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Sunlands Technology Group Announces Unaudited Fourth Quarter and Full Year 2019 Financial Results
Q4 net revenues decreased by 3.4% year-over-yearQ4 gross billings (non-GAAP) decreased by 15.5% year-over-yearQ4 new student enrollments[1] decreased by 22.6% year-over-year BEIJING, March 27, 2020 /PRNewswire/ -- Sunlands Technology Group (NYSE: STG) ("Sunlands" or the "Company"), a leader in China's online post-secondary and professional education, today announced its unaudited financial results for the fourth quarter ended December 31, 2019. [1] New student enrollments for a given period refers to the total number of orders placed by students that newly enroll in at least one course during that period (including those students that enroll and then terminate their enrollment with us, excluding orders of our low-price courses). In June 2019, we introduced low-price courses, including "mini courses" and "RMB1 courses," to strengthen our competitiveness and improve customer experience. We offer such low-price courses mainly in the formats of recorded videos or short live streaming. Fourth Quarter 2019 Financial and Operational Snapshots Net revenues were RMB549.7 million (US$79.0 million), representing a 3.4% decrease year-over-year. Gross billings (non-GAAP) were RMB642.0 million (US$92.2 million), representing a 15.5% decrease year-over-year. Gross profit was RMB448.2 million (US$64.4 million), representing an 8.6% decrease year-over-year. Net loss was RMB139.5 million (US$20.0 million), representing a 24.0% decrease year-over-year. Net loss margin, defined as net loss as a percentage of net revenues, decreased to 25.4% from 32.3% in the fourth quarter of 2018. New student enrollments were 92,718, representing a 22.6% decrease year-over-year. As of December 31, 2019, the Company's deferred revenue balance was RMB3,228.8 million (US$ 463.8 million). Full Year 2019 Financial and Operational Snapshots Net revenues were RMB2,193.9 million (US$315.1 million), representing a 11.1% increase year-over-year. Gross billings (non-GAAP) were RMB2,358.5 million (US$338.8 million), representing a 26.6% decrease year-over-year. Gross profit was RMB1,797.6 million (US$258.2 million), representing a 9.4% increase year-over-year. Net loss was RMB395.2 million (US$56.8 million), representing a 57.4% decrease year-over-year. Net loss margin, defined as net loss as a percentage of net revenues, decreased to 18.0% from 47.0% in the full year 2018. New student enrollments were 363,013, representing a 31.0% decrease from the full year 2018. "In the fourth quarter of 2019, we continued to focus on our multi-pronged strategy for student acquisition and retention. Our efforts centered around the further development and differentiation of our products and services through the application of big data analytics and AI technology. This has allowed us to produce significant operational benefits to both our employees and students, facilitate our digital transformation, and further strengthen our data security and risk control capabilities," said Mr. Tongbo Liu, Chief Executive Officer of Sunlands. "In order to satisfy the diverse needs of our students, we also continued broadening our online course offerings, with more choices for master's-oriented and professional certificate programs. Our master's-oriented programs accounted for 19.8% of total gross billings in the fourth quarter of 2019, significantly higher compared with 7.8% in the same period a year ago. These initiatives, coupled with and our solid track record of pass rates, position us well to capture the strong long run growth opportunity in the online post-secondary and professional education market." Mr. Steven Yipeng Li, Chief Financial Officer of Sunlands, said, "Our net revenues were RMB549.7 million in the fourth quarter of 2019, in line with our guidance. Our gross billings and new student enrollments declined 15.5% and 22.6%, respectively, year-over-year, primarily as a result of slowing macroeconomic growth in China and adjustment of marketing strategies in view of challenges in student acquisition cost. During the fourth quarter, we continued to pursue a balanced approach to grow revenue and improve profitability, by executing our student acquisition strategy while continually streamlining our cost structure. Our administrative expenses, as well as sales and marketing expenses decreased by 30.9% and 10.2%, respectively, compared with the same quarter last year. Our cost efficiency improvement measures led to a reduction in net loss in the fourth quarter, to RMB139.5 million, 24.0% lower compared with a loss of RMB183.7 million in fourth quarter of 2018. Looking ahead into 2020, we are optimistic that our dedication to persistent product and service upgrades will continue to bring value to our customers, and ultimately our shareholders." Financial Results for the Fourth Quarter of 2019 Net Revenues In the fourth quarter of 2019, net revenues decreased by 3.4% to RMB549.7 million (US$79.0 million) from RMB568.8 million in the fourth quarter of 2018. The decrease was mainly due to the decrease of gross billings in 2019 compared with 2018. Cost of Revenues