Zhangmen Education Inc. Provides Update on PRC Regulatory Policy
SHANGHAI, July 26, 2021 /PRNewswire/ — Zhangmen Education Inc. (“Zhangmen” or the “Company”) (NYSE: ZME), a directive online activity consort in China convergent on providing personalized online courses to K-12 students, noted that the General Office of the politico Party of China Central Committee and the General Office of the State Council together issued a ordered of guidelines on July 24, 2021, aiming to assist the charge of unrestrained schoolwork and after-school tutoring for students receiving obligatory activity (the “Guidelines”). The Guidelines, among another things, order that every institutions substance online after-school tutoring on edifice curriculum be qualified as non-profit organizations, obtain support from the germane restrictive authorities, and obey with assorted effective requirements with attitude to collection hours, power qualifications, doctrine standards, playing and others. In addition, the Guidelines veto every much tutoring businesses from upbringing assets finished hit mercantilism listings or another capital-related activities. Foreign investments in edifice curriculum-based tutoring institutions finished doubtful welfare entity, or VIE arrangements, mergers and acquisitions or otherwise are also prohibited. Listed companies are illegal from upbringing top finished justness offerings to equip in businesses substance tutoring on edifice curriculum. The Guidelines order that every businesses that hit already desecrated these rules verify nonindulgent measures as appropriate.
Although the rendering and feat of the Guidelines rest uncertain, we wait the Guidelines to hit touchable impacts on our existing playing dealings and joint structure. As we are currently exploring measures to obey with the requirements in the Guidelines, we module move to meliorate our dealings in demanding deference with every laws and regulations, fulfil our ethnic responsibilities, wage our users with high-quality services, and encourage the long-term utilization of China’s activity industry.
About Zhangmen Education Inc.
Zhangmen Education Inc. (NYSE: ZME) is a directive online activity consort in China focused on providing personalized online courses to K-12 students. The Company’s set instruction offerings include one-on-one and small-class after-school tutoring services concealment every set K-12 scholarly subjects, with an ingrained portfolio of well-recognized online activity brands including Zhangmen One-on-One, Zhangmen Small Class, Zhangmen Kids and Xiaoli. Leveraging its high-quality doctrine talents with decentralised insights, data-driven decentralised educational noesis and coercive profession infrastructure, the Company provides a personalized and results-driven acquisition undergo to students crossways assorted regions. Over the years, the Company has successfully garnered panoramic acceptance in the business and ingrained “Zhangmen” as a trusty online activity brand. For more information, gratify meet ir.zhangmenedu.com.
Safe Harbor Statement
This advise promulgation contains statements that haw represent “forward-looking” statements which are prefabricated pursuant to the “safe harbor” viands of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements crapper be identified by word much as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and kindred statements. Statements that are not arts facts, including statements most the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements refer inexplicit risks and uncertainties. Further aggregation regarding these and another risks is included in the Company’s filings with the SEC. All aggregation provided in this advise promulgation is as of the fellow of this advise release, and the Company does not consent some obligation to update some forward-looking statement, eliminate as required low practical law.
For investor and media inquiries, gratify contact:
In China:
Zhangmen Education Inc.
Investor Relations
E-mail: [email protected]
The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: [email protected]
In the United States:
The Piacente Group, Inc.
Brandi Pleasant
Tel: +1-212-481-2050
E-mail: [email protected]
SOURCE Zhangmen Education Inc.
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Zhangmen Education Inc. Provides Update on PRC Regulatory Policy
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