Meten Edtechx Education Group Ltd. (METX) is up 17.75% in the pre-market trading session at the price of $0.61 despite any recent news.
METX Scheduled its Second Quarter 2021 Earnings Report
METX, on 11th August 2021, reported that it had scheduled the second-quarter 2021 financial results on 18th August 2021. The earnings conference call will be hosted by management at 8:00 am U.S. Eastern Time to discuss the financial results.
METX to Launch Adult Overseas Higher Education Services
On 5th August 2021, METX declared that the company had planned to start online adult overseas higher education services in the Fall of 2021. Registration for the Services will initially commence in Beijing, Guangzhou, Shenzhen, Chengdu, Chongqing, Foshan, Wuhan, and Nanjing. Later, it will be expanded throughout China in the Spring of 2022.
Starting online overseas higher education services complies with The Regulations on the Implementation of the Non-state Education Promotion Law of the People’s Republic of China. The services will be effective from 1st September 2021. As per the regulations, China will encourage private schools to perform educational activities online by leveraging Internet technology. Online overseas higher education services will provide adjustable learning methods and a learning-friendly curriculum for students pursuing higher education degrees from overseas institutes. These services will help the students to register in courses independently without China’s Unified National Graduate Entrance Examination. Resultantly, it will save time for executives and entrepreneurs.
Increment in Gross Billing & Students Enrollment
On 21st July 2021, METX published the growth in its gross billing and student enrollment of junior ELT business. The increment in gross billing was 316.9% in the first half of 2021. An increase of 97.9% had reported in the same period of 2020. The student enrollment was increased by 240.9% compared to 64.4% in the same period of last year. The gross billing of the company’s junior ELT business in June 2021 grew by 97.5% YoY and 21.3% compared with the same period in 2019. These statistics prove that the company has returned to its pre-pandemic growth trajectory.
METX is constantly improving its junior ELT business within its current network of 22 cities and has already earned positive market response. The gross billing from student renewals and referrals accounted for 54.5% of the total gross billing of the company’s junior ELT business in June 2021. It confirms that the company’s services have been broadly appreciated and accepted by students and their parents. The company intends to keep developing the business of junior quality-oriented education.
