreement Would Allow Buyer to Close Westminster Choir College
    • Universities as the Guardians of Assets
    • Press Release Kaiwen Finances
    • 2019 Report on Kaiwen
    • DejaVuDellOmo
    • Kaiwen Announcement 1/11/19
    • AAUP Goes to the NJ Assembly
    • Sign the Petition to Save WCC
    • WWCAC Letter November 8 2018
    • Kaiwen Education: Report on Company Performance Through the Third Quarter 2018
    • New Information Reveals Chinese Corporation Plans to Take $20 Million Westminster Choir College Endowment despite Prohibitions Imposed by State/Federal Law
    • More Bad News about Kaiwen
    • Claims v. Reality
    • AAUP Challenges Legitimacy of Newly announced Non-Profit Said To Be Created To Run Westminster Choir College
    • Label Your Stuff!
    • WCC Alumni Council Questions and Answers
    • Statement on Proposed Sale of Westminster Choir College Faculty Union Vows to Continue Oppose ill-conceived Sale of Iconic Music School
    • June 7 Letter to Board
    • A Failure of Due Diligence
    • Bond 2017
    • Chronology of the WCC Crisis
    • Kaiwen Education Technology
    • Pending Legal Actions >
      • Legal Complaints against Rider University over Sale of WCC
    • The Legacy of Westminster Choir College
    • Updates and Information Sent to Faculty from AAUP Leadership >
      • A Letter to WCC Faculty regarding President Dell'Omo's Letter
      • Open Letter to Board of Trustees
      • Letter to Faculty
      • How a For-profit Company Might Ruin Westminster
      • A Message from AAUP regarding the potential layoff of Westminster Faculty
      • ​Update on Westminster
    • Press Releases >
      • Outrage Over Rider University's Plan To Sell Legendary Choir College To Chinese For-Profit Company With No Experience in Higher Education
      • DellOmo Lays Off Entire WCC Faculty
    • WCC Crisis in the News >
      • The Coalition to Save Westminster Choir College Initiates Spin-Off Discussions With Rider University Administration
    • Letters of Support for WCC >
      • Eric Whitacre Praises Westminster
      • Statement of support from NJ Higher Ed Leadership Council.
      • Support for Westminster Choir College
    • Teach In at WCC
    • WCC Teach In Audio >
      • Remarks by Laura Brooks Rice
      • Have American Universities Lost Their Way? by Joel Phillips
    • Governance Standards in Institutional Mergers and Acquisitions
  • 2022 Negotiations
    • Negotiation Updates
    • STRIKE FAQ
    • AAUP's Response to Admin's "Critical Need for Change"
    • AAUP v. Admin Proposals
    • CREDO >
      • Admin's Prioritization Report
      • WCC Students Petition DellOmo
      • Dr. Sanjay G. Reddy Speaks to the Chapter
      • A Bargaining Unit Member's Guide to Credo Part 1
      • A Bargaining Unit Member's Guide to Credo Part 2
      • Rider AAUP Executive Committee Recommendations Concerning Credo Consulting
      • Administration Attempts to Bully AAUP Executive Committee
      • Save Rider Rally
Update on Kaiwen Education's Financial Status​​

​Recent Wall Street Journal reports indicate that the Chinese economy is not doing well, a function of the on-going trade war, U.S. efforts to contain the country's technology sector, and Beijing's efforts to reduce very high business and government debt. https://www.wsj.com/articles/chinas-economy-shows-fresh-signs-of-weakness-11560512903 AND https://www.wsj.com/articles/as-china-auto-sales-slow-industry-braces-for-new-regulations-11560332730

This is a significant development for for-profit Kaiwen Education, which has struggled unsuccessfully since its inception to achieve profitability. The company has regularly alerted regulators and current and prospective shareholders that a key business risk - in addition to legislation on for-profit education in China still in the draft stage - is China's macroeconomic environment.https://www.rideraaup.net/kaiwen-announcement-11119.html

China's targeted GDP growth for this year is the lowest projection in a quarter of a century. Retail sales there fell to a 16 year low in April, and auto sales declined for the 11th straight month in May and were 16% lower than a year earlier. The slump in demand for new autos - a key economic indicator - shows no signs of easing, according to the Journal. https://www.wsj.com/articles/chinas-economy-shows-fresh-signs-of-weakness-11560512903 AND https://www.wsj.com/articles/as-china-auto-sales-slow-industry-braces-for-new-regulations-11560332730

Kaiwen's vulnerability arises because, in China, the company is a new entrant in an established and very competitive international education school field. We have shown that its two Beijing K-12 schools are not ranked highly among international education schools in Beijing or China. Further, the company depends almost entirely on tuition revenue from its schools and is expensive to attend. Kaiwen has expenses that require it to have school tuition that is the highest among Beijing's international K-12 schools. https://www.rideraaup.net/kaiwen-announcement-11119.html AND https://www.rideraaup.net/kaiwen-education-2018-annual-report.html?fbclid=IwAR2L4jzb-VB5DACtO8FGMQPMZZkQiu8Ah5Bjfm34PGnNheY8fKIA7YuN7FQ

 Kaiwen's school enrollment remains problematic. In a mid-June meeting with representatives from four Chinese stock funds Kaiwen reported total school enrollment of 1221 students for the ending school year, and reported school capacity to be 5500 students - a capacity 100 students less than it has reported in the past. Of course, reporting a lower school capacity enables the company to show itself to be more fully enrolled than it is - i.e., 22.2% rather than 21.8% when the 5600 student figure is used. http://stock.eastmoney.com/a/201906141151817072.html

