SHENZHEN, China, March 14, 2022 /PRNewswire/ -- Meten Holding
Group Ltd. ("Meten Holding Group" or the "Company") (NASDAQ: METX),
one of the leading omnichannel English language training ("ELT")
service providers in China,
announced that its subsidiary, Shenzhen Meten International
Education Co., Ltd.("Shenzhen Meten"), had entered into a strategic
cooperation framework agreement (the "Agreement") on March 2, 2022 with Shenzhen Shengxue Culture
Communication Co., Ltd.("Shengxue"), an online education and
training institution focusing on the improvement of academic
qualifications for adults. Shenzhen Meten and Shengxue expect to
cooperate in development and design of new education products and
marketing activities, in an effort to develop Shenzhen Meten's
Metaverse education business.
The goal of this strategic cooperation is to help qualified job
seekers find their dream jobs in the fast-evolving labor market in
China. The Chinese government is
vigorously supporting the development of emerging industries,
including modern services industry. With the emergence of these new
industries, traditional education becomes less helpful to job
seekers for obtaining those skills required by enterprises.
Companies tend to seek talents with professional skills,
comprehensive qualities, and practical skills. We believe that the
shortage of professional talents in emerging technology industries,
such as Metaverse-related industries, will gradually expand. On the
other hand, as a result of the Chinese government's promotion of
favorable policies and an increasing demand, the market size of the
vocational education industry continues to increase year by year in
China. According to data published
by Qianzhan Industry Institute, the size of China's vocational education market was
RMB653 billion (approximately
$103 billion) in 2021.
We believe that vocational education has a great growth
potential. Due to the low concentration in the vocational education
industry and the limited number of large vocational education
institutions, the supply of high-quality vocational education is
currently insufficient. We believe that in the future, with the
improvement of industry concentration and the continuous
development of leading institutions in the vocational education
industry, vocational education institutions will enhance their
abilities in research and development, management, and marketing to
create cost-effective and high-quality education driving the rapid
growth of vocational education industry.
Mr. Alan Peng, Chief Executive
Officer of Meten Holding Group commented, "We are pleased to
cooperate with Shengxue. This cooperation is in line with our
strategic focus on Metaverse vocational education courses. To seize
the opportunities in the vocational education industry, we are
actively exploring and promoting our vocational and technical
education training business. We expect to provide training services
to more high-quality professional talents with innovative technical
skills for both domestic and international job markets. We believe
that our cooperation with Shengxue will help expand our Metaverse
education business, improve our market presences, and create value
for our shareholders."
About Shenzhen Shengxue Culture Communication Co.,
Ltd.
Shenzhen Shengxue Culture Communication Co., Ltd. was
established in 2013 in China.
Shengxue is an online education and training institution focusing
on the improvement of academic qualifications for adults. Its
services cover self-study examinations, adult college entrance
examinations, online education, postgraduate examinations, teacher
certifications, accounting certifications, short video production,
and broadcasting and hosting. Shengxue plans to build a more
efficient online teaching model and launch a policy of "academic
qualification + skills = infinite possibilities in the future" to
help job seekers find jobs in the future.
About Meten Holding Group Ltd.
Meten Holding Group Ltd., formerly known as Meten EdtechX
Education Group Ltd., is one of the leading omnichannel ELT service
providers in China, delivering English language and skills
training for Chinese students and professionals. In addition to
strengthening its position in the ELT service industry
in China, Meten actively explores the blockchain and
cryptocurrency mining business outside China, with a long-term
goal of creating value across the cryptocurrency industry. Meten
expects to engage in businesses related to blockchain and metaverse
in North America and other countries and areas around the
world (not including China), including cryptocurrency mining,
mining farm construction, and mining pool and data center
operation.
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 future development of and the
Company's ability to succeed in its new line of business
include metaverse; the continuing impact of the COVID-19
pandemic and the emergence of new variants; 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. 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 LLC
Tina Xiao
+1 917-609-0333
tina.xiao@ascent-ir.com
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SOURCE Meten Holding Group Ltd.