17 Education & Technology Group Inc. Provides Business
BEIJING, Dec. 06, 2021 (World NEWSWIRE) — 17 Education and learning & Engineering Group Inc. (Nasdaq: YQ) (“17EdTech” or the “Company”), a major education and learning technology corporation in China today supplied business updates subsequent the modern regulatory developments relating to after-school tutoring expert services, which includes the Viewpoints on More Assuaging the Stress of Homework and Just after-School Tutoring on Students in Compulsory Schooling, printed in July 2021 by the Standard Office of the CPC Central Committee and the Basic Workplace of the Condition Council (the “Belief”), also recognised as the double reduction coverage (the “Double Reduction Policy”), and the linked implementation principles, rules and steps promulgated by skilled authorities.
In compliance with the Impression and applicable guidelines, polices and actions, the Business ideas to cease featuring tutoring expert services related to tutorial subjects to pupils from kindergarten by way of the last 12 months of senior superior college (“K-12 Academic AST Solutions”) in mainland China by the stop of 2021. The Organization expects that the cessation will have a considerable adverse impact on the Company’s revenues for the fiscal 12 months ending December 31, 2021 and subsequent durations. In the fiscal years finished December 31, 2019 and 2020, revenues from K-12 Educational AST Services accounted for a substantial the vast majority of the Company’s full revenues for each fiscal 12 months.
The Corporation will continue to investigate opportunities in instructional goods and products and services that are not associated to K-12 Educational AST Providers in accordance with suitable guidelines and laws.
Leveraging its intensive expertise and expertise in serving China’s instruction authorities, educational institutions, instructors and students about the final ten a long time, the Enterprise further more intends to change its emphasis and sources towards alternatives to aid the digital transformation and upgrade at Chinese educational facilities, with a concentration on enhancing the performance and success of core educating and finding out eventualities these as research assignments. The Corporation has currently entered into cooperation agreements with district education authorities, such as these in Beijing and Shanghai, to explore and produce products and services for knowledge-driven individualized learning and “AI + education and learning.” The project in Shanghai Minhang district was named as a single of the 10 scenario scientific studies for the implementation of the “Double Reduction Policy” by the Ministry of Schooling.
The Organization will continue on to look for assistance from and cooperate with government authorities in a variety of provinces and municipalities in China in connection with its attempts to comply with the plan directives of the Viewpoint and any linked implementation guidelines, laws and steps. The Organization will further more adjust its organization operations as demanded, and update its shareholders as appropriate.
About 17 Education & Engineering Group Inc.
17 Education & Know-how Group Inc. is a major schooling technologies enterprise in China. The Organization provides a good in-faculty classroom option that provides details-pushed educating, mastering and evaluation products and solutions to instructors, pupils and parents, masking about 70,000 K-12 faculties in 2020.
Leveraging the Company’s in-school management, 17EdTech delivers on the net K-12 big-course soon after-faculty tutoring solutions that enhance students’ in-school finding out. 17EdTech’s on-line K-12 massive-class following-faculty tutoring classes stand out in terms of its exclusive technique to personalization, recognized by a details-driven comprehension of unique students’ in-school effectiveness, as effectively as district-degree localized insights.
Risk-free Harbor Statement
This announcement consists of ahead-hunting statements. These statements are produced below the “safe harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. These ahead-hunting statements can be recognized by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and related statements. Statements that are not historic info, such as statements about 17EdTech’s beliefs and anticipations, are forward-on the lookout statements. 17EdTech may perhaps also make composed or oral ahead-on the lookout statements in its periodic reviews to the SEC, in its yearly report to shareholders, in push releases and other composed elements and in oral statements manufactured by its officers, administrators or workers to third events. Forward-wanting statements contain inherent hazards and uncertainties. A range of components could lead to true outcomes to differ materially from those people contained in any ahead-on the lookout statement, like but not confined to the adhering to: 17EdTech’s growth strategies its future organization progress, monetary condition and benefits of operations its means to keep on to bring in and retain buyers, change non-paying out people into spending people and maximize the paying of spending people, the developments in, dimensions of, and suitable governing administration procedures and laws relating to China’s on the net instruction marketplace its anticipations concerning desire for, and market place acceptance of, its merchandise and services its expectations with regards to its relationships with business associates common financial and business enterprise circumstances and assumptions underlying or connected to any of the foregoing. Even further info relating to these and other hazards is included in 17EdTech’s filings with the SEC. All information offered in this push launch is as of the date of this press release, and 17EdTech does not undertake any obligation to update any ahead-looking assertion, other than as demanded under applicable legislation.
For investor and media inquiries, be sure to speak to:
17 Instruction & Technological innovation Team Inc.
Mr. Raymond Huang
E-mail: [email protected]
Christensen
In China
Mr. Eric Yuan
Cellphone: +86-138-0111-0739
E-mail: [email protected]
In US
Ms. Linda Bergkamp
Mobile phone: +1-480-614-3004
E-mail: [email protected]