Skillful Craftsman Provides Update on Chinese Central Authorities’ Issued Opinions on Promoting the High-quality Development of Modern Vocational Education

Rhea-AI Summary

Skillful Craftsman Education Technology Ltd. (NASDAQ: EDTK) noted the release of the Opinions on Promoting the High-quality Development of Modern Vocational Education by China's government on October 12, 2021. The Opinions aim to enhance vocational education by 2025, prioritizing emerging industries such as advanced manufacturing and AI. Skillful Craftsman's Chairman expressed alignment with these goals and emphasized the company's commitment to improving online vocational education and infrastructure cooperation with various institutions.

Positive

• Alignment with government policies promoting vocational education.
• Strategic focus on emerging industries with high market demand.
• Collaboration with universities to enhance online vocational education.

Negative

• None.

WUXI, China, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Skillful Craftsman Education Technology Ltd. (“the Company” or “Skillful Craftsman”) (NASDAQ: EDTK), an education technology company focusing on providing online vocational education services since its inception in 2013, noted that, on October 12, 2021, The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued Opinions on Promoting the High-quality Development of Modern Vocational Education (the “Opinions”).

The Opinions contains a set of guidelines on promoting the high-quality development of modern vocational education. According to the Opinions, (i) a main objective is to establish the modern vocational-education system in China by 2025, and by 2035, China's vocational education will be among the best in the world and a skilled society will be basically established; (ii) priority should be given to training talent for emerging industries, including advanced manufacturing, renewable energy, modern information technology and artificial intelligence, encouraging vocational schools to set up majors that meet market demand; (iii) vocational institutions should step up cooperation with enterprises to serve technological upgrading and product research in medium, small and micro businesses; and (iv) encourage vocational schools to improve the quality of teachers, innovate teaching models and promote overseas cooperation.

Mr. Xiaofeng Gao, Chairman and Co-Chief Executive Officer of Skillful Craftsman, commented, “Vocational education is an important part of the national education system and human resources development and has a bright future and promising prospects as it shoulders the important responsibility of cultivating diverse talents, passing on technical skills, and promoting employment and entrepreneurship. The Opinions encourages public-listed companies and industry leading enterprises to participate in investment in vocational education and support vocational schools to cooperate with social capital to build the infrastructure and practical training facilities for vocational education. As a key player in China’s vocational education industry, our growth strategy aligns with the Opinions. We are currently working with several universities and vocational colleges to build online education infrastructure and provide more curriculums and we will strive to promote the high-quality development of China’s modern vocational education.”

About Skillful Craftsman

Skillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experimental training courses. The Company began operations in Wuxi, China in 2013 and is a key supporter for China education reform and development for labor employment. For more information, please visit: http://ir.kingwayup.com/.

Safe Harbor Statement

This report contains “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that represent our beliefs, projections and predictions about future events. All statements other than statements of historical fact are “forward-looking statements,” including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management’s beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar expressions, as well as statements in the future tense, identify forward-looking statements.

Forward-looking statements are based on information available at the time those statements are made and management’s belief as of that time with respect to future events. These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Such risks, uncertainties, and other factors include, but are not limited to, our ability to improve launch and leverage new technologies and cooperative relationships or anticipate market demand in a timely or cost-effective manner, and those factors discussed under the headings “Risk Factors”, “Operating and Financial Review and Prospects,” and elsewhere in our Annual Report on Form 20-F. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.

For investor and media enquiries, please contact:

Skillful Craftsman

Investor Relations Department

Email: iredtk@kingwayedu.cn  

Ascent Investor Relations LLC

Tina Xiao

Tel: +1 917-609-0333

Email: tina.xiao@ascent-ir.com

FAQ

What are Skillful Craftsman's plans following the new vocational education guidelines?

Skillful Craftsman plans to enhance online vocational education and infrastructure by collaborating with universities and vocational colleges.

When were the new vocational education guidelines issued by the Chinese government?

The new guidelines were issued on October 12, 2021.

How does the new vocational education policy affect EDTK's business?

The new policy offers growth opportunities for EDTK by fostering cooperation with enterprises and focusing on emerging industries.

What industries does the Chinese government prioritize in vocational education?

The government prioritizes advanced manufacturing, renewable energy, modern information technology, and artificial intelligence.