China’s EdTech Industry Faces Continued Growth, QuantaSing CFO Says At ASU+GSV Summit
18 Aprile 2023 - 11:00PM
QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the
“Company”), a leading online learning service provider for adults
in China, highlighted the growth prospects of the country’s EdTech
sector at the premier global forum on technology and its innovation
in education and skills.
In a panel on the opening day of the ASU+GSV
Summit, moderated by GSV Ventures Senior Advisor Joy Chen, Tim Xie,
Chief Financial Officer at QuantaSing, said adults in China
continue to look to digital learning to develop the skills to
navigate today’s constantly evolving world.
“Access to quality online learning is an
important step in helping people future-proof their skills and seek
new opportunities for career growth and personal development.
Adults are not only learning to grow, they are also learning to
explore new personal interests and aspirations,” Mr. Xie said.
Thanks to such tailwinds, China’s online adult
learning market, in terms of revenue, is expected to reach RMB288.1
billion (US$44.6 billion) in 2026, at a CAGR of 17.9% from 2021 to
2026, according to a report from Frost & Sullivan. QuantaSing
occupies a key position in this market, with 77.8 million
registered users as of December 31, 2022.
The panel, which included other top names from
China’s online learning space, also discussed artificial
intelligence (AI) applications in the country’s and global EdTech
industry. Ensuring these tools facilitate the transfer of
knowledge, under the guidance of tutors and specialists, and
optimizing a customized learning experience is key to moving this
industry forward.
QSG remains dedicated to developing new course
offerings to meet the diverse needs of learners, spanning from
skill-based learning courses to other personal interest courses
such as short video production and calligraphy. In addition, QSG
has recently started providing enterprise talent management
services, which also provides robust growth opportunities.
About QuantaSing Group LimitedQuantaSing is a
leading online service provider in China dedicated to improving
people’s quality of life and well-being by providing lifelong
personal learning and development opportunities. The Company is the
largest online learning service provider in China’s adult personal
interest learning market and among the top five service providers
in China’s total adult learning market in terms of revenue in 2021.
By leveraging its proprietary tools and technology, QuantaSing
offers easy-to-understand, affordable, and accessible online
courses to adult learners under a variety of brands, including
QiNiu, JiangZhen and QianChi, empowering them to pursue personal
development. Leveraging its extensive experience in individual
online learning services, the Company has also expanded its
services to corporate clients including, among others, marketing
services and enterprise talent management services.
About ASU+GSV SummitThe ASU+GSV
Summit is the premier global event focused on technology innovation
in education and skills. Started in 2010 with a collaboration
between Arizona State University (ASU) and Global Silicon Valley
(GSV), the annual Summit connects leading minds focused on
transforming society and business around learning and work.
Educators, investors, industry leaders, and entrepreneurs from
around the world come together to innovate the future of education
for all.
Safe Harbor StatementsThis announcement
contains forward-looking statements within the meaning of Section
27A of Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended and the Private
Securities Litigation Reform Act of 1955. All statements other than
statements of historical or current fact included in this press
release are forward-looking statements, including but not limited
to statements regarding QuantaSing’s financial outlook, beliefs and
expectations. These statements can be identified by terminology
such as “will,” “expects,” “anticipates,” “future,” “intends,”
“plans,” “believes,” “estimates,” “potential,” “continue,”
“ongoing,” “targets,” “guidance” and similar statements. Among
other things, the Financial Outlook in this announcement contains
forward-looking statements. The Company may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), 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. 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 growth strategies; its future business
development, results of operations and financial condition; its
ability to attract and retain new users and learners and to
increase the spending and revenues generated from users and
learners; its ability to maintain and enhance the recognition and
reputation of its brand; its expectations regarding demand for and
market acceptance of its services and products; trends and
competition in China’s adult learning market; changes in its
revenues and certain cost or expense items; the expected growth of
China’s adult learning market; PRC governmental policies and
regulations relating to the Company’s business and industry,
general economic and political conditions in China and globally,
and assumptions underlying or related to any of the foregoing.
Further information regarding these and other risks, uncertainties,
or factors is included in the Company’s filings with the SEC,
including, without limitation, the final prospectus related to the
IPO filed with the SEC dated January 24, 2023. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and the Company undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date hereof.
For more information, please visit: ir.liangzizhige.com.
Media ContactInvestor RelationsLeah GuoEmail:
ir@lzzg365.comLandline: +86 (10) 6493-7857
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