SHANGHAI, July 26, 2021
/PRNewswire/ -- Four Seasons Education (Cayman) Inc. ("Four
Seasons Education" or the "Company") (NYSE: FEDU), a leading
Shanghai-based educational company
dedicated to providing comprehensive after-school education
services with a focus on high-quality math education, 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 Burden of Homework and After-School
Tutoring for Students in 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 (i) institutions
providing after-school tutoring services on academic subjects to
students at China's compulsory
education stage, or Academic AST Institutions, need to be
registered as non-profit, no approval will be granted to new
Academic AST Institutions, and an approval mechanism will be
adopted for online Academic AST Institutions; (ii) foreign
ownership in Academic AST Institutions is prohibited, including
through contractual arrangements, and Academic AST Institutions in
violation need to rectify the situation; (iii) listed companies are
prohibited from raising capital to invest in businesses that teach
academic subjects in compulsory education; (iv) Academic AST
Institutions are prohibited from providing tutoring services on
academic subjects in compulsory education during public holidays,
weekends and school breaks; and (v) Academic AST Institutions must
follow the fee standards to be established by relevant authorities.
The Opinion also provides that institutions providing after-school
tutoring services on academic subjects in high schools (which do
not fall within China's compulsory
education system) shall take into consideration the Opinion when
conducting activities.
The Company will continue to comply with all applicable rules
and regulations in providing educational services, including those
to be adopted following the policy directives of the Opinion. The
Company is carefully considering the provisions of the Opinion and
assessing their implications for the Company's business. The
Company expects the Opinion, related rules and regulations, and the
compliance measures to be taken by the Company will have material
adverse impact on its after-school tutoring services related to
academic subjects in China's
compulsory education system, which in turn may adversely affect the
Company's results of operations and prospect. The Company will
proactively seek guidance from and cooperate with 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 statements of a forward-looking
nature. These statements, including the statements relating to the
Company's future financial and operating results, are made under
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will,"
"expects," "believes," "anticipates," "intends," "estimates" and
similar statements. Among other things, management's quotations and
the Business Outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company and the
industry. Potential risks and uncertainties include, but are not
limited to, those relating to its ability to attract new students
and retain existing students, its ability to deliver a satisfactory
learning experience and improving their academic performance, PRC
regulations and policies relating to the education industry in
China, general economic conditions
in China, and the Company's
ability to meet the standards necessary to maintain listing of its
ADSs on the NYSE or other stock exchange, including its ability to
cure any non-compliance with the NYSE's continued listing criteria.
All information provided in this press release is as of the date
hereof, and the Company undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by the Company
is included in the Company's filings with the U.S. Securities and
Exchange Commission, including its annual reports on Form 20-F.
About Four Seasons Education (Cayman) Inc.
Four Seasons Education (Cayman) Inc. is a leading Shanghai based educational company dedicated
to providing comprehensive after-school education services with a
focus on high-quality math education. The Company's vision is to
unlock students' intellectual potential through high quality and
effective education that can profoundly benefit students' academic,
career and life prospects. The Company provides educational
programs that are primarily focused on elementary-level math and
have expanded in recent years to also include other subjects,
including physics, chemistry, and languages, and other grade
levels, such as middle school programs, as well as other programs
including interest-oriented programs and programs catering for
kindergarten students. The Company's proprietary educational
content is designed to cultivate students' interests and enhance
their cognitive and logic abilities. The Company develops its
educational content through a systematic development process and
updates it regularly based on student performance and feedback.
Such process allows the Company to effectively drive better
learning outcomes and serve students of different ages, aptitude
levels and learning objectives. The Company's faculty is led by a
group of experienced senior educators, including recognized
scholars and award-winning teachers. Over the years, the quality of
the Company's education services has been demonstrated by its
student outstanding academic performance.
For investor and media inquiries, please contact:
In China:
Four Seasons Education (Cayman) Inc.
Olivia Li
Tel: +86 (21) 6317-6678
E-mail: IR@fsesa.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86-10-6508-0677
E-mail: fourseasons@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: fourseasons@tpg-ir.com
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SOURCE Four Seasons Education Inc.
