OneSmart Provides Update on Offline Learning Centers Reopening
SHANGHAI, June 8, 2020 /PRNewswire/ -- OneSmart International Education Group Limited (NYSE: ONE) ("OneSmart" or the "Company"), the leading premium K-12 education company in China, today announced that a large number of its offline centers have reopened following their temporary closure starting in January 2020 as a result of the COVID-19 outbreak. As of June 5, 2020, 150 VIP learning centers, 34 HappyMath learning centers, and 8 FasTrack English learning centers reopened and began offline classes in our key cities including Shanghai, Hangzhou, Nanjing, Chengdu, Changzhou, Wuxi, etc. The Company expects the number to further increase in following weeks.
Schools for all ages in 25 provinces in China reopened as of June 2, 2020 with plans for the remaining provinces expected to be released in the near-term. Local authorities at the same time have allowed qualified K-12 offline learnings centers to reopen. OneSmart is in active communication with local authorities to meet post COVID-19 reopening qualification for its remaining offline learning centers and expects the majority of its nationwide network will be up and running by the end of June 2020.
Mr. Steve Zhang, Chairman and Chief Executive Officer of OneSmart, commented, "We are past the most challenging period created by the outbreak of COVID-19 and our business is quickly returning normal level as public schools and tutoring centers begin reopening and exam schedules are finalized for the ZhongKao -- the High School Entrance Examination, and the GaoKao -- the National College Entrance Examination. With demand for our premium educational products proving resilient throughout the pandemic and our business fundamentals quickly returning to pre-COVID-19 levels, we expect to see a V-shaped recovery. We also expect the industry to further consolidate as the reopening and qualification process adds pressure on smaller players to exit the market. This will leave larger players such as OneSmart who are able to strategically manage and operate a scaled up online and offline network ideally positioned to generate rapid growth. We look forward to leveraging the significant progress we have made over the past few months in building out OneSmart Online and combining it with our reopened offline learning center network which will greatly enhance our competitive position in the market."
Founded in 2008 and headquartered in Shanghai, OneSmart International Education Group Limited is a leading premium K-12 education company in China. Our vision is to be the most trusted and heartful high-tech education company and our mission is POWER LEARNING changes the future with technology advancement. Our company culture is centered on the core values of customer focus, excellence, integrity, and technology and innovation.
The Company has built a comprehensive premium K-12 education platform that encompasses OneSmart VIP business (the leading premium K-12 1-on-1 education business in China), HappyMath (the leading premium young children math education business in China), and FasTrack English (the second largest premium English education business in East China), and OneSmart Online (the leading premium online education platform in China). As of November 30, 2019, OneSmart operates a nationwide network of 430 learning centers across 35 cities in China.
For more information on OneSmart, please visit http://www.onesmart.investorroom.com.
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," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. OneSmart 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 OneSmart'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: OneSmart's goals and strategies; its future business development, financial condition and results of operations; its ability to continue to penetrate premium K-12 after-school education services market; diversify and enrich our education offerings; enhance the development and management of our teacher team and teaching materials; competition in our industry in China; its ability to maintain and expand online education presence; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect our students' information and adequately address privacy concerns. Further information regarding these and other risks, uncertainties or factors 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 OneSmart does not undertake any obligation to update such information, except as required under applicable law.
For more information, please contact:
Ms. Rebecca Shen
Mr. Christian Arnell
In the US
Ms. Linda Bergkamp
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