BEIJING, Dec. 06, 2021 (Globe NEWSWIRE) — 17 Instruction & Technology Group Inc. (Nasdaq: YQ) (“17EdTech” or the “Company”), a leading schooling technological know-how corporation in China today presented small business updates next the recent regulatory developments relating to just after-faculty tutoring expert services, like the Thoughts on Additional Assuaging the Load of Homework and Just after-Faculty Tutoring on College students in Obligatory Education and learning, published in July 2021 by the Standard Workplace of the CPC Central Committee and the Basic Office of the State Council (the “Impression”), also known as the double reduction plan (the “Double Reduction Policy”), and the linked implementation rules, restrictions and actions promulgated by qualified authorities.
In compliance with the View and applicable guidelines, restrictions and actions, the Corporation strategies to cease supplying tutoring products and services linked to tutorial topics to learners from kindergarten through the very last year of senior superior faculty (“K-12 Tutorial AST Providers”) in mainland China by the conclude of 2021. The Enterprise expects that the cessation will have a significant adverse impression on the Firm’s revenues for the fiscal 12 months ending December 31, 2021 and subsequent intervals. In the fiscal many years ended December 31, 2019 and 2020, revenues from K-12 Tutorial AST Products and services accounted for a considerable majority of the Company’s complete revenues for just about every fiscal yr.
The Company will proceed to investigate chances in educational products and expert services that are not linked to K-12 Tutorial AST Solutions in accordance with pertinent rules and laws.
Leveraging its intensive awareness and abilities in serving China’s education and learning authorities, educational institutions, teachers and learners around the last 10 many years, the Enterprise more intends to change its concentration and resources in the direction of alternatives to facilitate the digital transformation and improve at Chinese educational facilities, with a concentration on improving upon the efficiency and performance of main instructing and discovering eventualities this kind of as research assignments. The Corporation has now entered into cooperation agreements with district training authorities, which includes people in Beijing and Shanghai, to discover and establish solutions and services for information-driven individualized discovering and “AI + instruction.” The project in Shanghai Minhang district was named as a person of the 10 scenario experiments for the implementation of the “Double Reduction Policy” by the Ministry of Schooling.
The Company will proceed to find guidance from and cooperate with federal government authorities in numerous provinces and municipalities in China in connection with its attempts to comply with the plan directives of the Opinion and any relevant implementation principles, restrictions and actions. The Company will even further alter its enterprise functions as needed, and update its shareholders as proper.
About 17 Education and learning & Engineering Group Inc.
17 Instruction & Engineering Team Inc. is a foremost education engineering company in China. The Firm gives a smart in-college classroom solution that provides info-pushed training, mastering and assessment products and solutions to teachers, pupils and mom and dad, masking above 70,000 K-12 educational facilities in 2020.
Leveraging the Company’s in-university leadership, 17EdTech delivers on the net K-12 massive-course immediately after-faculty tutoring companies that enhance students’ in-college mastering. 17EdTech’s online K-12 massive-class soon after-school tutoring programs stand out in phrases of its distinctive solution to personalization, realized by a details-driven being familiar with of specific students’ in-university general performance, as nicely as district-degree localized insights.
Secure Harbor Assertion
This announcement is made up of forward-looking statements. These statements are built beneath the “safe harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. These forward-on the lookout statements can be discovered by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. Statements that are not historic info, like statements about 17EdTech’s beliefs and expectations, are forward-wanting statements. 17EdTech may well also make penned or oral forward-seeking statements in its periodic stories to the SEC, in its annual report to shareholders, in push releases and other composed resources and in oral statements designed by its officers, administrators or workforce to third parties. Forward-searching statements require inherent pitfalls and uncertainties. A range of components could cause precise final results to vary materially from all those contained in any ahead-on the lookout assertion, which include but not limited to the subsequent: 17EdTech’s development methods its long run small business improvement, monetary affliction and final results of functions its capacity to carry on to attract and keep consumers, change non-having to pay end users into paying consumers and maximize the investing of spending end users, the traits in, dimension of, and suitable govt insurance policies and rules relating to China’s on the internet education and learning marketplace its expectations with regards to demand from customers for, and industry acceptance of, its items and services its anticipations concerning its associations with business enterprise partners basic economic and small business circumstances and assumptions fundamental or linked to any of the foregoing. Even more facts about these and other risks is involved in 17EdTech’s filings with the SEC. All details provided in this push launch is as of the date of this push launch, and 17EdTech does not undertake any obligation to update any ahead-searching statement, except as expected beneath applicable regulation.
For investor and media inquiries, remember to get hold of:
17 Education and learning & Technological innovation Group Inc.
Mr. Raymond Huang
E-mail: [email protected]
Mr. Eric Yuan
E-mail: [email protected]
Ms. Linda Bergkamp
E-mail: [email protected]