Meten EdtechX Education Group Ltd. Announces Likeshuo Online Platform Revenue Growth of more than 30% YOY and "Singles Day" Promotion


SHENZHEN, China, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Meten EdtechX Education Group Ltd. (NASDAQ: METX) (“Meten EdtechX” or the “Company”), a leading English language training (“ELT”) service provider in China, today announced Likeshuo online platform revenue growth of more than 30% YOY and "Singles Day" promotion.

The revenue of Likeshuo for the first three quarters of 2020 increased by more than 30% on a year-on-year basis. While maintaining rapid growth since the fourth quarter of 2019, Likeshuo has achieved positive and sustainable growth for four consecutive quarters. In addition, as of August 2020, the gross billing of the Company’s online Japanese language teaching service, Jtalk, reached RMB3.5 million.

Furthermore, during the "Singles’ Day" nationwide promotion activity on Tmall.com between October 20th to November 11th this year, the Company launched a promotion on Tmall.com for Likeshuo, which attracted a significant number of registered users. In 2019, Likeshuo ranked first in sales among all participating online language training businesses during the “Singles’ Day” promotion period. Meten EdtechX insists on guiding consumers with transparent prices and discounts, provides strong guarantees for voluntary refunds, and abandons the industry's traditional model for the purpose of low-cost trial class drainage. The Company expects Likeshuo to continue last year's momentum on sales or even break the sales record of 2019.

Meten EdtechX continues to recover from the COVID-19 pandemic due to its position as the top player in the adult online and offline ELT segments in China. Likeshuo utilizes many years of professional language training experience and the advantage of the Internet to break the limitations of time and space on learning. The online and offline double helix business model achieves the purpose of saving resources, improving quality and increasing efficiency.

The expanding scale and rising popularity of Likeshuo has brought rapid growth in the online performance of the Company. Likeshuo has also become an effective way to enhance Meten EdtechX's brand awareness and discover the potential needs of students' English learning. It has also played a key role in promoting Meten EdtechX’s offline network expansion.

More importantly, with the rapid development of Likeshuo, Meten EdtechX has successively and steadily deployed the training services and products for two of the minority languages, Japanese and Spanish. Going forward, Meten EdtechX will expand its services to cover minority language college entrance examination preparation services, further explore other language training areas and take the lead in entering into the minority language education market on a large scale. At the same time, the Company will continue to invest in technological innovation and product development in order to maintain its market leading position.

The above updates on Likeshuo reflect Meten EdtechX’s current and preliminary view, which is uncertain and subject to change.

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, 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 updates of Likeshuo 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.

For investor and media enquiries, please contact:

Meten EdtechX
Wendy Wang
+86 136-5142-6060 
wendy_wsr@meten.com

Ascent Investor Relations LLC
Tina Xiao
+1 917-609-0333 
tina.xiao@ascent-ir.com