Meten EdtechX Invests RMB20 Million in Course Development of Dual-teacher Classroom Learning and Maintains Strong Growth of J...
February 05 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 invested RMB20 million in course
development of “dual-teacher classroom” learning and that its
junior ELT services maintain strong growth. The gross billing of
its junior ELT services increased by 200% in January 2021 compared
to the same period last year.
As a well-known leading omnichannel ELT service
provider in China, in recent years, the Company has developed its
business strategies with a focus on fast-growing business areas,
such as junior ELT services. The Company’s junior ELT services
includes ABC junior ELT (an independent brand of Meten EdtechX),
Meten junior ELT and BiGao (junior and high school exam
products).
In introducing its “dual-teacher classroom” for
ABC junior ELT services, the Company carefully selected the course
content and electronic teaching aids, conducted trainings for
foreign teachers, guided them through the qualification
certification process, installed hardware equipment in the
classrooms, and adopted standardized course materials and
curriculums, among others, which represented an investment by the
Company of approximately RMB20 million over the past six months.
The dual-teacher classroom adopts an innovative approach to
teaching, where foreign teachers live stream courses with the help
of advanced Internet technology. During the COVID-19 pandemic, the
Company set up live stream courses taught by foreign teachers for
16 learning centers in Beijing. This successfully addressed
the challenge that, due to the pandemic, there was a lack of
foreign teachers with good teaching skills in China. This approach
also improved the students’ learning experience and reduced the
Company’s operating costs.
In addition, the Company has seen significant
growth in the renewal and referral rates of its existing students,
fully demonstrating the value of the Company’s junior ELT services
– high quality education, recognized brand name, and reputation.
This also helped lower the Company’s costs of acquiring customers.
At the same time, in addition to its original ELT business, the
Company continues to move forward with its expansion plan in the
K12 field. In January 2020, the gross billing of the junior ELT
services reached RMB5.9 million, and the gross billing in January
2021 is expected to increase to RMB12.5 million (this estimate is
subject to the potential adverse impact of the pandemic), fully
demonstrating the growth potential of junior ELT services.
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 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). 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 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
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