Shenzhen, China, March 14, 2022 /PRNewswire/ — Meten Holding Group Ltd. (“Meten Holding Group” or the “Company”) (NASDAQ: METX), a leading provider of omnichannel English language training (“ELT”) services in Chinaannounced that its subsidiary, Shenzhen Meten International Education Co., Ltd. (“Shenzhen Meten”), had entered into a strategic cooperation framework agreement (the “Agreement”) on March 2, 2022 with Shenzhen Shengxue Culture Communication Co., Ltd. (“Shengxue”), an online education and training institution focused on improving academic qualifications for adults. Shenzhen Meten and Shengxue plan to cooperate in the development and design of new educational products and marketing activities, with the aim of expanding Shenzhen Meten’s Metaverse educational business.
The objective of this strategic cooperation is to help qualified job seekers find their dream job in a rapidly changing job market by China. The Chinese government strongly supports the development of emerging industries, including the modern service industry. With the emergence of these new industries, traditional education becomes less useful for job seekers to acquire the skills required by companies. Companies tend to look for talent with professional skills, global qualities and practical skills. We believe that the shortage of professional talent in emerging technology industries, such as industries related to the metaverse, will gradually expand. On the other hand, due to the Chinese government’s promotion of favorable policies and growing demand, the market size of vocational education industry continues to increase year by year in China. According to data released by the Qianzhan Industry Institute, the size of China vocational education market was 653 billion RMB (approximately $103 billion) in 2021.
We believe that vocational education has great potential for growth. Due to the low concentration of the vocational education sector and the limited number of large vocational education institutions, the offer of quality vocational education is currently insufficient. We believe that in the future, with the improvement of industry concentration and the continuous development of leading institutions in the vocational education industry, vocational education institutions will improve their capabilities in research and development, management and marketing to create cost-effective, high-quality solutions. quality education, driving the rapid growth of the vocational education industry.
Sir. Alan PengCEO of Meten Holding Group, said, “We are delighted to cooperate with Shengxue. This cooperation is in line with our strategic focus on Metaverse professional training courses. To seize opportunities in the vocational training sector, we actively explore and promote our vocational and technical training activity. We plan to provide training services to more high-quality professional talents with innovative technical skills for domestic and international job markets. We believe that our cooperation with Shengxue will help grow our Metaverse education business, improve our market presence and create value for our shareholders.”
About Shenzhen Shengxue Culture Communication Co., Ltd.
Shenzhen Shengxue Culture Communication Co., Ltd. was established in 2013 at China. Shengxue is an online education and training institution focused on improving the academic qualifications of adults. Its services cover self-study exams, college entrance exams for adults, online education, postgraduate exams, teacher certifications, accounting certifications, short video production , distribution and hosting. Shengxue plans to build a more efficient online education model and launch an “academic qualification + skills = endless possibilities in the future” policy to help job seekers find jobs in the future.
About Meten Holding Group Ltd.
Meten Holding Group Ltd., formerly known as Meten EdtechX Education Group Ltd., is a leading omni-channel ELT service provider in China, providing English and skills training to Chinese students and professionals. In addition to strengthening its position in the ELT service industry in China, Meten is actively exploring blockchain and cryptocurrency mining business outside of China, with a long-term goal of creating value in the cryptocurrency industry. Meten plans to engage in blockchain and metaverse-related businesses in North America and other countries and regions around the world (excluding China), including cryptocurrency mining, building mining farms and the operation of mining pools and data centers.
For more information, please visit: https://investor.metenedu-edtechx.com/.
Safe Harbor Statement
This announcement contains forward-looking statements that involve risks and uncertainties. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including, but not limited to, the following: the future development and ability of the Company to succeed in its new business sector include the metaverse; the continued impact of the COVID-19 pandemic and the emergence of new variants; our ability to attract students without significantly lowering tuition fees; our ability to continue to hire, train and retain qualified teachers; our ability to maintain and improve our brands; our ability to effectively and efficiently manage the expansion of our school network and successfully execute our growth strategy; the outcome of any pending or future litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the English language training industry in China; changes in our revenues and certain cost or expense items as a percentage of our revenues; the expected growth of the Chinese English training and private education market; Chinese government policies relating to private educational services and providers of such services; health epidemics and other epidemics in China; and general economic conditions in China. The Company undertakes no obligation to update any forward-looking statement, except as required by applicable law. All information provided in this press release and in the attachments speaks as of the date of this press release, and the Company assumes no obligation to update such information except as required by applicable law.
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