SHANGHAI, Aug. 25, 2021
/PRNewswire/ -- Zhangmen Education Inc. ("Zhangmen" or the
"Company") (NYSE: ZME), a leading online education company in
China, noted that the Shanghai
Municipality Government issued the Shanghai Municipality's Measures
to Further Reduce the Burden of Homework and After-School Tutoring
on Students in Compulsory Education in Shanghai (the "Shanghai AST Measures") to
implement the requirements set forth in the Opinions on Further
Alleviating the Burden of Homework and After-School Tutoring for
Students in Compulsory Education, published in July by the PRC
central government (the "Central Government Opinions"). The
Shanghai AST Measures stipulate that, among other things:
- No new provider of after-school tutoring services on academic
subjects in China's compulsory
education system ("Academic AST") will be approved, while existing
Academic AST providers shall be subject to review and
re-registration as non-profit organizations.
- AST providers are strictly prohibited from providing Academic
AST during any national holiday, weekend, winter and summer break
period, subject to further restrictions over when Academic AST can
be offered to students during weekdays.
- Tuition fees for Academic AST shall follow the guidelines from
the government to prevent any excessive charging or excessive
profit-seeking activities.
- Academic AST providers are prohibited from financing its
operations by way of listing its securities on stock exchanges or
other capital market activities. Listed companies may not invest in
Academic AST providers through capital market fundraising
activities, or acquire assets of Academic AST providers. Foreign
investment will be prohibited in Academic AST providers.
- AST advertising shall be subject to enhanced oversight.
The Company is committed to fully complying with the Shanghai
AST Measures and similar measures to be adopted by other local
governments, if any, to implement the requirements of the Central
Government Opinions. Such measures are expected to have material
impacts on its existing K-12 course business. As previously
disclosed, the Company will continue to proactively seek guidance
from the government authorities in Shanghai and other relevant provinces and
municipalities in connection with its efforts to comply with the
related PRC rules and regulations.
About Zhangmen Education Inc.
Zhangmen Education Inc. (NYSE: ZME) is a leading online
education company in China. The Company's core course
offerings encompass one-on-one and small-class after-school
tutoring services covering a wide
range of academic subjects, with an established portfolio of
well-recognized online education brands including Zhangmen
One-on-One, Zhangmen Small Class, Zhangmen Kids and Xiaoli.
Leveraging its high-quality teaching talents with localized
insights, data-driven localized educational content and powerful
technology infrastructure, the Company provides a personalized and
results-driven learning experience to students across different
regions. Over the years, the Company has successfully garnered wide
recognition in the industry and established "Zhangmen" as a trusted
online education brand. For more information, please visit
ir.zhangmenedu.com.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements which are made pursuant to the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to,"
and similar statements. Statements that are not historical facts,
including statements about the Company's beliefs, plans, and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding these and other risks is included in the
Company's filings with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
In China:
Zhangmen Education Inc.
Investor Relations
E-mail: ir@zhangmen.com
The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: zhangmen@thepiacentegroup.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: zhangmen@thepiacentegroup.com
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SOURCE Zhangmen Education Inc.
