BEIJING, July 27, 2021 /PRNewswire/ -- Puxin Limited
(NYSE: NEW) ("Puxin" or the "Company"), a successful consolidator
of the after-school education industry in China, today announced that, on July 24, 2021, China's official state media, including Xinhua
News Agency and China Central Television, announced the Opinions on
Further Alleviating the Burdens of Homework and After-school
Tutoring for Students of Compulsory Education (the "Opinion"),
issued by the General Office of the CPC Central Committee and the
General Office of the State Council. The Opinion contains
high-level policy directives about requirements and restrictions
related to after-school tutoring services, including, among others,
(i) institutions providing after-school tutoring services on
academic subjects in China's
compulsory education system, or Academic AST Institutions, are
required to be registered as non-profit, no approval will be
granted to establish new Academic AST Institutions, and online
Academic AST Institutions will be subject to approvals; (ii)
foreign ownership in Academic AST Institutions is prohibited,
including through contractual arrangements, and companies with
existing foreign ownership are required to make rectification;
(iii) listed companies are prohibited from raising capital to
invest in businesses that offer after-school tutoring services on
academic subjects of compulsory education; (iv) Academic AST
Institutions are prohibited from providing tutoring services on
academic subjects of compulsory education during public holidays,
weekends and school breaks; and (v) Academic AST Institutions are
required to follow the fee standards to be determined by competent
government authorities. The Opinion also provides that the
supervision on institutions providing after-school tutoring on
academic subjects of high schools (which are not within
China's compulsory education
system) will be implemented with reference to the Opinion.
The Company will follow the requirements under the Opinion and
comply with all applicable rules and regulations in providing
educational services, including those to be adopted by local
governmental authorities following the Opinion. The Company is
carefully considering appropriate compliance measures in response
to the Opinion, and expects such measures to have material adverse
impact on the Company's after-school tutoring services, results of
operations and prospectus. The Company will proactively seek
guidance from, and cooperate with, the government authorities in
connection with its efforts to comply with the Opinion and any
related rules and regulations.
Safe Harbor Statement
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 U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "may," "would,"
"expect," "anticipate," "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
with or furnished to the U.S. 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. Any 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 from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: its goals 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 its
business expansion and successfully integrate businesses it
acquired, its ability to identify or pursue targets for
acquisitions, its ability to compete effectively against its
competitors, its ability to improve the content of its existing
courses or to develop new courses, and relevant government policies
and regulations relating to the Company's corporate structure,
business and industry. Further information regarding these and
other risks is included in the Company's filings with the U.S.
Securities and Exchange Commission. All information provided in
this press release is current as of the date of the press release,
and the Company does not undertake any obligation to update such
information, except as required under applicable law.
About Puxin Limited
Puxin Limited (NYSE: NEW) ("Puxin" or the "Company") is a
successful consolidator of the after-school education industry in
China. Puxin has a strong
acquisition and integration expertise to effectively improve
education quality and operational performance of acquired schools.
Puxin offers a full spectrum of K-12 and study-abroad tutoring
programs designed to help students achieve academic excellence, as
well as prepare for admission tests and applications for top
schools, universities and graduate programs in China and other countries. The Company has
developed a business model effectively combining strategic
acquisitions and organic growth achieved through successful
post-acquisition integration, which has differentiated the Company
from other after-school education service providers in
China. For more information, please visit
http://www.pxjy.com/.
Contacts
Puxin Limited
Investor Relations
Phone: +86-10-6269-8930
E-mail: ir@pxjy.com
ICA (Institutional Capital Advisory)
Mr. Kevin Yang
Phone: +86-21-8028-6033
E-mail: puxin@icaasia.com
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SOURCE Puxin Limited