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 Company recorded a 591% increase in gross billing of its Junior ELT business in February compared to the same period last year. The Company also registered a single-day sales record on February 27, 2021. These numbers confirm that the Company’s rapid growth trajectory seems to be back to pre-pandemic growth.
The Company believes its Junior ELT business will become a strong driver of the Company’s future growth. The Company is actively expanding its Junior ELT business within the scope of its current network and has received positive feedback from the market. In 2021, taking advantage of its existing Junior ELT business network, the Company expects to launch customized courses for students aged between 3 and 6 in cities including Hefei, Anhui Province.
Through leveraging its business experience, vertical expansion strategy and brand influence, the Company expects its junior ELT business to achieve RMB121 million in gross billing in fiscal year 2021, representing a 40% increase compared to fiscal year 2019.
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.