Meten EdtechX to expand language training offering through investment in Senmiao Education
September 24 2020 - 9:00AM
Meten EdtechX Education Group Ltd. (NASDAQ: METX) (“Meten EdtechX”
or the “Company”), a leading English language training (“ELT”)
service provider in China, today announces that it has entered
non-binding negotiations with Beijing-based Senmiao Maoyi
International Information Technology Co., Ltd. ("Senmiao
Education") for a potential investment in the company.
Adding Italian language training to its offering
will mark another milestone in Meten EdtechX's growth strategy,
building on the success of the Company’s launch of Japanese
language training at the start of 2020.
Founded in 2005, Senmiao Education is China's
largest European language training institution abroad and one of
the largest European education agencies in China. It has six
campuses (Beijing, Shanghai, Guangzhou, Chongqing, Zhengzhou, and
Wuhan) and one teaching site (Nanjing) in China, along with four
campuses in Italy, making it the only Chinese language school with
a campus in Italy. Senmiao Education is the first Italian training
institution to offer live online courses in China. At present,
Senmiao Education has the largest market share in China and is one
of the four major Italian language examination centers authorised
by the Italian government to offer CEDILS certification.
Since Meten EdtechX’s listing on Nasdaq in the
United States on March 31, 2020, the Company has continued to
pursue sustainable corporate development, supported by its
international shareholder base. The Company demonstrated its
resilience during the COVID-19 pandemic and continued to diversify
its business. Following the launch of Meten EdtechX’s Japanese
language training in March 2020, this business line achieved
monthly sales in excess of RMB 500,000 in month. The success of
this launch demonstrates the effectiveness of the Company’s
omnichannel business model, which has allowed Meten EdtechX to
extend its online offering and leverage cross-selling opportunities
to diversify its language training offering.
The purpose of joining forces with Senmiao
Education is to complement the services of both companies by
targeting the minority language market within the national college
entrance exam space and taking the lead in entering the minority
language education field on a large scale, thereby gaining
first-mover advantage. As a leading company within China’s language
education sector, Meten EdtechX has consistently provided high
quality services to its customers, allowing the Company to deliver
shareholder value.
Looking ahead, Meten EdtechX intends to continue
investing in its product development, to further expand within the
English training market, proactively deploy resources in the
minority language education field, and strengthen its leading
position in the industry.
For investor and media
enquiries, please contact:
Meten
EdtechXStanley Yang +86
1851-8513-075stanley_yts@meten.com
Ascent Investor Relations LLCTina
Xiao+1 917-609-0333 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.
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