Meten EdtechX Provides Update of its “ABC” Brand
December 31 2020 - 8:30AM
Meten EdtechX Education Group Ltd. (Nasdaq: METX)
(“Meten EdtechX” or the “Company”), a leading omnichannel
English language training (“ELT”) service provider in China, today
provided update of its “ABC” brand. After the acquisition of ABC
Education Group, a junior ELT service provider operating under the
“ABC” brand, in 2018, the Company has been constantly upgrading and
optimizing the brand. The business of ABC junior ELT has gradually
matured, and starts to show the profitability.
ABC junior ELT is an independent brand of
Meten EdtechX, focusing on providing junior ELT service for
children aged three to 16. Since the resumption of classes in
September this year, the resumption rate of ABC junior ELT has
exceeded approximately 90%, and the attendance rate of which has
reached 100%. The gross billing of ABC junior ELT in November 2020
increased by approximately 10% on a year-on-year basis, and the
business has returned to pre-pandemic levels. Recently, the
dual-teacher classrooms have been introduced at 16 learning centers
of ABC junior ELT, integrating the online and offline business
model. The Company has optimized the structure and functions of ABC
junior ELT in the fourth quarter of 2020, which is expected to
lower the cost of foreign language teaching for ABC junior ELT by
approximately 25% on a year-on-year basis in 2021, significantly
improving operating efficiency.
At present, there is still a large space for the
development of the junior ELT training market in China and the
penetration rate is expected to increase going forward. Relying on
the network of existing adult and junior offline learning centers,
Meten EdtechX will continue to explore the high-end junior ELT
training market in China, which may consolidate the long-term
competitive advantages of the Company.
About Meten EdtechX
Meten EdtechX is a leading ELT service provider
in China, delivering English language and future skills training
for Chinese students and professionals. Through a sophisticated
digital platform and 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 competence and competitiveness 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 “Meten”
brand; 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:
Meten EdtechX
Wendy Wang+86
136-5142-6060wendy_wsr@meten.com
Ascent Investor Relations LLCTina Xiao+1
917-609-0333tina.xiao@ascent-ir.com
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