BEIJING, May 5, 2022
/PRNewswire/ -- Sunlands Technology Group (NYSE: STG) ("Sunlands"
or the "Company"), a leader in China's online post-secondary and professional
education, today announced that that on May
4, 2022, the Securities and Exchange Commission (the "SEC")
provisionally listed the Company as a "Commission-Identified
Issuer" under the Holding Foreign Companies Accountable Act of
the United States (the
"HFCAA").
This identification was expected by the Company as a routine
application procedure following the Company's filing of its annual
report on Form 20-F for the fiscal year ended December 31, 2021 on April
27, 2022. This identification indicates that
the SEC has determined the Company used an auditor whose
working paper cannot be inspected or investigated completely by
the Public Company Accounting Oversight Board of the
United States (the "PCAOB") to issue the audit opinion for the
Company's financial statements for the fiscal year
ended December 31, 2021. The HFCAA requires the SEC to
prohibit the securities of a "Commission-Identified Issuer" from
being traded on any of the U.S. securities exchanges if the auditor
of the covered issuer's financial statements is not subject to
inspection by the PCAOB for three consecutive years, beginning in
2021.
Sunlands will continue to monitor developments and has been
proactively exploring available options to protect the interest of
its shareholders. Sunlands will continue to comply with applicable
laws and regulations in both China
and the United States, and strive
to maintain its listing status on the New York Stock Exchange.
About Sunlands
Sunlands Technology Group (NYSE: STG) ("Sunlands" or the
"Company"), formerly known as Sunlands Online Education Group, is
the leader in China's online
post-secondary and professional education. With a one to many, live
streaming platform, Sunlands offers various degree and
diploma-oriented post-secondary courses as well as online
professional courses and educational content, to help students
prepare for professional certification exams and attain
professional skills. Students can access its services either
through PC or mobile applications. The Company's online platform
cultivates a personalized, interactive learning environment by
featuring a virtual learning community and a vast library of
educational content offerings that adapt to the learning habits of
its students. Sunlands offers a unique approach to education
research and development that organizes subject content into
Learning Outcome Trees, the Company's proprietary knowledge
management system. Sunlands has a deep understanding of the
educational needs of its prospective students and offers solutions
that help them achieve their goals.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and 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," "confident" and similar statements. Sunlands may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about Sunlands'
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: Sunlands' goals and strategies; its expectations
regarding demand for and market acceptance of its brand and
services; its ability to retain and increase student enrollments;
its ability to offer new courses and educational content; its
ability to improve teaching quality and students' learning results;
its ability to improve sales and marketing efficiency and
effectiveness; its ability to engage, train and retain new faculty
members; its future business development, results of operations and
financial condition; its ability to maintain and improve technology
infrastructure necessary to operate its business; competition in
the online education industry in China; relevant government policies and
regulations relating to Sunlands' corporate structure, business and
industry; and general economic and business condition in
China Further information
regarding these and other risks, uncertainties or factors is
included in the Sunlands' filings with the U.S. Securities and
Exchange Commission. All information provided in this press release
is current as of the date of the press release, and Sunlands does
not undertake any obligation to update such information, except as
required under applicable law.
For further information, please contact:
Sunlands Technology Group
Investor Relations
Email: sl-ir@sunlands.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: sunlands@tpg-ir.com
Yang Song
Tel: +86-10-6508-0677
Email: sunlands@tpg-ir.com
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SOURCE Sunlands Technology Group