赴美留学人数恢复缓慢 GRE和托福要被甩卖？

Core Insights - The IELTS exam fee in mainland China has been officially reduced from 2170 yuan to 1990 yuan, marking the first price drop in 36 years, and is now lower than the TOEFL iBT fee of 2100 yuan [1] - ETS is negotiating the sale of its GRE and TOEFL business due to declining test-taker numbers and increased competition, with an expected valuation of around $500 million [1][8] - The number of GRE test-takers has halved from 510,000 in 2017 to approximately 200,000 in 2024, influenced by changes in university admission policies [3] Financial Pressure - ETS reported a revenue of $1.09 billion for the 2023 fiscal year, with over 80% coming from core exam products and assessment services [3] - The organization has faced financial difficulties leading to multiple layoffs and the elimination of smaller testing products from its portfolio [2] - ETS's annual expenses for fiscal year 2024 are projected at $1.07 billion, with nearly one-third allocated to executive compensation and employee salaries [5] Market Dynamics - The international student enrollment in U.S. universities is projected to decline by 1% in the fall of 2025, with a significant 12% drop in graduate-level international students [4] - The competition in the language testing market has intensified, with alternative tests like Duolingo English Test gaining popularity during the pandemic [7] - The IELTS and TOEFL exams are adapting by shortening test durations and improving service delivery to attract more candidates [6][7] Potential Buyers - ETS is in discussions with several potential investors, including Hillhouse Capital and Nexus Capital Management, to expand its influence in the Middle East and India [8][9] - The negotiations with Hillhouse Capital focus on potential partnerships to invest in ETS's commercial division, particularly for GRE and TOEFL market expansion [9]