Business Update on Likeshuo, the Online Platform Operated by Meten EdtechX
July 24 2020 - 8:00AM
Meten EdtechX Education Group Ltd. (Nasdaq: METX) (“Meten EdtechX”
or the “Company”), a leading English language training (“ELT”)
service provider in China, provided a business update on its online
platform Likeshuo today.
Likeshuo, an English learning platform incubated
by Meten EdtechX, integrates online and offline business model and
provides a gateway for expanding the scope of online training
materials in response to evolving market demands.
With a long track record of professional
language training, Likeshuo takes advantages of internet, overcomes
constraints of time and location in English learning and provides a
24hr x365day non-stop live online ELT services.
As an Online Multi-language Provider,
Likeshuo Achieves Robust Growth Amid COVID-19 Epidemic
Meten EdtechX established a subsidiary in
cooperation with a leading Japanese education brand in China and
commenced Jtalk, an online Japanese teaching service in January
2020 and March 2020 respectively. Currently, Jtalk has served more
than 160 corporate customers, including Toyota Motor, YAMAHA,
Teleperformance and AEON. It is expected that Jtalk's revenue will
exceed RMB1 million in July 2020. In addition, Likeshuo is
tentatively scheduled to launch its online French and Korean
language training courses in September 2020. The Company is also
considering a potential investment in and business cooperation with
an Italian language training institution in China in an effort to
integrate more domestic multilingual foreign language teaching
resources.
In response to the COVID-19 epidemic, the
Company utilizes its Likeshuo online platform to meet the learning
needs of its students. During such a period, Likeshuo achieved
significant online business development, a steady increase in the
number of student enrollment by expanding into further into third-
and fourth-tier cities in China.
Enhancing User Experience and Advancing Our technology
via Leveraging Big Data and Artificial Intelligence
Technologies
Mr. Alan Peng, Chief Executive Officer of Meten
EdtechX commented: “Likeshuo will continue to solidify the leading
position in the online market, by providing an integrated channel
via cloud-based analytics, and develop mobile applications and
WeChat interface for online education services. We also leverage
our offline channel to enhance our students sense of belonging
towards the leaning community. Costs spending in obtain new
customers will also be minimized due to high conversion rate from
our developing proprietary technologies in data analytics and
artificial intelligence. As a result, our sales-to-expense ratio of
online ELT business is significantly lower than most of our peers.
To become the bell-weather of the industry, we will continue to
innovate and diversify our language offerings, explore strategic
investment on a global bases and acquisition opportunities.”
For investor and media enquiries, please
contact:
Meten EdtechX Stanley Yang Tel: +86
1851-8513-075 Email: stanley_yts@meten.com
Ascent Investor Relations LLC Tina Xiao Tel: +1
917-609-0333 Email: tina.xiao@ascent-ir.com
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 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 about Meten EdtechX, please
visit: https://investor.metenedu-edtechx.com/.
Safe Harbor Statement
This announcement contains forward-looking
statements. 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.
Among other things, the Company’s estimation on cash flow, plan for
multi-language training services, assessment on the impact of the
COVID-19 pandemic and the quotations from management in this
announcement, contain forward-looking statements. The Company may
also make written or oral forward-looking statements in its reports
filed or furnished to the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company’s beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. 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 pandemic, 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 “Meten”
brand; 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.
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