BEIJING, July 25, 2021 /PRNewswire/ -- TAL Education Group
("TAL" or the "Company") (NYSE: TAL), a leading K-12 after-school
tutoring services provider in China, announced that, on July 24, 2021, China's official state media, including Xinhua
News Agency and China Central Television, announced the Opinions on
Further Alleviating the Burden of Homework and After-School
Tutoring for Students in Compulsory Education (the "Opinion"),
issued by the General Office of the CPC Central Committee and the
General Office of the State Council. The Opinion contains
high-level policy directives about requirements and restrictions
related to after-school tutoring services, including (i)
institutions providing after-school tutoring services on academic
subjects in China's compulsory
education system, or Academic AST Institutions, need to be
registered as non-profit, no approval will be granted to new
Academic AST Institutions, and an approval mechanism will be
adopted for online Academic AST Institutions; (ii) foreign
ownership in Academic AST Institutions is prohibited, including
through contractual arrangements, and companies with existing
foreign ownership need to rectify the situation; (iii) listed
companies are prohibited from raising capital to invest in
businesses that teach academic subjects in compulsory education;
(iv) Academic AST Institutions are prohibited from providing
tutoring services on academic subjects in compulsory education
during public holidays, weekends and school breaks; and (v)
Academic AST Institutions must follow the fee standards to be
established by relevant authorities. The Opinion also provides that
institutions providing after-school tutoring services on academic
subjects in high schools (which do not fall within China's compulsory education system) shall
take into consideration the Opinion when conducting activities.
The Company will continue to comply with all applicable rules
and regulations in providing educational services, including those
to be adopted following the policy directives of the Opinion. The
Company is carefully considering the provisions of the Opinion and
assessing their implications for the Company's business. The
Company expects the Opinion, related rules and regulations, and the
compliance measures to be taken by the Company will have material
adverse impact on its after-school tutoring services related to
academic subjects in China's
compulsory education system, which in turn may adversely affect the
Company's results of operations and prospect. The Company will
proactively seek guidance from and cooperate with government
authorities in connection with its efforts to comply with the
Opinion and any related rules and regulations.
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.
The Company 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. Information
regarding these risks and uncertainties 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 is as of the date of this press release,
and TAL Education Group undertakes no duty to update such
information or any forward-looking statement, except as required
under applicable law.
About TAL Education Group
TAL Education Group is a leading K-12 after-school tutoring
services provider in China. The acronym "TAL" stands for
"Tomorrow Advancing Life", which reflects our vision to promote top
learning opportunities for Chinese students through both
high-quality teaching and content, as well as leading edge
application of technology in the education experience. TAL
Education Group offers comprehensive tutoring services to
students from pre-school to the twelfth grade through three
flexible class formats: small classes, personalized premium
services, and online courses. Our tutoring services cover the core
academic subjects in China's school curriculum as well as
competence oriented programs. The Company's learning center network
currently covers 110 cities. We also
operate www.jzb.com, a leading online education platform
in China. Our ADSs trade on the New York Stock
Exchange under the symbol "TAL".
For further information, please contact:
Echo Yan
Investor Relations
TAL Education Group
Tel: +86 10 5292 6658
Email: ir@tal.com
Caroline Straathof
IR Inside
Tel: +31 6 5462 4301
Email: info@irinside.com
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SOURCE TAL Education Group