Our mission is to become a leader and innovator of private high school education in China.
We are the largest operator of private high schools in Western China and the third largest operator in all of China in terms of student enrollment as of December 31, 2019, according to the CIC report. We experienced the fastest growth rate with a CAGR of 77.3% in terms of high school student enrollment and with a CAGR of 41.4% in terms of the number of high schools from December 31, 2015 to December 31, 2019, among top 20 operators of private high schools in China.
We believe we are well-positioned to seize the enormous and sustainable demand for high-quality high schools in China. The total revenues generated by the private high school education industry in China is expected to increase from RMB43.4 billion in 2018 to RMB106.1 billion in 2023, and the penetration rate of private high schools in China in terms of student enrollment is expected to increase from 13.8% in 2018 to 19.5% in 2023,All of our schools are strategically located in Western China, which has seen growing demand for high-quality educational resources. Western China has a massive population representing approximately a quarter of the national total, but the local students have limited access to quality educational resources, and as a result, often struggle to do well in Gaokao, the university entrance examinations administered in China, evidenced by the relatively low acceptance rate of first-tier universities as compared to other regions. Parents in Western China are able and willing to increase their spending on quality secondary education, driven by the higher disposable income growth rate compared to the national average. More