OneSmart Takes Active Measures to Adapt Business and Support Students in Response to Evolving Situation Associated with Coronavirus Outbreak in China
SHANGHAI, Feb. 4, 2020 /PRNewswire/ -- OneSmart International Education Group Limited (NYSE: ONE) ("OneSmart" or the "Company"), a leading premium K-12 education company in China, today outlined the active measures it has taken to adapt its business and support students in response to the evolving situation associated with the coronavirus outbreak in China.
Leveraging its recently launched OneSmart Online platform, OneSmart has begun substituting all offline courses with its premium online education services platform to protect the health and safety of students and teachers and allow students to continue their education while public schools and learning centers remain temporarily closed. Within the first week of the initiative, OneSmart has successfully migrated 43-76% of our existing students to online platform for the three main business lines including OneSmart VIP, HappyMath and FasTrack English, with expectation of further increased rate in coming weeks. The strong momentum is underpinned by OneSmart's highly effective personalized teaching programs, customer loyalty and strong demand.
OneSmart is currently arranging for existing students to transit to online courses through its user-friendly online platform until public schools and learning centers are reopened. These online courses will be taught by the student's regular teacher with the same curriculum, support real-time interaction between teachers and students, offer unlimited playback for each course, and are provided at potentially improved frequency due to improved convenience. OneSmart is currently focused on ensuring a seamless transition to online courses for all students and parents across the country. The online network is based on an industry leading cloud operator which has proven track record of stability of handling massive online traffic volume.
OneSmart takes pride in maintaining the highest standards of corporate social responsibility. The Company is jointly-launching a charitable program with the Shanghai Municipal Health Commission, Shanghai Women's Federation and the Shanghai Children's Foundation where the Company will donate RMB18 million worth of online classes for its OneSmart VIP, HappyMath, Fastrack English and family education programs to children of front-line medical professionals in Shanghai or those who have volunteered to go to Wuhan, the Chinese city hit the hardest by the virus. The charitable program was created to support front-line medical professionals and ease any concerns they may have over their children's education during this time. This offer to front-line medical professionals will be effective immediately and will last till April 1, 2020. OneSmart may extend the scope and coverage of these programs as the situation develops.
In addition to jointly-launching the charitable program, OneSmart is donating over RMB20 million worth of online courses to primary and secondary students in Wuhan. The online courses will be offered in conjunction with the Zhen Wei Education Technology Special Fund, a subsidiary of the China Next Generation Education Foundation. Family education courses for students in Wuhan will also be offered by OneSmart's strategic partner "Family Education Magazine". The donated online courses will include OneSmart VIP courses which offer one-on-one live broadcast classes with renowned teachers who graduated from tier-1 universities in China such as Tsinghua University or Peking University as well as HappyMath and FasTrack English courses for students aged 3 to 12 years old which will cover mathematics and English language classes taught by native English speakers. The Company believes this initiative will allow students in Wuhan to continue their study during the quarantine and help alleviate parent's anxiety.
In addition, OneSmart is working with WeDoctor, China's leading technology-enabled healthcare solutions platform, to offer online medical consultations via mobile phone to all OneSmart employees, students, and parents.
Mr. Steve Zhang, Chairman and Chief Executive Officer of OneSmart, commented, "OneSmart is a leading premium K-12 education company in China and is committed to maintaining the highest standards of corporate social responsibility. We have always prioritized the needs of our students and their parents and will continue to offer our support as the nation battles with the coronavirus. The recently launched OneSmart Online platform which incorporates our cutting-edge OMO technologies and fully integrates with our offline courses provides the ideal platform for students to continue their education at their homes while public schools and learning centers remain temporarily closed. These technologies are intended to greatly enhance student interest in learning and improve customer satisfaction. We take pride in the strong reputation in the market we have built with numerous students who have achieved outstanding academic results throughout the years, and will continue to do so by offering the highest-quality educational services and improving customer satisfaction, regardless of the situation. We are proud to be taking an active role in donating to charitable causes that support the front-line medical professionals who are leading the fight and the children unable to leave their homes in Wuhan. I am confident that our efforts to provide free access to our premium online learning platform will provide effective support and extend education to all affected."
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.
Founded in 2008 and headquartered in Shanghai, OneSmart International Education Group Limited is a leading premium K-12 education company in China. Since commencement of our business, our vision is to build the most trusted "Third Classroom" outside of home and school and our mission is to bring out the utmost learning power in each student by cultivating his or her study motivation, capability and perseverance, and enable our students to pursue their life-long success. Our company culture is centered on the core values of customer focus, execution, innovation and teamwork.
The Company has built a comprehensive premium K-12 education platform that encompasses OneSmart VIP business (Premium K-12 1-on-1 training services), HappyMath (Premium math education programs), and FasTrack English (Premium English education programs). As of August 31, 2019, OneSmart operates a nationwide network of 432 learning centers across 35 cities in China.
For more information on OneSmart, please visit http://www.onesmart.investorroom.com.
For more information, please contact:
Ms. Rebecca Shen
+86-21-5255-9339 ext. 8139
Mr. Christian Arnell
In the US
Ms. Linda Bergkamp
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