SHANGHAI, Dec. 23, 2021 /PRNewswire/ -- Four Seasons
Education (Cayman) Inc. ("Four Seasons Education" or the "Company")
(NYSE: FEDU), a leading Shanghai-based education company, today
provided updates on the Company's
business operations following the recent regulatory developments
relating to after-school tutoring services, including the Opinions
on Further Alleviating the Burden of Homework and After-School
Tutoring for Students in Compulsory Education, published in
July 2021 by the General Office of
the CPC Central Committee and the General Office of the State
Council (the "Opinion") and the related implementation rules,
regulations and measures promulgated by competent authorities.
As part of its efforts to fully comply with the Opinion and
applicable rules, regulations and measures, the Company plans to
cease offering tutoring services related to academic subjects to
students from kindergarten through grade nine ("K-9 Academic AST
Services") in mainland China by
the end of 2021. The Company expects that the cessation will have a
substantial adverse impact on the Company's revenues for the fiscal
year ending February 28, 2022 and
subsequent periods. In the fiscal year ended February 28, 2021, the Company generated a
substantial majority of its revenues from K-9 Academic AST
Services.
Building on its strong curriculum development capabilities,
exceptional educational resources and a team well-versed in the
high quality education content, the Company will continue to
operate and develop its non- K-9 Academic AST Services business,
and will further explore other opportunities to provide educational
services in accordance with relevant rules and regulations.
The Company is committed to fully complying with the policy
directives in the Opinion and any related implementation rules,
regulations and measures adopted by the central and local
governments of China. The Company
will continue to seek guidance from and work constructively with
the government authorities in connection with the cessation of its
K-9 Academic AST Services, as well as other compliance efforts. The
Company will continue developing and improving its services and
update its shareholders as appropriate.
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 improve students' comprehensive 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 exchanges, 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 education company dedicated to
providing comprehensive educational services. The Company's vision
is to unlock students' intellectual potential through high quality
and effective education that can profoundly benefit students. The
Company's proprietary educational service offerings are designed to
cultivate students' interests and enhance their cognitive and
logical thinking abilities. 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 educational services has been demonstrated by its student
outstanding 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.
