Meten EdtechX Reports a 238% Increase in Gross Billing and a 192% Increase in Students Enrollment of its Junior ELT Business ...
February 26 2021 - 8:00AM
Meten EdtechX Education Group Ltd. (Nasdaq: METX)
(“Meten EdtechX” or the “Company”), a leading omnichannel
English language training (“ELT”) service provider in China, today
reported that the gross billing and student enrollment of its
junior ELT business increased by 238% and 192%, respectively, in
January compared to the same period last year.
The Company’s junior ELT business enjoys the
competitive advantage in geographical coverage brought by the
Company’s nationwide network of more than 100 existing learning
centers. The Company values the teaching quality, the growth
experience of outstanding students, and the integration of online
and offline high-quality learning resources, striving to provide
students with effective and fruitful learning products and a
shortcut to becoming talents. Quality teaching and good brand
reputation has led to increases in renewal and referral rates,
which helped lower the Company’s customer acquisition cost.
Looking forward, the Company will continue to
strengthen its R&D capabilities and optimize its business
structure. The Company believes the Junior ELT market will maintain
growth momentum. The Company will be more well-positioned as the
economy of China continues recovering from the COVID-19 epidemic.
The Company expects to gain market share from those small and
medium-sized institutions that did not survive the epidemic.
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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