Puxin Limited provides business updates
BEIJING, December 24, 2021 / PRNewswire / – Puxin Limited (NYSE: NEW) (“Puxin” or the “Company”), a private provider of educational services in China, today provided business updates following recent regulatory developments relating to after-school tutoring services, including advice on further alleviating the burden of homework and after-school tutoring for pupils in compulsory education, published in July 2021 by the General Office of the CPC Central Committee and the General Office of the State Council (the “Notice”) and related rules, regulations and implementing measures promulgated by the competent authorities.
In accordance with the Notice and the applicable rules, regulations and measures, the Company plans to offer tutoring services related to academic subjects (the “AST K-12 Academic Services”) in all learning centers through China (the “Disposal”). The Company is in discussions with potential buyers of the proposed disposition. The proposed transaction will be determined after negotiations between the Company and potential buyers, subject to final agreements to be concluded by the parties concerned. There can be no assurance as to the ultimate timing of the proposed transaction or that the transaction will be completed. In the third quarter of 2021, the Company’s academic AST services revenues represented approximately 59% of its total revenues.
In the long term, the company will focus on educational services that are unrelated to AST K-12 academic services, such as its study abroad programs and full-time arts education programs. The Company will continue to explore potential strategic opportunities and provide updates as appropriate.
The Company will continue to seek advice and cooperate with government authorities in various provinces and municipalities in China as part of its efforts to comply with the political guidelines of the Notice and all related rules, regulations and implementing measures. The Company will further adjust its business operations as needed and inform its shareholders as appropriate.
Safe Harbor Declaration
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 US Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as “will fly”, “could”, “can”, “expect”, “anticipate”, “the future”, “intend”, “aim”, “plan” “,” Believe “,” estimate “,” predict, “” project “,” continue “,” confident “and similar statements. The Company may also make written or oral forward-looking statements in its reports filed or provided to the United States 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. All statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially. those of forward-looking statements. These factors and risks include, but are not limited to: continued listing of ADSs on the NYSE, compliance with NYSE rules, future ticket developments, planned discontinuation and sale of K-12 tutoring services. , the Company’s objectives and strategies, its ability to achieve and maintain profitability, its ability to attract and retain students to enroll in its courses, its ability to effectively manage the transition and expansion of its business and successfully integrate new businesses, its ability to identify or pursue acquisition targets, its ability to compete effectively with its competitors, its ability to improve the content of its existing courses or develop new courses, and policies and relevant government regulations relating to the business structure, operations and industry of the Company. Further information regarding these and other risks is included in the documents filed by the Company with the United States Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company assumes no obligation to update such information, except as required by applicable law.
About Puxin Limited
Puxin Limited (NYSE: NEW) (“Puxin” or the “Company”) is a private provider of educational services in China. Puxin has solid expertise in acquisition and integration to effectively improve the quality of education and operational performance of acquired schools. Puxin provides quality educational services to students and has developed online and mobile applications to enhance the learning experience for students. For more information, please visit http://www.pxjy.com/.
Phone: + 86-10-6269-8930
E-mail: [email protected]
ICA Investor Relations (Asia) Limit
Mr. Kevin Yang
Phone: + 86-21-8028-6033
E-mail: [email protected]
SOURCE Puxin Limited