BEIJING, July 26,
2021 /PRNewswire/ -- China Online Education Group
("51Talk," or the "Company") (NYSE: COE), a leading online
education platform in China with
core expertise in English education, 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 online and offline after-school tutoring services,
including, among others, (i) institutions providing after-school
tutoring services on academic subjects in China's compulsory education system, or
Academic AST Institutions, need to be registered as non-profit;
(ii) changing the current registration-based regime for operating
online Academic AST Institutions to a government approval-based
regime, (iii) banning foreign teachers located overseas from
providing tutoring services in China, (iv) foreign ownership in Academic AST
Institutions is prohibited, including through contractual
arrangements, and companies with existing foreign ownership need to
rectify the situation; (v) listed companies are prohibited from
raising capital to invest in businesses that teach academic
subjects in compulsory education; (vi) Academic AST Institutions
are prohibited from providing tutoring services on academic
subjects in compulsory education during public holidays, weekends
and school breaks; and (vii) Academic AST Institutions must follow
the fee standards to be established by relevant authorities.
The Company will continue to comply with all applicable rules
and regulations in providing educational services, including those
rules and regulations 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 a material adverse impact on its 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 statements that may constitute
"forward-looking" statements which are made pursuant to the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to,"
and similar statements. 51Talk may also make written or oral
forward-looking statements in its periodic reports to the
Securities and Exchange Commission ("SEC"), 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. Statements that are not historical facts, including
statements about 51Talk's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. Further information regarding
these and other risks is included in 51Talk's filings with the SEC.
All information provided in this press release is as of the date of
this press release, and 51Talk does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
About China Online Education Group
China Online Education Group (NYSE: COE) is a leading online
education platform in China, with
core expertise in English education. The Company's mission is to
make quality education accessible and affordable. The Company's
online and mobile education platforms enable students across
China to take live interactive
English lessons with overseas foreign teachers, on demand. The
Company connects its students with a large pool of highly qualified
foreign teachers that it assembled using a shared economy approach,
and employs student and teacher feedback and data analytics to
deliver a personalized learning experience to its students.
For investor and media inquiries, please contact:
China Online Education Group
Investor Relations
+86 (10) 8342-6262
ir@51talk.com
The Piacente Group, Inc.
Brandi Piacente
+86 (10) 5730-6200
+1-212-481-2050
51talk@tpg-ir.com
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SOURCE China Online Education Group