SHANGHAI, July 26, 2021 /PRNewswire/ -- OneSmart
International Education Group Limited ("OneSmart" or the "Company")
(NYSE: ONE), a leading education company in China, announced that, on July 24, 2021, China's official state media, including Xinhua
News Agency and China Central Television, announced the Opinions on
Further Alleviating the Burden of Homework and After-School
Tutoring for Students in Compulsory Education (the "Opinion"),
issued by the General Office of the CPC Central Committee and the
General Office of the State Council. The Opinion contains
high-level policy directives about requirements and restrictions
related to after-school tutoring services, including (i)
institutions providing after-school tutoring services on academic
subjects to students at China's
compulsory education stage, or Academic AST Institutions, need to
be registered as non-profit, no approval will be granted to new
Academic AST Institutions, and an approval mechanism will be
adopted for online Academic AST Institutions; (ii) foreign
ownership in Academic AST Institutions is prohibited, including
through contractual arrangements, and Academic AST Institutions in
violation need to rectify the situation; (iii) listed companies are
prohibited from raising capital to invest in Academic AST
Institutions; (iv) Academic AST Institutions are prohibited from
providing tutoring services on academic subjects in compulsory
education during public holidays, weekends and school breaks; and
(v) Academic AST Institutions must follow the fee standards to be
established by relevant authorities. The Opinion also provides that
institutions providing after-school tutoring services on academic
subjects in high schools (which do not fall within China's compulsory education system) shall
take into consideration the Opinion when conducting activities.
The Company will continue to comply with all applicable rules
and regulations in providing educational services, including those
to be adopted following the policy directives of the Opinion. The
Company is carefully considering the provisions of the Opinion and
assessing their implications for the Company's business. The
Company expects the Opinion, related rules and regulations, and the
compliance measures to be taken by the Company will have material
adverse impact on its after-school tutoring services related to
academic subjects in China's
compulsory education system, which in turn may adversely affect the
Company's results of operations and prospect. The Company will
proactively seek guidance from and cooperate with government
authorities in connection with its efforts to comply with the
Opinion and any related rules and regulations.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and 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," "confident" and similar statements. OneSmart may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about
OneSmart's beliefs and expectations, are forward-looking statements
that involve factors, risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. Such factors and risks include, but not
limited to the following: OneSmart's goals and strategies; its
future business development, financial condition and results of
operations; its ability to continue to penetrate premium K-12
after-school education services market; diversify and enrich our
education offerings; enhance the development and management of our
teacher team and teaching materials; competition in our industry
in China; its ability to maintain and expand online education
presence; relevant government policies and regulations relating to
the corporate structure, business and industry; and its ability to
protect our students' information and adequately address privacy
concerns. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and the Company does not undertake any obligation to
update such information, except as required under applicable
law.
About OneSmart
Founded in 2008 and headquartered in Shanghai, OneSmart International Education
Group Limited is a leading education company in China. Our vision is to be the most trusted
and heart-warming education company and our mission is POWER
LEARNING changes the future with technology advancement. Our
company culture is centered on the core values of customer focus,
excellence, integrity, and technology and innovation. As of
February 28, 2021, OneSmart operates
a nationwide network of 457 learning centers in China.
For more information on OneSmart, please visit
http://ir.onesmart.org/.
For further information, please contact:
OneSmart
Ms. Ida Yu
+86-21-2250-5891
E-mail: ir@onesmart.org
ICA (Institutional Capital Advisory)
Mr. Kevin Yang
Phone: +86-21-8028-6033
E-mail: onesmart@icaasia.com
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SOURCE OneSmart
