Meten EdtechX Reports a 238% Increase in Gross Billing and a 192% Increase in Students Enrollment of its Junior ELT Business for January 2021
Meten EdtechX Education Group Ltd. (Nasdaq: METX) reported significant growth in its junior English language training (ELT) segment for January 2021, with gross billing and student enrollment increasing by 238% and 192%, respectively, compared to the previous year. The company's extensive network of over 100 learning centers provides a competitive advantage. Meten aims to strengthen its research and development and capitalize on market opportunities as smaller competitors struggle post-COVID-19.
- 238% increase in gross billing for January 2021 compared to last year.
- 192% rise in student enrollment for the same period.
- Strong geographical coverage with over 100 learning centers.
- Improved customer acquisition costs due to higher renewal and referral rates.
- None.
SHENZHEN, China, Feb. 26, 2021 (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 reported that the gross billing and student enrollment of its junior ELT business increased by
The Company’s junior ELT business enjoys the competitive advantage in geographical coverage brought by the Company’s nationwide network of more than 100 existing learning centers. The Company values the teaching quality, the growth experience of outstanding students, and the integration of online and offline high-quality learning resources, striving to provide students with effective and fruitful learning products and a shortcut to becoming talents. Quality teaching and good brand reputation has led to increases in renewal and referral rates, which helped lower the Company’s customer acquisition cost.
Looking forward, the Company will continue to strengthen its R&D capabilities and optimize its business structure. The Company believes the Junior ELT market will maintain growth momentum. The Company will be more well-positioned as the economy of China continues recovering from the COVID-19 epidemic. The Company expects to gain market share from those small and medium-sized institutions that did not survive the epidemic.
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 a 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 brands; 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.
For investor and media inquiries, please contact:
Ascent Investor Relations LLC
Tina Xiao
+1 917-609-0333
tina.xiao@ascent-ir.com
FAQ
What were the growth figures for Meten EdtechX in January 2021?
How many learning centers does Meten EdtechX have?
What is Meten EdtechX's strategy moving forward?
What competitive advantage does Meten EdtechX have?
How does Meten EdtechX plan to respond to post-COVID-19 market conditions?
