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OneSmart International Education Group Limited announced plans to change its name to Meta Data Limited and its ticker symbol to AIU. This change is subject to shareholder approval during a meeting scheduled for April 28, 2022. If approved, the effective date for these changes will be April 29, 2022. The company continues to adapt to the Double Reduction Policy in China by shifting its focus to online education and tutoring services for students outside of China, alongside developing smart training systems using advanced technologies.
OneSmart International Education Group Limited (NYSE: ONE) has received a letter from the NYSE citing non-compliance with listing standards due to a total market capitalization of approximately $39.7 million and stockholders' equity of around $22.3 million as of February 7, 2022. The company is required to submit a business plan within 90 days to demonstrate compliance within 18 months. In response, OneSmart is evaluating its options to regain compliance while adjusting its business model following China's Double Reduction Policy affecting tutoring services.
OneSmart International Education Group Limited (NYSE: ONE) announced a change in the ratio of its American depositary shares (ADSs). Effective January 24, 2022, each ADS will represent 1,000 Class A ordinary shares, compared to the previous ratio of 1 ADS for 40 shares. This will result in a one-for-twenty-five reverse ADS split, but there will be no change to the Company's ordinary shares. Shareholders will need to exchange their ADSs through the depositary bank, which will handle fractional shares by aggregating and selling them. The ADS price is expected to increase proportionally, though no assurances can be given.
OneSmart International Education Group Limited (NYSE: ONE) announced on January 10, 2022, that it has received a notice from NYSE Regulation regarding non-compliance with Section 802.01E due to its late filing of the Annual Report on Form 20-F for the fiscal year ending August 31, 2021. The delay was caused by a change in the Company's independent accounting firm. The NYSE will monitor the situation for up to six months. If the filing is not made within this timeframe, delisting procedures may begin. However, the notice does not immediately affect the trading of the Company’s ADSs on the NYSE.
On October 12, 2021, OneSmart International Education Group Limited (NYSE: ONE) announced the suspension of all education programs and learning centers in China due to regulatory challenges facing the private educational sector. This decision reflects the operational difficulties the company has encountered. Additionally, independent directors Liang (Mason) Xu and Yan Gong have resigned from the board, with plans to appoint two new directors soon. The company aims to navigate its future, emphasizing its focus on technology and education despite current challenges.
OneSmart International Education Group Limited (NYSE: ONE) has received a non-compliance letter from the NYSE regarding its American depositary shares (ADSs). This letter, dated August 3, 2021, states that OneSmart's ADSs have been trading below the $1.00 threshold over a consecutive 30-day period, as per NYSE rule 802.01C. To regain compliance, OneSmart must have a closing share price of at least $1.00 by the end of a six-month cure period. The company will monitor the situation and explore its options.
On July 24, 2021, China's state media reported on new regulations affecting after-school tutoring services for students in compulsory education. These regulations require such institutions to register as non-profit, prohibit foreign ownership, and ban capital raising by listed companies for these services. OneSmart expects these changes to adversely impact its operations in this area. The company is committed to compliance and plans to engage with government authorities to navigate these new rules.
OneSmart International Education Group Limited (NYSE: ONE) has announced its 2021 annual general meeting (AGM) to be held on August 30, 2021, at 2 p.m. in Shanghai, China. The AGM will not present any proposals for shareholder approval but will serve as a forum for discussion between shareholders and management. The record date for determining eligible shareholders is set for July 28, 2021. Additionally, the company has filed its annual report on Form 20-F with the SEC, containing audited financial statements for the fiscal year ending August 31, 2020.
OneSmart International Education Group Limited (NYSE: ONE) announced on June 26, 2021, the resignation of Mr. Honggang (Greg) Zuo, the director and CFO, effective June 25, 2021, due to family reasons. Mr. Qiang (Eason) Zhou, vice president of finance since 2008, will assume reporting directly to CEO Steve Zhang. The company plans to appoint a new CFO soon. OneSmart, a premier K-12 education provider in China, operates 457 learning centers nationwide as of February 28, 2021, focusing on premium educational services.
OneSmart International Education Group Limited (NYSE: ONE) reported unaudited financial results for the second fiscal quarter ended February 28, 2021. Total net revenues reached RMB932 million, a 5.2% increase year-over-year, while cash sales surged 44.2% compared to fiscal 2019. The company's premium K-12 education services saw significant growth, particularly in the OneSmart VIP program, which accounted for 78.9% of total revenues. Despite an operating loss of RMB110.4 million, management remains optimistic about future performance, expecting Q3 revenues to reach RMB950 million to RMB1.0 billion.
