Shares of Mete nEdtechX Education Group (NASDAQ:METX) on August 05, 2021, surged after the firm came out with a vital and timely update on it launching online adult overseas higher education services commencing from the fall.
The China-based education firm, which focuses on English language training, plans to begin enrolment in regions such as Wuhan, Beijing and Guangzhou, and Wuhan before a national rollout by next spring.
Amidst the significant regulatory crackdowns by Chinese governments in a plethora of sectors like technology and education, the news seems an encouraging one.
Teaching firms have been feeling the impact of the government’s new policy announced last month. The policy states that educational training institutions will be prohibited from raising funds through stock listings even as foreign capital cannot invest in the same.
Authorities in few areas in the country are ordering private businesses for suspending offline and online tutoring initiatives for kids from junior to ninth grade.
However, MetenEdtechXconfirmed that the service will be following regulations on implementing the Non-state Education Promotion Law of the People’s Republic of China.
Furthermore, the firm confirmed that the programs would be giving flexible learning methods as well as a learning-friendly curriculum made for people with a need for higher education degrees from overseas institutions.