This level of enrollment after three years of operation reveals that Kaiwen's schools have not established the competitive advantage over other schools the company touts in its public relations releases and reports to government regulators. https://www.rideraaup.net/kaiwen-announcement-11119.html 

Kaiwen remains a start-up company in precarious financial condition, with a very uncertain future. For these reasons, and for many others we have discussed, this company remains a significantly unsuitable owner and operator of Westminster Choir College. https://www.facebook.com/rideraaup/?epa=SEARCH_BOX

​6/24/2019

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  • Home
  • About
    • Mission Statement
    • Chapter Meeting Minutes
    • Presentations from AAUP Meetings
    • Meeting Dates 21-22
    • Points of Contact
    • AAUP Officers
    • AAUP Awards >
      • Bertram Mott Award
      • Henry J. Frank Award
    • P&T Committee Members
    • APC Committee Members
    • UAPC Committees
    • Training for College/School Academic Policy Committee Members
    • CIM Training Video
    • Membership
    • Assumption of Risk and Waiver Form for Employees that is required for travel funds
  • Contract
  • Grievances
    • Grievance Process
    • Amendments to Grievance Process, Updated April 2016
    • Grievance Procedure Explained
  • Constitution
    • I - Name
    • II - Purpose
    • III - Membership
    • IV - Dues
    • V - Chapter Officers
    • VI - Committees
    • VII - Election of Officers
    • VIII - Removal of Officers
    • IX - Disciplining of Members
    • X - Meetings
    • XI - Contract Ratification
    • XII - Finance
    • XIII - Amendments
  • Saving WCC
    • Decision on Standing Lawsuit
    • AAUP Response to Provost Fredeen's October 2nd Email
    • Important Information on Campus Consolidation
    • Chinese Company Out As Buyer Of Westminster Choir College
    • Kaiwen is Gone
    • Kaiwen Education Reply to a June 2019 Inquiry from the Shenzhen Stock Exchange
    • Update on Kaiwen Education's Financial Status
    • Arbitration Over Layoffs at WCC
    • Kaiwen Education 2018 Annual Report
    • By Federal Reserve Standards Kaiwen Education is a Highly Leveraged and Risky Business
    • Two Updates on Kaiwen's Finances
    • Due Diligence and Kaiwen Education
    • Chronology of a Crisis
    • WCC Reset
    • New Jersey Attorney General’s Office Delivers Major Setback to Rider University’s Plan to Sell Westminster Choir College
    • Westminster Foundation Press Release on AG Investigation
    • Purchase Agreement
    • Faculty Shocked to Learn Secret Agreement Would Allow Buyer to Close Westminster Choir College
    • Universities as the Guardians of Assets
    • Press Release Kaiwen Finances
    • 2019 Report on Kaiwen
    • DejaVuDellOmo
    • Kaiwen Announcement 1/11/19
    • AAUP Goes to the NJ Assembly
    • Sign the Petition to Save WCC
    • WWCAC Letter November 8 2018
    • Kaiwen Education: Report on Company Performance Through the Third Quarter 2018
    • New Information Reveals Chinese Corporation Plans to Take $20 Million Westminster Choir College Endowment despite Prohibitions Imposed by State/Federal Law
    • More Bad News about Kaiwen
    • Claims v. Reality
    • AAUP Challenges Legitimacy of Newly announced Non-Profit Said To Be Created To Run Westminster Choir College
    • Label Your Stuff!
    • WCC Alumni Council Questions and Answers
    • Statement on Proposed Sale of Westminster Choir College Faculty Union Vows to Continue Oppose ill-conceived Sale of Iconic Music School
    • June 7 Letter to Board
    • A Failure of Due Diligence
    • Bond 2017
    • Chronology of the WCC Crisis
    • Kaiwen Education Technology
    • Pending Legal Actions >
      • Legal Complaints against Rider University over Sale of WCC
    • The Legacy of Westminster Choir College
    • Updates and Information Sent to Faculty from AAUP Leadership >
      • A Letter to WCC Faculty regarding President Dell'Omo's Letter
      • Open Letter to Board of Trustees
      • Letter to Faculty
      • How a For-profit Company Might Ruin Westminster
      • A Message from AAUP regarding the potential layoff of Westminster Faculty
      • ​Update on Westminster
    • Press Releases >
      • Outrage Over Rider University's Plan To Sell Legendary Choir College To Chinese For-Profit Company With No Experience in Higher Education
      • DellOmo Lays Off Entire WCC Faculty
    • WCC Crisis in the News >
      • The Coalition to Save Westminster Choir College Initiates Spin-Off Discussions With Rider University Administration
    • Letters of Support for WCC >
      • Eric Whitacre Praises Westminster
      • Statement of support from NJ Higher Ed Leadership Council.
      • Support for Westminster Choir College
    • Teach In at WCC
    • WCC Teach In Audio >
      • Remarks by Laura Brooks Rice
      • Have American Universities Lost Their Way? by Joel Phillips
    • Governance Standards in Institutional Mergers and Acquisitions
  • 2022 Negotiations
    • Negotiation Updates
    • STRIKE FAQ
    • AAUP's Response to Admin's "Critical Need for Change"
    • AAUP v. Admin Proposals
    • CREDO >
      • Admin's Prioritization Report
      • WCC Students Petition DellOmo
      • Dr. Sanjay G. Reddy Speaks to the Chapter
      • A Bargaining Unit Member's Guide to Credo Part 1
      • A Bargaining Unit Member's Guide to Credo Part 2
      • Rider AAUP Executive Committee Recommendations Concerning Credo Consulting
      • Administration Attempts to Bully AAUP Executive Committee
      • Save Rider Rally