SHANGHAI, Aug. 4, 2020 /PRNewswire/ -- OneSmart
International Education Group Limited (NYSE: ONE) ("OneSmart" or
the "Company"), the leading premium K-12 education services company
in China, today announced that it
has reopened more than 90% of its nationwide learning centers,
including OneSmart VIP, HappyMath and FasTrack English. OneSmart
continues to take appropriate measures to protect the health and
safety of all of its employees and students during this time.
Students in cities (including Beijing, Urumqi,
etc.) affected by the resurgence of COVID-19 will continue
to have access to OneSmart Online to facilitate their ongoing
education until further notice.
OneSmart VIP, the Company's core premium K-12 one-on-one
tutoring business, is well-known for its effective results for
academic performance. In the fiscal year 2019, the net revenues
from OneSmart VIP business accounted for 79% of the Company's total
net revenues. Enrollments and cash sales for this premium program
recover quickly following the reopening of cities all over
China and resumption of school
activities. After the National College Entrance Exam in July,
commonly known as the Gaokao, OneSmart has seen a strong demand in
personalized tutoring services during the summer vacation and the
new academic year.
OneSmart VIP cash sales in July increased by 29% year-over-year,
nearly in line with the year-over-year growth rate between
September 2019 through January 2020, the first five months of fiscal
year 2020 and prior to the coronavirus outbreak in China. In July
2020, OneSmart VIP's renewal rate was 37%, and referral rate
was 31%, which were both higher compared with July 2019. These positive results were due to the
Company's continuous efforts to improve the customer experience and
personalize learning for each individual student. The Company
believes it is on pace to resume its year-over-year growth momentum
for its young children education business (including HappyMath and
FasTrack English) after the new semester begins in September.
Mr. Steve Zhang, Chairman and
Chief Executive Officer of OneSmart, commented, "Over the past few
months of the health pandemic, we have taken our integrated
educational experience to the next level for students and parents.
With the dedication of our OneSmart VIP teachers and advisors, we
continue to help students excel academically through OneSmart
Online and its fully integrated OMO platform and premium content.
Trust and customer loyalty, which are our key priorities when it
comes to our premium education services business, combined with our
high-quality services and innovative technology, should help us
fuel our growth over the long term."
About OneSmart
Founded in 2008 and headquartered in Shanghai, OneSmart International Education
Group Limited is a leading premium K-12 education services
company in China. Our vision
is to be the most trusted and heartful high-tech 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.
OneSmart's service offerings comprise of OneSmart VIP business
(Premium K-12 1-on-1 tutoring services), HappyMath (Premium math
education programs for young children), and FasTrack English
(Premium English education programs for young children). We also
offer our comprehensive online classes through OneSmart Online, our
premium online tutoring services platform. As of November 30, 2019, OneSmart operated a nationwide
network of 430 learning centers across 35 cities in China.
For more information on OneSmart, please visit
http://ir.onesmart.org.
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 OneSmart does not undertake any obligation to
update such information, except as required under applicable
law.
For more information, please contact:
OneSmart
Ms. Ida Yu
+86-21-2250-5891
E-mail: ir@onesmart.org
Christensen
In China
Mr. Andrew McLeod
Phone: +86-10-5900-1548
E-mail: amcleod@christensenir.com
In the US
Mr. Tip Fleming
Phone: +1-480-614-3004
Email: tfleming@ChristensenIR.com
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SOURCE OneSmart International Education Group Limited