Meten EdtechX Reports a 485% Increase in Gross Billing a 483% Increase in Students Enrollment of its Junior ELT Business in t...
April 29 2021 - 8:00AM
Meten EdtechX Education Group Ltd. (Nasdaq: METX)
(“Meten EdtechX” or the “Company”), one of the leading
omnichannel English language training (“ELT”) service providers in
China, today reported that the gross billing and student enrollment
of its junior ELT business increased by 485% and 483% respectively
in the first quarter of 2021 compared to the same period of last
year. The figures confirm that the Company has returned to its
pre-pandemic rapid growth trajectory.
The Company is actively expanding its junior ELT
business within its current network of 22 cities and has received
positive market feedback. All of the Company’s learning centers
achieved their profit goals in March, and the centers in 7 out of
the 22 cities (Foshan, Guangzhou, Changsha, Dongguan, Chengdu,
Shenzhen, and Chongqing) recorded gross billing of over RMB1
million. In addition, the gross billing from student renewals and
referrals accounted for 61% of the total gross billing of the
Company’s junior ELT business in the first quarter, demonstrating
that the Company’s products and services have been widely
appreciated and recognized by students and their parents.
Through leveraging its business experience,
vertical expansion strategy and brand influence, the Company
expects its junior ELT business to achieve RMB121 million in gross
billing in fiscal year 2021, which would represent an 82% increase
compared to fiscal year 2020.
About Meten EdtechX
Meten EdtechX is one of the leading ELT service
providers in China, delivering English language and skills training
for Chinese students and professionals. Through a digital platform
and a nationwide network of learning centers, the Company provides
its services under three industry-leading brands: Meten (adult and
junior ELT services), ABC (primarily junior ELT services) and
Likeshuo (online ELT). It offers superior teaching quality and
student satisfaction, which are underpinned by cutting edge
technology deployed across its business, including AI-driven
centralized teaching and management systems that record and analyze
learning processes in real time.
The Company is committed to improving the
overall English language fluency of the Chinese population to keep
abreast of the rapid development of globalization. Its experienced
management is focused on further developing its digital platform
and expanding its network of learning centers to deliver a
continually evolving service offerings to a growing number of
students across China.
For more information, please
visit: https://investor.metenedu-edtechx.com.
Safe Harbor Statement
This announcement contains forward-looking
statements that involve risks and uncertainties. These statements
are made under the “safe harbor” provisions of 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. Statements that are not
historical facts, including statements about the Company’s beliefs
and expectations, are forward-looking statements. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the impact of the COVID-19 outbreak, our
ability to attract students without a significant decrease in
course fees; our ability to continue to hire, train and retain
qualified teachers; our ability to maintain and enhance our brands;
our ability to effectively and efficiently manage the expansion of
our school network and successfully execute our growth strategy;
the outcome of ongoing, or any future, litigation or arbitration,
including those relating to copyright and other intellectual
property rights; competition in the English language training
sector in China; changes in our revenues and certain cost or
expense items as a percentage of our revenues; the expected growth
of the Chinese English language training and private education
market; Chinese governmental policies relating to private
educational services and providers of such services; health
epidemics and other outbreaks in China; and general economic
conditions in China. Further information regarding these and other
risks is included in our annual report on Form 20-F and other
documents filed with the U.S. Securities and Exchange Commission.
The Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable law.
All information provided in this press release and in the
attachments is as of the date of this press release, and the
Company undertakes no duty to update such information, except as
required under applicable law.
For investor and media inquiries, please
contact:
Ascent Investor Relations LLCTina Xiao+1
917-609-0333tina.xiao@ascent-ir.com
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