BEIJING, Dec. 24, 2021 /PRNewswire/ -- Puxin Limited
(NYSE: NEW) ("Puxin" or the "Company"), a private educational
services provider in China, today
provided business updates following 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 dispose tutoring services
related to academic subjects (the "K-12 Academic AST Services") at
all learning centers across China
(the "Disposal"). The Company is in discussion with potential
buyers of the proposed disposal. The proposed transaction will be
determined after negotiations between the Company and the potential
buyers, subject to definitive agreements to be entered into by the
relevant parties. There can be no assurance regarding the ultimate
timing of the proposed transaction or that the transaction will be
completed. In the third quarter of 2021, revenues from the
Company's Academic AST Services accounted for approximately 59% of
its total revenues.
In long-term, the Company will focus on educational services
that are not related to the K-12 Academic AST Services, such as its
Study Abroad Education Programs and Full Time Arts Education
Programs. The Company will continue to explore potential strategic
opportunities and provide updates as appropriate.
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 of 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 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," "may," "would,"
"expect," "anticipate," "future," "intend," "aim," "plan,"
"believe," "estimate," "predict," "project," "continue,"
"confident" 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 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 the Company'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: continued listing of the ADSs on the NYSE, compliance
with NYSE rules, future developments related to the Notes, the
planned discontinuation and sale of the K-12 tutoring services, the
Company's goals and strategies, its ability to achieve and maintain
profitability, its ability to attract and retain students to enroll
in its courses, its ability to effectively manage its business
transition and expansion and successfully integrate new businesses,
its ability to identify or pursue targets for acquisitions, its
ability to compete effectively against its competitors, its ability
to improve the content of its existing courses or to develop new
courses, and relevant government policies and regulations relating
to the Company's corporate structure, business and industry.
Further information regarding these and other risks 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 Puxin Limited
Puxin Limited (NYSE: NEW) ("Puxin" or the "Company") is a
private educational services provider in China. Puxin has a strong acquisition and
integration expertise to effectively improve education quality and
operational performance of acquired schools. Puxin offers quality
educational services to students, and has developed online and
mobile applications to enhance students' learning experience. For
more information, please visit http://www.pxjy.com/.
Contacts
Puxin Limited
Investor Relations
Phone: +86-10-6269-8930
E-mail: ir@pxjy.com
ICA Investor Relations (Asia) Limited
Mr. Kevin Yang
Phone: +86-21-8028-6033
E-mail: puxin@icaasia.com
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SOURCE Puxin Limited