Meten EdtechX Introduces Dual-teacher Classroom Learning to Enhance ABC Junior ELT Business’ Long-term Competitive Advantag...
January 28 2021 - 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
announced that the Company has introduced dual-teacher classroom
learning for ABC junior ELT business to enhance its competitive
advantage.The dual-teacher classroom learning integrates the online
and offline business, greatly improving the teaching quality of the
foreign teachers and enhancing the learning experience of the
students.
ABC junior ELT is an independent brand of Meten
EdtechX, which focuses on providing junior ELT service for children
aged three to 16. 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 its
services and products. The business of ABC junior ELT has gradually
matured, [and started to show the profitability.
To introduce the dual-teacher classroom, ABC junior
ELT has set strict standards in terms of course content, electronic
teaching aids, foreign teacher qualification certification and
training, hardware equipment and classroom standardization, etc.,
whichcost approximately RMB20 million for launching dual-teacher
classroom learning in the past half year. 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 its operating
efficiency.
Currently, 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
an extensive network of existing adult and junior ELT offline
learning centers, Meten EdtechX will continue to explore 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:
Ascent Investor Relations LLCTina Xiao+1
917-609-0333tina.xiao@ascent-ir.com
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