BEIJING, March 30, 2021 /PRNewswire/ -- GSX Techedu Inc.
(NYSE: GSX) ("GSX" or the "Company"), a leading online K-12
large-class after-school tutoring service provider in China, today announced that Mr. Larry Xiangdong Chen, the Company's founder,
Chairman and CEO, intends to use his personal funds to
purchase up to US$50 million of the
Company's shares over the next 12 months. Mr. Larry Xiangdong
Chen currently has not pledged any of his equity interest in
the Company as security or collateral to any third
party.
In May 2020, the Company's board
of directors had authorized a share repurchase program, under which
the Company may repurchase up to US$150
million of its shares, effective until May 6, 2022. As of March
30, 2021, the Company had repurchased US$39.8 million of its shares under the share
repurchase program. The Company is still authorized to use the
remaining quota for repurchase within the term of the
plan.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of 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" and similar statements. The Company 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 reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company's ability to continue to attract students to enroll in its
courses; the Company's ability to continue to recruit, train and
retain qualified teachers; the Company's ability to improve the
content of its existing course offerings and to develop new
courses; the Company's ability to maintain and enhance its brand;
the Company's ability to maintain and continue to improve its
teaching results; and the Company's ability to compete effectively
against its competitors. Further information regarding these and
other risks is included in the Company's reports filed with, or
furnished to the U.S. Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of this press release, and GSX undertakes no duty
to update such information or any forward-looking statement, except
as required under applicable law.
About GSX Techedu Inc.
GSX is a technology-driven education company and leading online
K-12 large-class after-school tutoring service provider in
China. GSX offers K-12 courses
covering all primary and secondary grades through the brand
Gaotuketang as well as foreign language, professional and interest
courses through the brand Genshuixue. GSX adopts an online live
large-class format to deliver its courses, which the Company
believes is the most effective and scalable model to disseminate
scarce high-quality teaching resources to aspiring students in
China. Big data analytics
permeates each aspect of the Company's business and facilitates the
application of the latest technology to improve teaching delivery,
student learning experience, and operational efficiency.
For further information, please contact:
GSX Techedu Inc.
Ms. Sandy Qin, CFA
E-mail: ir@genshuixue.com
Christensen
In China
Mr. Andrew McLeod
Phone: +852-2232-3941
E-mail: gsx@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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SOURCE GSX Techedu Inc.
