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BEIJING, July 25, 2021 / PRNewswire / – TAL Education Group (“TAL” or the “Company”) (NYSE: TAL), a leading provider of after-school K-12 tutoring services in China, announced that, the July 24, 2021, from China state official media, including Xinhua News Agency and China Central Television, announced the notices on further relief from the burden of homework and after-school tutoring for students in education mandatory (the “Notice”), issued by the General Office of the CPC Central Committee and the General Office of the State Council. The opinion contains high-level policy guidelines regarding the requirements and restrictions related to out-of-school tutoring services, including (i) institutions providing out-of-school tutoring services on academic subjects in from China the compulsory education system, or AST academic institutions, must be registered as non-profit, no approval will be given to new AST academic institutions, and an approval mechanism will be adopted for AST online academic institutions; (ii) foreign ownership in AST academic institutions is prohibited, including through contractual arrangements, and companies with already foreign ownership must rectify the situation; (iii) listed companies are prohibited from raising capital to invest in companies that teach academic subjects in compulsory education; (iv) AST academic institutions are prohibited from providing tutoring services on academic subjects in compulsory education during public holidays, weekends and school vacations; and (v) AST academic institutions must follow fee standards to be established by competent authorities. The opinion also provides that establishments offering extracurricular tutoring services on academic subjects in high schools (which do not fall under the from China mandatory) takes the Notice into account when conducting activities.
The Company will continue to comply with all applicable rules and regulations relating to the provision of educational services, including those adopted in accordance with the policy guidelines of the Notice. The Company carefully examines the provisions of the Notice and assesses their implications for the activities of the Company. The Company expects that the Notice, related rules and regulations and compliance measures to be taken by the Company will have a material negative impact on its extracurricular tutoring services related to academic subjects in from China compulsory education system, which in turn may adversely affect the Company’s operating results and prospects. The Company will proactively seek advice from and cooperate with government authorities in its efforts to comply with the Notice and all related rules and regulations.
Safe Harbor Declaration
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” “,” The future “,” intentions “,” plans “,” believes “,” estimates “and similar statements. The Company may also make written or oral forward-looking statements in its reports filed or provided to the United States Securities and Exchange Commission, in its annual reports 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 Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Information regarding these risks and uncertainties is included in the Company’s reports filed or provided to the United States Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and TAL Education Group assumes no obligation to update such information or any forward-looking statement, except as required by applicable law.
About the TAL Education group
TAL Education Group is one of the leading K-12 extracurricular tutoring service providers in China. The acronym “TAL” stands for “Tomorrow Advancing Life”, which reflects our vision to promote the best learning opportunities for Chinese students through high quality teaching and content, as well as cutting edge application of technology. in the educational experience. TAL Education Group offers comprehensive tutoring services to students in Kindergarten to Grade 12 through three flexible course formats: small classes, personalized premium services, and online courses. Our tutoring services cover the core academic subjects of the Chinese school curriculum as well as skill-based programs. The Company’s network of learning centers currently covers 110 cities. We also operate www.jzb.com, one of the leading online education platforms in China. Our ADSs are listed on the New York Stock Exchange under the symbol “TAL”.
For more information, please contact:
Echo Yan
Investor Relations
TAL Education Group
Phone. : +86 10 5292 6658
Email: [email protected]
Caroline straathof
IR inside
Phone. : +31 6 5462 4301
Email: [email protected]
View original content: https://www.prnewswire.com/news-releases/tal-education-group-provides-update-on-new-regulations-301340650.html
SOURCE TAL Education Group
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