Meten EdtechX Education Group Ltd. Provides Update of its K-12 Educational Services
October 15 2020 - 8:30AM
Meten EdtechX Education Group Ltd. (Nasdaq: METX) (“Meten EdtechX”
or the “Company”), a leading English language training (“ELT”)
service provider in China, today provided update of its K-12
educational services, which were launched in July 2019 and recorded
RMB 10 million of revenue in June 2020.
Since July 2020, the average monthly revenue of
Bingo, one of the Company’s language training services brand for
middle and high school students, has exceeded RMB 4 million. Within
three months, Bingo had achieved RMB 13 million in revenue, which
represented a year-on-year growth of 544% and an average monthly
compound growth rate of 65%. In addition, the number of Bingo’s
student enrollment exceeded 600 and the number of sales terminals
had soared from 12 to 60 per month. These achievements verified the
potential of the high-end training market (customer unit price
above RMB 20,000), and reflected the Company’s ability to acquire
customers as a high-end brand of a national chain.
The Company mainly focuses on teaching quality.
Beginning in July 2020, the development department of the Company's
product center has conducted a nationwide sampling of the quality
of Bingo training services. Through the analyses of more than
10,000 teaching records stored in the Company’s teaching management
system, iManager, the senior teaching managers who have more than
10 years of teaching experience conducted a comprehensive
comparison of the teachers’ teaching process, post-teaching
academic feedback, student ratings and tutoring records. This
exercise covered all of the students and teachers of the program
and achieved excellent results with a refund rate of less than
2%.
Through Bingo, the Company intended to back to
its customers. In the past ten years of operation, Meten EdtechX
has accumulated more than 100,000 high-end and high-quality adult
customers, who are willing to recommend the Company’s high-end
services to their children or the children of their friends.
Therefore, the Company launched "40% off card recommended by
relatives and friends", "Free learning for young students", "RMB
5,000 gift package for students" and other large-scale customer
feedback activities. Meten EdtechX received enthusiastic responses
from its customers, which helped the Company realize a rapid
business growth.
After the successful launch of Bingo, Meten
EdtechX will first further improve the quality of teaching, so that
each student is able to obtain a satisfactory result. At the same
time, the Company will actively explore new customer acquisition
models, and through the trials in short video networks, targeted
searches, LBS search recommendations, launch small-scale trial
operations of math projects.
For investor and media enquiries, please
contact:
Meten EdtechXStanley
Yang+86 1851-8513-075stanley_yts@meten.com
Ascent Investor Relations LLCTina Xiao+1
917-609-0333tina.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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