Meten Holding Group Ltd. Launches the Trial of Metaverse Vocational Education Courses

Rhea-AI Summary

Meten Holding Group Ltd. (NASDAQ: METX) has launched trial vocational education courses in the Metaverse, initiated in December 2021, aimed at training individuals in areas like video post-production and game rendering. The Company reported gross billings of RMB1.0 million (approximately $0.16 million) during the trial in Shenzhen. With plans to officially launch the courses across all campuses in January 2022, Meten expects to train at least 3,000 design professionals and generate gross billings of RMB60.0 million (approximately $9.48 million) for 2022.

Positive

• Gross billings of RMB1.0 million (approximately $0.16 million) generated during the trial.
• Plans to train at least 3,000 professionals in visual design by the end of 2022.
• Expected gross billings of RMB60.0 million (approximately $9.48 million) in 2022.
• Strategic partnerships with well-known enterprises provide job opportunities for graduates.

Negative

• None.

SHENZHEN, China, Jan. 26, 2022 /PRNewswire/ -- Meten Holding Group Ltd. ("Meten Holding Group" or the "Company") (NASDAQ: METX), one of the leading omnichannel English language training ("ELT") service providers in China, today announced the Company has launched the trial of its Metaverse vocational education courses (the "Courses") in December 2021.

The Courses cover various subjects such as video post-production, game rendering, architectural visualization, and interior design. The Company provides the Courses for individuals who recently graduated from school with no knowledge about visual designing but wish to start their career in the industry of visual designing, as well as for professionals who need specific advanced training.

The Courses are designed to meet the learning needs of students with different qualifications. In order to cultivate more visual professional design talents, the Company intends to recruit a team of teachers with extensive teaching experience who will teach students according to their individual abilities and grades. The Company also provides job opportunities for students through its strategic talent cooperation with well-known enterprises in tier one cities in China, such as Beijing, Shanghai, Guangzhou, and Shenzhen. Students are allowed to sign employment agreements upon admission to the Courses and have the opportunities to work at well-known enterprises after graduation, which helps students to achieve broad career development goals.

In December 2021, the Company ran a one-month-trial of the Courses in Shenzhen and achieved gross billings of RMB1.0 million (approximately $0.16 million). In January 2022, the Company expanded the Courses to all of its campuses. The Company has finished relevant staff trainings, and it is preparing to officially launch the Courses.

Alan Peng, Chief Executive Officer of Meten Holding Group commented, "We are thrilled about launching the Courses, through which we hope to address the issue of talent shortage in Metaverse and blockchain industry, especially the shortage of Metaverse infrastructure staff, which was an issue we identified in the process of promoting the business. Launching the Courses allows us to utilize our resources, knowledge and experience to cultivate talents for the Metaverse and blockchain track and make our contribution to Metaverse vocational education. The Company expects to train at least 3,000 visual design professionals and to generate gross billings of RMB60.0 million (approximately $9.48 million) in 2022. We are looking forward to working with our school-enterprise partners to jointly build the future of the Metaverse education industry."

About Meten Holding Group Ltd.

Meten Holding Group Ltd., formerly known as Meten EdtechX Education Group Ltd., is one of the leading omnichannel ELT service providers in China, delivering English language and skills training for Chinese students and professionals. In addition to strengthening its position in the ELT service industry in China, Meten actively explores the blockchain and cryptocurrency mining business outside of China, with a long-term goal of creating value across the cryptocurrency industry. Meten expects to engage in businesses related to blockchain and metaverse in North America and other countries and areas around the world (not including China), including cryptocurrency mining, mining farm construction, and mining pool and data center operation.

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 future development of and the Company's ability to succeed in its new line of business in cryptocurrency and blockchain industry; the continuing impact of the COVID-19 pandemic and the emergence of new variants; 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. 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 Holding Group Ltd.

FAQ

What new vocational courses has Meten Holding Group launched?

Meten Holding Group has launched vocational education courses focused on visual design, covering subjects like video post-production and game rendering.

What revenue did Meten Holding Group generate during the trial of its courses?

The Company reported gross billings of RMB1.0 million (approximately $0.16 million) during the trial phase in December 2021.

How many professionals does Meten Holding Group aim to train in 2022?

Meten expects to train at least 3,000 visual design professionals in 2022.

What are Meten Holding Group's revenue projections for 2022?

The Company anticipates gross billings of RMB60.0 million (approximately $9.48 million) for the year 2022.