17 Education and Technology Group Inc. Provides updates on control development

Beijing, August 25, 2021 (Globe Newsweire) -17 Education and Technology Group Inc (Nasdak: Yak) (“17EdTech” or “Company”), Integrated Model “School + After School” in China, Shanghai Local Government “Steps to Facilitate Homework and Postgraduate Learning for Students” and twelve related questions (collectively, “Shanghai” measures “) August 24, 2021. Shanghai Steps on the burden of homework and compulsory post-secondary education Approved to implement the proposals, in July 2021 by the CPC Central Committee General Office and the PRC Regional Council General Office, and within one year “(i) the amount of homework assigned to students at compulsory education and the time required to complete it To effectively control, (i i) ensure that all compulsory schools provide on-campus, after-school services; ), (Iv) Efficiently reduces the burden on students from homework and after-school education, the cost of their families’ education, and the labor of their parents.

Regarding homework assignments and after-school learning services, Shanghai measures include the following.

  • Schools are prohibited from assigning homework to first- and second-grade students, writing assignments that take an average of more than 60 minutes to complete third-, fourth- or fifth-grade students, or writing assignments that take an average of more than 90 minutes. To complete for young high school students.
  • Previously registered online AST providers will be subject to a new round of approval.
  • After-school educators are strictly prohibited from providing academic AST on any national holiday, weekend, summer or summer vacation; Online academic AST classes may not be offered after 9:00 pm on weekdays, and each class may not exceed 30 minutes, with mandatory reductions of less than 10 minutes between sessions.
  • Academic AST providers (i) may not provide instruction outside of the school curriculum or on core content, (ii) provide instruction based on any foreign curriculum, (iii) may request and hire school teachers for excessive compensation (or) Hire foreign workers to conduct training activities. Non-academic AST providers are barred from providing academic AST courses.
  • Academic AST values ​​must follow government guidelines.
  • Academic AST providers are prohibited from publicly disclosing their securities; Listed companies do not invest in academic AST providers through fundraising activities in the capital markets, and may not acquire the assets of academic AST providers. And foreign capital is prohibited from controlling or participating in academic AST providers.
  • Increase AST ad control, including restricting the channels to distribute AST ads.
  • In secondary schools (which do not fall into China’s compulsory education system), after-school educational institutions are regulated, citing Shanghai measures.
  • Academic AST providers are strongly prohibited from advising or inciting students to use consumer loan products to pay for training fees.

Compliance with the company’s Shanghai metrics will have a negative impact on business, performance and finances. In line with Shanghai’s measures, the company stopped offering online academic AST classes on weekends, national holidays and school holidays.

Description of a secure port

This notice contains forward-looking statements. These statements were made in accordance with the provisions of the United States Private Guarantee Amendment Act of 1995, “Safe Harbor.” These forward-looking statements are like “will,” “expect,” “expect,” “future,” “think,” “plans,” “believe,” “guess,” and so on. Non-historical facts, including statements about 17EdTech’s beliefs and expectations, are forward-looking statements. 17EdTech may submit written or oral statements to the CEC on a regular basis, in annual reports to shareholders, in press releases and other written materials and in submissions to third parties by officials, directors or employees. Future statements include natural disasters and mistrust. There are a number of factors that can cause tangible results to materialize in any future outlook, but it is not limited to: 17 EdTech Development Strategies; Future business development, financial situation and operational outcomes; Ability to attract and retain users, convert unpaid users into paid users, and increase the costs, trends and relevant government policies and regulations in the Chinese online education market; Observes their needs and market acceptance, products and services, and relationships with business partners; General economic and business conditions; And assumptions related to any of the above. More information about these and other risks is included in 17EdTech’s file with the SEC. All information contained in this press release is effective from the date of publication of this press release, and 17EdTech is not obligated to update any future views unless otherwise required by applicable law.

About 17 Education and Technology Group Inc.

17 Education and Technology Group Inc. It is the leading educational technology company in China with an integrated “after-school + after-school” model. The company will provide an in-class classroom solution that will provide teachers, students and parents with information-based teaching, learning and evaluation products covering more than 70,000 K-12 schools by 2020.

Under the company’s in-house leadership, 17EdTech provides a large online K-12 after-school tutoring service that meets the needs of students. Powered by the integrated model and technology, the 17EdTech Online K-12 large class takes a unique approach to after-school personalized teaching courses, with an informed understanding of individual students’ in-school performance, as well as district-level environmental perceptions.

Please contact investor and media questions

17 Education and Technology Group Inc.
Mr. Raymond Huang
Email: ir@17zuoye.com

Christensen
In China
Mr. Eric Yuan
Phone: + 86-138-0111-0739
Email: Eyuan@christensenir.com

In America
Mrs. Linda Bergkamp
Phone: + 1-480-614-3004
Email: lbergkamp@christensenir.com

.

Leave a Comment