BEIJING, Jan. 31, 2020 /PRNewswire/ -- GSX Techedu
Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12
large-class after-school tutoring service provider in China, today announced that it has recently
closed the purchase of several plots of commercial real estate in
the Economics Development Area of Zhengzhou, Henan
Province, for a total consideration of RMB333.8 million. GSX has made the first installment payment
of RMB69 million, and expect to
complete the payment of the remaining installments within the next
3 years. Such commercial real estate includes two completed office buildings and one
office building in construction. GSX plans to use these premises
for business operating functions. They expect to begin business operations in
these office buildings in the second half of 2020.
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. GSX may also make
written or oral forward-looking statements in its reports filed
with, 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. Further information
regarding these and other risks is included in the Company's
reports filed with, or furnished to the U.S. Securities and
Exchange Commission. All information provided in this press release
and in the attachments is as of the date of this press release, and
GSX undertakes no duty to update such information or any
forward-looking statement, except as required under applicable
law.
About GSX
GSX is a technology-driven education company and leading online
K-12 large-class after-school tutoring service provider
in China. GSX offers K-12 courses covering all primary and
secondary grades as well as foreign language, professional and
interest courses. GSX adopts an online live large-class format to
deliver its courses, which the Company believes is the most
effective and scalable model to disseminate scarce high-quality
teaching resources to aspiring students in China. Big data
analytics permeates each aspect of the Company's business and
facilitates the application of the latest technology to improve
teaching delivery, student learning experience, and operational
efficiency.
For further information, please contact:
GSX Techedu Inc.
Ms. Sandy Qin, CFA
E-mail: ir@baijiahulian.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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SOURCE GSX Techedu Inc.