BEIJING, Nov. 12, 2021 /PRNewswire/ -- TAL Education Group
("TAL" or the "Company") (NYSE: TAL), a leading K-12 after-school
tutoring services provider in China, today provided updates on the Company's
business operations in response to the recent regulatory
developments relating to after-school tutoring services, including
the Opinions on Further Alleviating the Burden of Homework and
After-School Tutoring for Students in Compulsory Education,
published in July 2021 by the General
Office of the CPC Central Committee and the General Office of the
State Council (the "Opinion") and the related implementation rules,
regulations and measures promulgated by competent authorities.
In compliance with the Opinion and applicable rules, regulations
and measures, the Company plans to cease offering academic subjects
to students from kindergarten through grade nine ("K9 Academic AST
Services") in the mainland of China by the end of December 2021. The Company expects that the
cessation will have a substantial adverse impact on the Company's
revenues for the fiscal year ending February
28, 2022 and subsequent periods. In the fiscal year ended
February 28, 2021, the revenues from
offering K9 Academic AST Services accounted for a substantial
majority of the Company's total revenues in the year.
By leveraging its leading-edge education technology, high
quality content and extensive experience, TAL will continue to
operate and develop the portion of its business that is not
related to K9 Academic AST Services, and will also explore other
opportunities to provide education services in accordance with
relevant rules and regulations.
The Company will continue to seek guidance from and cooperate
with government authorities in various provinces and municipalities
in China in connection with its
efforts to comply with the policy directives in the Opinion and any
related implementation rules, regulations and measures. The Company
will further adjust its business operations as required, and update
its shareholders as appropriate.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under 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," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
The Company 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
reports 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 the Company's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Information
regarding these risks and uncertainties is included in the
Company's reports filed with, or furnished to the U.S.
Securities and Exchange Commission. All information provided in
this press release is as of the date of this press release,
and TAL Education Group undertakes no duty to update such
information or any forward-looking statement, except as required
under applicable law.
About TAL Education Group
TAL Education Group is a leading K-12 after-school tutoring
services provider in China. The acronym "TAL" stands for
"Tomorrow Advancing Life", which reflects our vision to promote top
learning opportunities for Chinese students through both
high-quality teaching and content, as well as leading edge
application of technology in the education experience. TAL
Education Group offers comprehensive tutoring services to
students from pre-school to the twelfth grade through three
flexible class formats: small classes, personalized premium
services, and online courses. Our tutoring services cover the core
academic subjects in China's school curriculum as well as
competence oriented programs. Our ADSs trade on the New York
Stock Exchange under the symbol "TAL".
For further information, please contact:
Echo Yan
Investor Relations
TAL Education Group
Tel: +86 10 5292 6669-8809
Email: ir@tal.com
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SOURCE TAL Education Group