Meten EdtechX Reports a 247.8% Increase in Gross Billing and a 163.9% Increase in Students Enrollment of its Junior ELT Business in May 2021

Rhea-AI Summary

Meten EdtechX Education Group Ltd. (Nasdaq: METX) reported significant growth in its junior English language training (ELT) business. In May 2021, gross billing surged by 247.8% and student enrollment increased by 163.9% year-over-year. For the first five months of 2021, gross billing rose by 408.4% compared to 2020, indicating a return to pre-pandemic growth. Renewals and referrals contributed 57.7% to total gross billing, affirming strong market demand. The company plans to expand its junior ELT business amidst favorable policy changes.

Positive

• May 2021 gross billing increased by 247.8% year-over-year.
• Student enrollment rose by 163.9% year-over-year in May 2021.
• First five months of 2021 gross billing increased by 408.4% compared to 2020.
• 57.7% of gross billing in May 2021 came from student renewals and referrals.

Negative

• None.

SHENZHEN, China, June 18, 2021 /PRNewswire/ -- Meten EdtechX Education Group Ltd. (Nasdaq: METX) ("Meten EdtechX" or the "Company"), one of the leading omnichannel English language training ("ELT") service providers in China, today announced that the gross billing and student enrollment of its junior ELT business in May 2021 increased by 247.8% and 163.9% respectively compared to the same period of last year and increased by 92.4% and 65.2% respectively compared to May 2019.

In the first five months of 2021, the gross billing of the Company's junior ELT business increased by 408.4% year over year and increased by 120.4% compared with the same period in 2019. These figures confirm that the Company has returned to its pre-pandemic growth trajectory.

The Company is actively expanding its junior ELT business within its current network of 22 cities and has received positive market feedback. The gross billing from student renewals and referrals accounted for 57.7% of the total gross billing of the Company's junior ELT business in May 2021, demonstrating that the Company's services have been widely appreciated and recognized by students and their parents. Due to recent policy changes, the Company will continue to develop the business of junior quality-oriented education.

About Meten EdtechX

Meten EdtechX is one of the leading ELT service providers in China, delivering English language and 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). The Company offers superior teaching quality and student satisfaction, served 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 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

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SOURCE Meten EdtechX Education Group Ltd.

FAQ

What growth did Meten EdtechX report in May 2021?

Meten EdtechX reported a 247.8% increase in gross billing and a 163.9% increase in student enrollment for May 2021 compared to the same month last year.

How does Meten EdtechX's performance in 2021 compare to 2019?

In the first five months of 2021, Meten EdtechX's gross billing increased by 120.4% compared to the same period in 2019.

What percentage of gross billing is from student renewals in May 2021?

In May 2021, 57.7% of the gross billing came from student renewals and referrals.

What are Meten EdtechX's plans for its junior ELT business?

Meten EdtechX plans to continue expanding its junior ELT business, leveraging recent positive market feedback and policy changes.