Meten EdtechX Education Group Ltd. (NASDAQ: METX) (“Meten EdtechX” or the “Company”), a leading omnichannel English language training (“ELT”) service provider in China, today reported that the gross billing and student enrollment of its junior ELT business increased by 238% and 192%, respectively, in January compared to the same period last year.
The Company’s junior ELT business enjoys the competitive advantage in geographical coverage brought by the Company’s nationwide network of more than 100 existing learning centers. The Company values the teaching quality, the growth experience of outstanding students, and the integration of online and offline high-quality learning resources, striving to provide students with effective and fruitful learning products and a shortcut to becoming talents. Quality teaching and good brand reputation has led to increases in renewal and referral rates, which helped lower the Company’s customer acquisition cost.
Looking forward, the Company will continue to strengthen its R&D capabilities and optimize its business structure. The Company believes the Junior ELT market will maintain growth momentum. The Company will be more well-positioned as the economy of China continues recovering from the COVID-19 epidemic. The Company expects to gain market share from those small and medium-sized institutions that did not survive the epidemic.
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 a 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.