17 Education & Technology Group Inc. takes stock of regulatory developments


BEIJING, Aug 25, 2021 (GLOBE NEWSWIRE) – 17 Education & Technology Group Inc. (Nasdaq: YQ) (“17EdTech” or the “Company”), a leading educational technology company in China with an “in-school + model integrated after school ”, announced that the Shanghai local government issued the“ Measures to further alleviate the burden of after-school homework and tutoring for compulsory education students ”and responded to twelve issues related to these measures (collectively, the “Shanghai Measures”) on August 24, 2021. The Shanghai Measures were adopted to implement the opinions on further reducing the burden of homework and after-school tutoring for compulsory education students, published in July 2021 by the General Office of the CPC Central Committee and the General Office of the State Council of the People’s Republic of China, and aim to, within one year, ” (i) effectively control the volume and time it f aut to complete the homework assigned to students during the compulsory education phase, (i) ensure that all compulsory education schools provide on-campus services after school, (iii) complete rectification of practices commercial online and offline providers of after-school tutoring services on academic subjects in the Chinese Compulsory Education System (“Academic AST”), (iv) effectively reduce the excessive burden of homework and tutoring for students, their families ‘education expenses and their parents’ energy burden.

With regard to homework and after-school tutoring services, among others, the Shanghai measures contain the following provisions:

  • Schools are prohibited from assigning homework to first and second graders, assigning written homework that takes more than 60 minutes on average to complete to third, fourth or fifth graders, or assigning assignments. Written homework that takes over 90 minutes on average to complete for junior high school students.

  • Previously registered online academic AST providers will go through a new approval process.

  • After-school tutoring providers are strictly prohibited from providing academic AST during national holidays, weekends, winter and summer holidays; Online AST academic courses cannot be offered after 9:00 p.m. on weekdays, and each class session cannot be longer than 30 minutes, with mandatory withdrawal periods of at least 10 minutes between classes.

  • AST academic providers are prohibited from (i) offering courses on content outside or ahead of the curriculum, (ii) from offering courses based on a foreign curriculum, (iii) from soliciting and recruiting teachers with excessive remuneration, or (iv) employing foreign staff to carry out training activities from abroad. Non-academic AST providers are prohibited from offering academic AST courses.

  • Academic AST awards will have to follow government guidelines.

  • Academic AST providers are prohibited from financing their titles through the public listing; listed companies may not invest in academic AST providers through capital market fundraising activities, and may not acquire assets from academic AST providers; and foreign capital is prohibited from controlling or participating in academic AST providers.

  • Improve the monitoring of AST advertising, including restricting the channels for deploying AST advertising.

  • Institutions offering extracurricular tutoring services on academic subjects in secondary schools (which do not fall under China’s compulsory education system) will be supervised with reference to the Shanghai measures.

  • AST university providers are strictly prohibited from recommending or inducing students to use consumer loan products to pay for training fees.

The Company’s compliance with the Shanghai measures will have a material adverse effect on its business, results of operations and financial condition. In accordance with the Shanghai measures, the Company has ceased and will cease offering AST university courses online on weekends, holidays and school vacation periods.

Safe Harbor Declaration

This announcement contains forward-looking statements. These statements are made under 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” “,” The future, “” intends “,” foresees “,” believes “,” believes “and similar statements. Statements that are not historical facts, including statements about 17EdTech’s beliefs and expectations, are forward-looking statements. 17EdTech may also make written or oral forward-looking statements in its periodic reports to the 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. . Forward-looking statements involve inherent risks and uncertainties. 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: 17EdTech’s growth strategies; its future business development, financial condition and results of operations; its ability to continue to attract and retain users, convert non-paid to paid users, and increase paid user spending, trends, size, and relevant government policies and regulations relating to the Chinese mobile phone market. online education; its expectations regarding demand and market acceptance of its products and services; its expectations regarding its relations with business partners; general economic and commercial conditions; and the assumptions underlying or related to all of the above. Further information regarding these and other risks is included in the documents filed by 17EdTech with the SEC. All information provided in this press release is as of the date of this press release, and 17EdTech assumes no obligation to update any forward-looking statement, except as required by applicable law.

About 17 Education & Technology Group Inc.

17 Education & Technology Group Inc. is a leading educational technology company in China with an integrated “in school + after school” model. The company provides a smart classroom-to-school solution that delivers data-driven teaching, learning and assessment products to teachers, students and parents, covering more than 70,000 schools from kindergarten to grade 12 in 2020.

Leveraging the company’s academic leadership, 17EdTech offers K-12 online after-school tutoring services that complement students’ academic learning. Powered by its integrated model and technology, 17EdTech’s K-12 online extracurricular tutoring courses stand out for their unique approach to personalization, achieved through a data-driven understanding of each student’s academic performance. , as well as localized information at the district level.

For investor and media inquiries, please contact:

17 Education & Technology Group Inc.
Mr. Raymond Huang
Email: [email protected]

In China
Mr. Eric Yuan
Phone: + 86-138-0111-0739
Email: [email protected]

In U.S
Ms. Linda Bergkamp
Phone: + 1-480-614-3004
Email: [email protected]

Source link

Leave A Reply

Your email address will not be published.