HANGZHOU, China, May 5, 2022
/PRNewswire/ -- Youdao, Inc. ("Youdao" or the "Company") (NYSE: DAO), a
leading technology-focused intelligent learning company in
China, today provides an update on
its status under the Holding Foreign Companies Accountable Act (the
"HFCAA").
On May 4, 2022, the U.S.
Securities and Exchange Commission (the "SEC") provisionally named
the Company as a Commission-Identified Issuer after the Company
filed its annual report on Form 20-F for the fiscal year ended
December 31, 2021 with the SEC on
April 28, 2022, which included an
audit report issued by a public accounting firm that the Public
Company Accounting Oversight Board (the "PCAOB") has determined
that it is unable to inspect or investigate completely. The Company
has previously disclosed that its auditor, the independent
registered public accounting firm that issued the audit report
included in its annual report filed with the SEC, is currently not
inspected by the PCAOB, hence the identification by the PCAOB was
expected.
In accordance with the HFCAA, if the SEC determines that a
company has filed audit reports issued by a registered public
accounting firm that cannot be inspected or investigated completely
by the PCAOB for three consecutive years beginning in 2021, the SEC
shall prohibit its shares or American depositary shares (the
"ADSs") from being traded on a national securities exchange or in
the over-the-counter trading market in the United States. In addition, legislation is
being considered in the United
States to shorten the number of non-inspection years from
three years to two.
The Company's ADSs, each of which represents one Class A
ordinary share, continue to trade uninterrupted on the New York
Stock Exchange.
The Company will continue to monitor market developments and
evaluate all strategic options, with the appropriate counsel and
guidance. The Company also notes
that this update has no impact on its business operations.
About Youdao, Inc.
Youdao, Inc. (NYSE: DAO) is a leading technology-focused intelligent learning
company in China dedicated to
developing and using technologies to provide learning content,
applications and solutions to users of all ages. Building on the
popularity of its online knowledge tools such as Youdao Dictionary
and Youdao Translation, Youdao now offers smart devices, STEAM
courses, adult and vocational courses, and education digitalization
solutions. In addition, Youdao has developed a variety of
interactive learning apps. Youdao was founded in 2006 as part of
NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), a leading internet
technology company in China.
For more information, please visit: http://ir.youdao.com.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. The Company 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
reports 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 the Company's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding such risks, uncertainties or factors is
included in the Company's filings with the SEC. All information
provided in this press release is as of the date of this press
release, and the Company does not undertake any duty to update such
information, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Jeffrey Wang
Youdao, Inc.
Tel: +86-10-8255-8163 ext. 89980
E-mail: IR@rd.netease.com
The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: youdao@thepiacentegroup.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: youdao@thepiacentegroup.com
View original
content:https://www.prnewswire.com/news-releases/youdao-provides-update-on-status-under-holding-foreign-companies-accountable-act-301540838.html
SOURCE Youdao, Inc.