Meten EdtechX Education Group Ltd. Maintains Strong Performance of its Junior English ELT Business After The COVID-19 Pandemic

Rhea-AI Summary

Meten EdtechX Education Group (NASDAQ: METX) reported robust performance in its Junior English Language Training (ELT) segment post-COVID-19. In September 2020, gross billings recovered to 87.2%, with a further 48.6% increase in October 2020 year-over-year. Renewals and referrals represented 54% of gross billings. The company's comprehensive ELT curriculum targets children aged 3-18 with original ESL materials and high-quality teaching resources, enhancing overall English competency for Chinese students amidst globalization.

Positive

• Junior ELT gross billings recovered to 87.2% in September 2020.
• October 2020 gross billings increased by 48.6% year-over-year.
• Renewal and referral income accounted for 54% of gross billings.

Negative

• None.

SHENZHEN, China, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Meten EdtechX Education Group Ltd. (NASDAQ: METX) (“Meten EdtechX” or the “Company”), a leading English language training (“ELT”) service provider in China, today announced that it maintains strong performance of its junior English ELT (“Junior ELT”) business after the COVID-19 pandemic in China .

As one of the important business segments of the Company, Junior ELT has maintained strong performance after recovering from the COVID-19 pandemic. The gross billings of Junior ELT have recovered approximately 87.2% in September 2020 and increased approximately 48.6% in October 2020 compared to the same periods last year, respectively. The gross billings achieved in a single month is also improving steadily month by month, with a month-on-month increase of approximately 6.4% in October 2020. It is worth noting that the renewal and referral income from existing students accounted for approximately 54% of the gross billings.

The outstanding performance of the Junior ELT after the COVID-19 pandemic was a result of the deliciated management:

Comprehensive Curriculum Product Designing

Junior ELT is committed to providing high-quality ELT services to children and teenagers from three to 18 years of age in China. Junior ELT’s service comprehensively covers all stages of English language learning, including interest cultivation in the enlightenment stage of English learning, the close-loop learning of input to output in systematic English learning, and improvement of concentration and test scores, all of which make Junior ELT the first choice for an increasing number of urban elite families.

Use Original “English as a second language” (“ESL”) Textbooks

In the selection of teaching materials, Junior ELT insists on choosing various original English learning materials from top international education publisher as the main source of course materials. Junior ELT also works to make every student enjoy the edification of pure English way of thinking and learn English more efficiently.

Integrate High-quality Chinese and Foreign Teaching Resources

The Company’s Chinese and foreign teaching resources are in the leading position of the industry. The foreign teachers are from English-speaking countries, while the Chinese teachers are all graduates of domestic normal colleges with substantial teaching experience, and most of them hold both the Teaching Knowledge Test (TKT) certificate and the Certificate in English Language Teaching to Adults (CELTA) certificate.

Superior Before and After Class Services

For students of different ages, the Company provides corresponding after-school consolidation services. The "Junior ELT" APP is suitable for students from three to nine years old to read words and sentences after class. The MTS online practice system is suitable for students aged ten to eighteen for the needs of offline class and online review in midweek, and students can have summaries of wrong questions after practicing online. After-class teaching weekly report, online Q&A and other services are also essential for students to achieve good learning results.

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.

For investor and media enquiries, please contact:

Meten EdtechX

Wendy Wang
+86 136-5142-6060
wendy_wsr@meten.com

Ascent Investor Relations LLC
Tina Xiao
+1 917-609-0333
tina.xiao@ascent-ir.com

FAQ

What was Meten EdtechX's gross billings recovery rate in September 2020?

Meten EdtechX reported a gross billings recovery rate of 87.2% in September 2020.

How much did Meten EdtechX's gross billings increase in October 2020?

In October 2020, Meten EdtechX's gross billings increased by approximately 48.6% compared to the same period last year.

What percentage of Meten EdtechX's gross billings came from renewals and referrals?

Renewal and referral income from existing students accounted for approximately 54% of Meten EdtechX's gross billings.

What age group does Meten EdtechX's Junior ELT serve?

Meten EdtechX's Junior ELT provides services to children and teenagers aged 3 to 18.

What types of resources does Meten EdtechX use for its ELT curriculum?

Meten EdtechX utilizes original ESL textbooks from top international publishers and integrates high-quality teaching resources.