BEIJING, April 23, 2021 /PRNewswire/ -- China Online
Education Group ("51Talk," or the "Company") (NYSE: COE), a leading
online education platform in China with core expertise in
English education, announced today that it has entered into a
definitive agreement to acquire 100% equity interest in Beijing
Xiangyue Education Technology Co., Ltd. ("Kaola Reading") a leading
developer and provider of Chinese reading ability assessment
systems and reading training systems in China, by issuing Class A ordinary shares of
the Company through private placement. The Transaction is expected
to close in the first half of 2021 in accordance with customary
closing conditions.
Founded in 2016, Kaola Reading developed a graded Chinese
reading standard, the Enjoy Reading (ER) Framework, in
collaboration with the Machine Learning Laboratory of Peking
University. Kaola Reading uses AI and machine learning
technologies to assess and rate reading skills and make intelligent
learning course recommendations based on each student's unique
reading ability and interest. In May
2017, Kaola Reading launched its award-winning online
Chinese learning app.
"We see clear strategic value in this acquisition," said Mr.
Jack Jiajia Huang, Founder, Chairman
and Chief Executive Officer of 51Talk. "Leveraging Kaola Reading's
expertise in reading assessment, we plan to develop an English
assessment and rating system that allows us to provide more
targeted course offerings to our students, deliver enhanced
learning experiences and outcomes, and add graded reading content
to further diversify our curriculum portfolio. In addition, this
acquisition broadens our course offerings to include Chinese
courses, bringing a holistic learning experience to our students.
We look forward to working closely with the Kaola Reading team
and nurturing these new initiatives for our next phase of
growth."
About China Online Education Group
China Online Education Group (NYSE: COE) is a leading online
education platform in China, with
core expertise in English education. The Company's mission is to
make quality education accessible and affordable. The Company's
online and mobile education platforms enable students across
China to take live interactive
English lessons with overseas foreign teachers, on demand. The
Company connects its students with a large pool of highly qualified
foreign teachers that it assembled using a shared economy approach,
and employs student and teacher feedback and data analytics to
deliver a personalized learning experience to its students.
For more information, please
visit http://ir.51talk.com.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to 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", "aims",
"future", "intends", "plans", "believes", "estimates", "likely to"
and similar statements. Among other things, 51Talk's business
outlook and quotations from management in this announcement, as
well as 51Talk's strategic and operational plans, contain
forward-looking statements. 51Talk may also make written or oral
forward-looking statements in its periodic reports to the
Securities and Exchange Commission ("SEC"), 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. Statements that are not historical facts, including
statements about 51Talk's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. 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: 51Talk's goals and strategies; 51Talk's expectations
regarding demand for and market acceptance of its brand and
platform; 51Talk's ability to retain and increase its student
enrollment; 51Talk's ability to offer new courses; 51Talk's ability
to engage, train and retain new teachers; 51Talk's future business
development, results of operations and financial condition;
51Talk's ability to maintain and improve infrastructure necessary
to operate its education platform; competition in the online
education industry in China; the
expected growth of, and trends in, the markets for 51Talk's course
offerings in China; relevant
government policies and regulations relating to 51Talk's corporate
structure, business and industry; general economic and business
condition in China, the Philippines and elsewhere and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in 51Talk's filings
with the SEC. All information provided in this press release is as
of the date of this press release, and 51Talk does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please contact:
China Online Education Group
Investor Relations
+86 (10) 8342-6262
ir@51talk.com
The Piacente Group, Inc.
Brandi Piacente
+86 (10) 5730-6200
+1-212-481-2050
51talk@tpg-ir.com
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SOURCE China Online Education Group