Meten EdtechX welcomes new report showing EdTech is enjoying dynamic growth in China
17 August 2020 - 6:00PM
Meten EdtechX Education Group Ltd. (Nasdaq: METX) (“Meten EdtechX”
or the “Company”), a leading English language training (“ELT”)
service provider in China, today welcomes the new 2020 EdTech X
Global Report exploring key EdTech trends.
The new report was published by EdtechX, the
Nasdaq-listed SPAC and leading global education edtech conference
provider which was set up IBIS Capital, the London based investment
bank and asset management house that also set up EdtechX Holdings
which successfully merged with Meten on the 30 March 2020 to make
Meten EdtechX Education Group Ltd.
The main findings of the report were:
- EdTech expenditure across all segments is expected to be
positively impacted by the COVID-19 crisis, as it drives an
increased uptake of technology in order to replace, supplement and
enhance teaching and learning in the context of social distancing.
B2C and HE EdTech are expected to see over 20% annual revenue
growth in developing countries in the period 2019 – 2025. The
report notes that there is significant usage in rapidly developing
countries, like China, where EdTech solutions could help the
problem of scaling quality education provision.
- EdTech stocks have been growing at a higher rate than their
non-EdTech counterparts and outperformed the Technology index
during the Covid-19 lockdowns. EdTech and Chinese EdTech have
outgrown the Technology by 3.7x and 4.0x respectively since 2016.
Chinese EdTech businesses offering distance learning solutions,
such as large-format online classes, have shown significant
increases in enrolment during lockdowns, driving stock
performance
- Corporate training making use of technology is also set to
grow, particularly in the developing world, where access to high
quality training courses from countries such as the US and the UK
are in high demand. As a result, EdTech expenditure by region in
East Asia and Pacific is set to grow by 17.3% from 2019 to
2025.
- Chinese EdTech companies are outperforming the market by large
as China emerges as a leader in EdTech as many companies have taken
advantage of the opportunities to digitise education in the world’s
largest education market, with c. 400million learners
Mr. Alan Peng, Chief Executive Officer of
Meten EdtechX commented: “We are excited by this report
for the sector but also for Meten EdtechX. These findings
demonstrate that EdTech is enjoying dynamic growth in China. This
vindicates our substantial investment in edtech and we have
ambitious growth and acquisitions plans in the space to further
capitalise on this. The EdtechX Holdings transaction demonstrates
the scale of international interest in the China edtech space, we
are also proud to have other global investors such as our
ground-breaking merger with a Nasdaq-listed SPAC Azimut, Italy’s
major institutional investor.”
For investor and media enquiries, please
contact:
Meten EdtechXStanley YangTel: +86
1851-8513-075Email: stanley_yts@meten.com
Citigate Dewe RogersonSandra Novakov / Christen
Thomson / Eleni Menikou / Lucy Eyles+44 (0)20 7638
9571meten@citigatedewerogerson.com
About Meten EdtechX
Meten EdtechX is a leading ELT service provider in
China, delivering English language and future skills training for
Chinese students and professionals. Through a sophisticated digital
platform and nationwide network of learning centers, the Company
provides its services under three industry-leading brands: Meten
(adult and junior ELT services), ABC (primarily junior ELT
services) and Likeshuo (online ELT). It offers superior teaching
quality and student satisfaction, which are underpinned by cutting
edge technology deployed across its business, including AI-driven
centralized teaching and management systems that record and analyze
learning processes in real time.
The Company is committed to improving the overall
English language competence and competitiveness of the Chinese
population to keep abreast of the rapid development of
globalization. Its experienced management is focused on further
developing its digital platform and expanding its network of
learning centers to deliver a continually evolving service
offerings to a growing number of students across China.
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