Four Seasons Education (Cayman) Inc.
Four Seasons Education (Cayman) Inc. is a Cayman Islands holding company whose operating businesses are conducted primarily in China through subsidiaries. The group provides education-related services and tourism-related services, including enrichment learning programs, school-based tutoring product solutions, teacher training, study camps, learning trips, and travel agency services.
Fiscal year 2026 · change from previous year
Development 2021–2026
Business
Share of revenueAfter-school and supplemental learning offerings for students, especially in math and related subjects.
Curriculum and tutoring solutions sold to schools and education partners.
Training services and instructional support for educators and institutions.
Educational travel and camp programs combining learning and tourism experiences.
Travel-related services provided to customers of all age groups.
Products
Reported · share of revenue- Learning Services51.4 %
- Tourism Services46.5 %
- Other2.1 %
Source: 20-F FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company serves students and parents seeking supplemental learning, as well as schools and education partners that buy tutoring solutions and teacher training. It also serves participants in study camps and learning trips, plus broader travel customers using its agency services. Customer demand is tied to educational outcomes, program quality, and trust in the brand and instructors.
Buy enrichment learning programs and tutoring services to support academic performance, especially in math.
Buy tutoring product solutions and teacher training to improve instruction and program delivery.
Buy camp and learning-trip packages that combine education and travel experiences.
Buy travel services for leisure or group travel needs across age groups.
Strategy
The group’s strategy centers on maintaining the quality and relevance of its learning programs while strengthening customer trust and enrollment. It also aims to broaden tourism and study-camp offerings through partner relationships, pricing flexibility, and operational execution across budget and premium products.
Program relevance, curriculum quality, and instructor reputation drive enrollment and retention.
A wider service mix helps attract different customer budgets and needs.
Education services depend heavily on parental trust and repeat usage.
Geography
The company is organized as a Cayman Islands holding company, with a Hong Kong subsidiary and operating subsidiaries in mainland China. Its business is concentrated in China, where it runs education and tourism-related services, while the offshore structure supports international capital access and group ownership.
Risks
The business is exposed to Chinese education and travel regulation, because both learning services and tourism services operate in policy-sensitive markets. Demand also depends on reputation, instructor quality, and customer retention, while the group’s offshore structure and U.S.-listed status add regulatory and trading risks.
- Customer retention and recruitment riskImpact: HighLikelihood: High
Enrollment depends on course quality, brand reputation, and word-of-mouth referrals.
Exposure: Enrichment learning programs
- PRC regulation of education and travel servicesImpact: HighLikelihood: Medium
Learning services and tourism offerings are both subject to Chinese policy and licensing oversight.
Exposure: China operations
- Execution risk in tourism servicesImpact: MediumLikelihood: Medium
Study camps and travel agency services require reliable partners, pricing discipline, and smooth delivery.
Exposure: Study camps and travel agency services
- ADS trading and listing riskImpact: MediumLikelihood: Medium
U.S.-listed ADSs can be affected by minimum public stockholder or trading-volume requirements.
Exposure: NYSE listing
- PRC resident enterprise tax riskImpact: MediumLikelihood: Low
The group states Cayman or non-PRC entities could be deemed PRC resident enterprises, affecting taxation.
Exposure: Corporate structure
Accounting
Judgemental itemsLearning programs, camps, and travel services may be delivered over time or at a point in time, affecting reported revenue periods.
Impact: Affects quarterly comparability and deferred revenue patterns
The company notes possible resident-enterprise treatment for Cayman or non-PRC subsidiaries.
Impact: Could change effective tax burden and related disclosures
The group operates through a Cayman parent, Hong Kong subsidiary, and PRC operating entities.
Impact: Affects presentation of assets, liabilities, and noncontrolling interests
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Last updated: 28/09/2026