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BEIJING, April 23, 2021 / PRNewswire / – China Online Education Group (“51Talk” or the “Company”) (NYSE: COE), a leading online education platform in China with core expertise in teaching English, has announced today that it has entered into a definitive agreement to acquire a 100% stake in Beijing Xiangyue Education Technology Co., Ltd. (“Kaola Reading”), a leading developer and supplier of Chinese reading skills assessment systems and reading training systems in China, by issuing Class A common shares of the Company by private placement. The Transaction is expected to be finalized during the first half of 2021 in accordance with customary closing conditions.
Founded in 2016, Kaola Reading has developed a graduated Chinese reading standard, the Enjoy Reading (ER) framework, in collaboration with the Machine Learning Laboratory at Peking University. Kaola Reading uses artificial intelligence and machine learning technologies to assess and assess reading skills and make smart learning course recommendations based on each student’s unique reading skills and interest. In May 2017, Kaola Reading has launched its award-winning Chinese online learning app.
“We see clear strategic value in this acquisition,” said Mr. Jack Jiajia Huang, founder, CEO of 51Talk. “By leveraging Kaola Reading’s expertise in reading assessment, we plan to develop an English assessment and grading system that allows us to deliver more targeted courses to our students, to offer enhanced learning experiences and outcomes; and adding graded reading content to further diversify our curriculum. wallet. In Additionally, this acquisition expands our course offering to include Chinese language lessons, providing a holistic learning experience for our students. We look forward to working closely with the Kaola Reading team and developing these new initiatives for our next phase of growth. “
About China Online Education Group
China Online Education Group (NYSE: COE) is a leading online education platform in China, with basic expertise in teaching English. The company’s mission is to make quality education accessible and affordable. The Company’s online and mobile education platforms allow students to China to take interactive live English lessons with foreign teachers abroad, on demand. The company connects its students with a large pool of highly qualified foreign teachers that it has assembled using a shared economy approach, and uses student and teacher feedback and data analysis to deliver an experience. personalized learning for its students.
For more information, please visit http://ir.51talk.com.
Safe Harbor Declaration
This press release contains statements that may constitute “forward-looking” statements in accordance with the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terminology such as “will” , “” Expects “,” anticipates “,” aims “,” future “,” intends “,” foresees “,” believes “,” estimates “,” is likely to “and similar statements . Among other things, 51Talk’s business outlook and management quotes in this announcement, as well as 51Talk’s strategic and operational plans, contain forward-looking statements. 51Talk may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“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. Statements that are not historical facts, including statements about the beliefs and expectations of 51Talk, are forward-looking statements. 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 objectives and strategies of 51Talk; 51Talk’s expectations regarding demand and market acceptance of its brand and platform; 51Talk’s ability to retain and increase the number of enrolled students; 51Talk’s ability to offer new courses; 51Talk’s ability to hire, train and retain new teachers; 51Talk’s future business development, results of operations and financial condition; 51Talk’s ability to maintain and improve the infrastructure necessary for the operation of its educational platform; competition in the online education sector in China; the expected growth and market trends for 51Talk’s course offerings in China; relevant government policies and regulations relating to the corporate structure, operations and industry of 51Talk; the general economic and commercial situation in China, The Philippines and elsewhere and the assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the documents filed by 51Talk with the SEC. All information provided in this press release is as of the date of this press release, and 51Talk assumes no obligation to update any forward-looking statement, except as required by applicable law.
For investor and media inquiries, please contact:
China Online Education Group
Investor Relations
+86 (10) 8342-6262
[email protected]
The Piacente Group, Inc.
Brandi Piacente
+86 (10) 5730-6200
+ 1-212-481-2050
[email protected]
SOURCE Online Education Group in China
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