Meten EdtechX Strives to Explore Corporate Training Market and Increase Market Presence

Rhea-AI Summary

Meten EdtechX Education Group Ltd. (Nasdaq: METX) reported a significant growth in its corporate training segment, with gross billing rising by 107% from January to July 2021 compared to the previous year. The number of corporate employees served increased by 53%, serving 4,000 individuals. Additionally, 60% more enterprise customers were engaged, achieving a 90% customer renewal rate and over 95% satisfaction rate. The company aims to leverage its strong brand and expertise in the evolving market for corporate training amid changes in education regulations in China.

Positive

• Gross billing of corporate training increased by 107% from January to July 2021.
• Number of corporate employees served rose by 53%, reaching 4,000.
• Enterprise customers increased by 60%.
• Customer renewal rate reached 90% and satisfaction exceeded 95%.
• The company targets leading firms in sectors like logistics, finance, and healthcare.

Negative

• None.

SHENZHEN, China, Aug. 31, 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 Company is striving to explore corporate training market and increase its market presence.

From January to July of 2021, the Company's gross billing of corporate training business increased by 107% compared with the same period last year. Compared with the same period last year, the number of corporate employees served has reached 4,000, an increase of 53% ,and the number of enterprise customers served increased by 60%. The customer renewal rate reached 90% and customer and student satisfaction rate was over 95%.

The Company's corporate training program provides a one-stop English training solution for corporate clients, including some of China's top 500 companies, well-known Sino-foreign joint ventures, and State agencies. The main industries represented by the clients are logistics, aviation, finance, and healthcare. The Company has made significant progress in acquiring corporate clients, particularly well-known corporate clients across China, such as PetroChina Company Limited, China Petroleum & Chemical Corporation, State Intellectual Property Office, Great Wall Motors, Shenzhen Stock Exchange, Light Beam Motors, and Industrial and Commercial Bank of China.

As globalization continues to evolve, an increasing number of companies have set to cultivate interdisciplinary talents with English and professional skills to improve their employees' all-round English skills in listening, speaking, reading, and writing, thereby broadening their minds to other cultures, improving cross-cultural communication skills, and enhancing professionalism.

In the past 15 years, Likeshuo has been tested by the market and has developed a stong brand reputation and acquired a deep knowledge of the industry. Following the recent changes in the PRC laws and regulations on private K-12 education, the Company is dedicated to adopting a blue ocean strategy in corporate training in order to create new demand and further differentiate itself in this competitive market.

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

View original content:https://www.prnewswire.com/news-releases/meten-edtechx-strives-to-explore-corporate-training-market-and-increase-market-presence-301365793.html

SOURCE Meten EdtechX Education Group Ltd.

FAQ

What is the recent growth in Meten EdtechX's corporate training business?

Meten EdtechX reported a 107% increase in gross billing for corporate training from January to July 2021 compared to the previous year.

How many corporate clients does Meten EdtechX serve?

The company served 4,000 corporate employees and increased its enterprise customers by 60%.

What industries are represented among Meten EdtechX's corporate clients?

Clients span industries including logistics, aviation, finance, and healthcare.

What is the customer satisfaction rate for Meten EdtechX?

The customer renewal rate reached 90%, with satisfaction rates over 95%.

What strategy is Meten EdtechX adopting in response to regulatory changes?

The company is implementing a blue ocean strategy in corporate training to differentiate itself in a competitive market.