Meten EdtechX Reports a 1,910.4% Increase in Gross Billing and an 758.1% Increase in Students Enrollment of its Junior ELT Bu...
May 21 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 announced that the gross billing and student
enrollment of its junior ELT business increased by 1,910.4% and
758.1% respectively in April 2021 compared to the same period of
last year. The gross billing and student enrollment increased by
100.6% and 31.0% respectively compared to April 2019.
In the first four months of 2021, the gross
billing of the Company’s junior ELT business increased by 473.8%
year over year and gained a 128.6% growth compared with the same
period in 2019. 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. The gross billing from student renewals
and referrals accounted for 62.8% of the total gross billing of the
Company’s junior ELT business in April, demonstrating that the
Company’s 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 RMB2.6 million in gross
billing in the second quarter of fiscal year 2021, which would
represent a 300% increase compared to the same period of last year
and a 50% growth compared with the second quarter of 2019.
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 sophisticated
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). The Company offers superior
teaching quality and student satisfaction, served 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 competence 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 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
BTC Digital (NASDAQ:METX)
Historical Stock Chart
From Aug 2024 to Sep 2024
BTC Digital (NASDAQ:METX)
Historical Stock Chart
From Sep 2023 to Sep 2024