Meten EdtechX Remains Strong Growth of its “BiGao” Exam Preparatory Product
SHENZHEN, China, Dec. 23, 2020 (GLOBE NEWSWIRE) -- 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 the latest business development of its exam preparatory product segments, demonstrating that the performance of the “BiGao” exam preparatory product (“BiGao”) for middle school students has exhibited strong growth since launch in July 2019. Meanwhile, with the launch of the “YunFan”, the exam preparatory product (“YunFan”) for college students, in December 2020, the competitiveness of Meten EdtechX in the market of exam preparatory products in China has been further strengthened.
With the core goal of improving students’ exam performance, “BiGao” provides a comprehensive VIP learning program for mid-to-high net worth families in China, covering various subjects, including English and mathematics ranging from the junior high school to the college entrance examination. Relying on the improving results from exam scores and good experiences, the cumulative gross billing generated from “BiGao” for the five months ended November 30, 2020 has been approximately RMB20 million, and has increased significantly by more than 360% compared to the same periods last year. It is worth noting that a significant number of the Company’s students from both online and offline ELT business segments are customers of “BiGao”, which enables “BiGao” to expand its customer base efficiently.
“YunFan” exam preparatory product was officially launched on December 22, 2020. Unlike “BiGao”, “Yunfan” is an exam preparatory product mainly designed to assist college students with their exam preparation, including high-level exams such as national English levels 4 and 6 and postgraduate entrance exams. The launch of “YunFan” enables the Company to expand its domestic exam preparatory product segments to different age groups and complete the close-loop of its business from ELT and domestic exam preparatory services in China to overseas exam preparation, which can effectively improve the conversion rate of the students of Meten EdtechX among different product lines and the user stickiness of the Company.
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 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 “Meten” brand; 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.
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