Meten International Education Group (“Meten”), a leading provider of English language training and future skills in China, today issues an update on current trading. The Company has closed financial year 2019 with gross billings in line with management expectations, and consequently, Meten is on track to meet its 2021 targets of RMB 301.1 million adjusted EBITDA and RMB 230.0 adjusted net income. Driven by a combination of continuous enhancements to the Company’s digital offering and the impact of the coronavirus epidemic on the Chinese education industry, gross billings for Meten’s online courses increased approximately 287% year-on-year for the period between 1st and 17th February 2020.
EdtechX Holdings Acquisition Corp. (“EdtechX”) (EDTX), the world’s first special purpose acquisition company focused on investing in the education services and education technology industry, and Meten International Education Group (“Meten”), a leading English language training (“ELT”) service provider in China, announced today that they have successfully completed their previously announced merger transaction. The combined entity will operate as Meten EdtechX Education Group Ltd. (“Meten EdtechX”) and will continue to focus on providing English language and future skills training for Chinese students and professionals.
Meten International Education Group, a leading provider of English language training and future skills in China, today issues an update on current trading. The Company, who entered into a merger agreement with EdtechX Holdings (EDTX) on December 12th 2019 to form a new entity Meten-EdtechX, has closed financial year 2019 with gross billings in line with management expectations, and consequently, Meten is on track to meet its 2021 targets of RMB 301.1 million adjusted EBITDA and RMB 230.0 adjusted net income. Driven by a combination of continuous enhancements to the Company’s digital offering and the impact of the coronavirus epidemic on the Chinese education industry, gross billings for Meten’s online courses increased approximately 287% year-on-year for the period between 1st and 17th February 2020.
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