Cost of revenues increased by 29.3% to RMB101.5 million (US$14.6 million) in the fourth quarter of 2019 from RMB78.5 million in the fourth quarter of 2018, which was primarily due to an increase in our insurance-related costs as we began to offer a bundled service including an integrated online education service package with insurance coverage for tuition refund. Our insurance-related costs refer to the premium that we pay for the insurance in order to deliver such integrated online education service package purchased by students. Gross Profit Gross profit decreased by 8.6% to RMB448.2 million (US$64.4 million) in the fourth quarter of 2019 from RMB490.3 million in the fourth quarter of 2018. Operating Expenses In the fourth quarter of 2019, operating expenses were RMB599.0 million (US$86.0 million), representing a 14.4% decrease from RMB699.7 million in the fourth quarter of 2018. Sales and marketing expenses decreased by 10.2% to RMB476.1 million (US$68.4 million) in the fourth quarter of 2019 from RMB530.1 million in the fourth quarter of 2018. The decrease was mainly due to reduced marketing spending, reflective of disciplined, prudent cost management, and the decrease in expenses related to sales and marketing personnel. General and administrative expenses decreased by 30.9% to RMB98.6 million (US$14.2 million) in the fourth quarter of 2019 from RMB142.6 million in the fourth quarter of 2018. The decrease was mainly due to the decrease in office and compensation expenses. Product development expenses decreased by 9.9% to RMB24.3 million (US$3.5 million) in the fourth quarter of 2019 from RMB27.0 million in the fourth quarter of 2018. The decrease was primarily due to a decrease in the number of employees and compensation incurred related to our product and technology development personnel during the quarter. Net Loss Net loss for the fourth quarter of 2019 was RMB139.5 million (US$20.0 million), compared with RMB183.7 million in the fourth quarter of 2018. Basic and Diluted Net Loss Per Share Basic and diluted net loss per share was RMB20.46 (US$2.94) in the fourth quarter of 2019. Cash and Cash Equivalents and Short-term Investments As of December 31, 2019, the Company had RMB1,402.2 million (US$201.4 million) of cash and cash equivalents and RMB217.6 million (US$31.3 million) of short-term investments, compared with RMB1,248.8 million of cash and cash equivalents and RMB1,028.6 million of short-term investments as of December 31, 2018. Deferred Revenue As of December 31, 2019, the Company had a deferred revenue balance of RMB3,228.8 million (US$463.8 million), compared with RMB3,286.0 million as of December 31, 2018. Capital Expenditures Capital expenditures were incurred primarily in connection with purchases of buildings and IT infrastructure equipment necessary to support Sunlands' operations. Capital expenditures were RMB10.4 million (US$1.5 million) in the fourth quarter of 2019, compared with RMB263.1 million in the fourth quarter of 2018. Financial Results for the Year 2019 Net Revenues In 2019, net revenues increased by 11.1% to RMB2,193.9 million (US$315.1 million) from RMB1,974.0 million in the year of 2018. The increase was mainly driven by the growth in the number of students in 2019 compared to 2018. Cost of Revenues Cost of revenues increased by 20.0% to RMB396.3 million (US$56.9 million) in the year of 2019 from RMB330.4 million in 2018, which was primarily due to an increase in our insurance-related costs as we began to offer a bundled service including an integrated online education service package with insurance coverage for tuition refund. Our insurance-related costs refer to the premium that we pay for the insurance in order to deliver such integrated online education service package purchased by students. Gross Profit Gross profit increased by 9.4% to RMB1,797.6 million (US$258.2 million) from RMB1,643.6 million in 2018. Operating Expenses In the year of 2019, operating expenses were RMB2,257.3 million (US$324.2 million), representing a 15.5% decrease from RMB2,672.5 million in the year of 2018. Sales and marketing expenses decreased by 16.7% to RMB1,792.3 million (US$257.4 million) in 2019 from RMB2,152.8 million in 2018. The decrease was mainly due to reduced marketing spend, reflective of disciplined, prudent cost management, and a decrease in expenses related to sales and marketing personnel. General and administrative expenses decreased by 18.1% to RMB363.3 million (US$52.2 million) in 2019 from RMB443.7 million in 2018. Product development expenses increased by 33.8% to RMB101.7 million (US$14.6 million) in 2019 from RMB76.0 million in 2018. Net Loss Net loss for 2019 was RMB395.2 million (US$56.8 million), compared with RMB927.0 million in 2018. Basic and Diluted Net Loss Per Share Basic and diluted net loss per share was RMB57.81 (US$ 8.30) in 2019, compared with RMB147.27 in 2018. Capital Expenditures Capital expenditures were incurred primarily in connection with purchases of buildings and IT infrastructure equipment necessary to support Sunlands' operations. Capital expenditures were RMB25.5 million (US$3.7 million) in 2019, compared with RMB518.4 million in 2018. Outlook For the first quarter of 2020, Sunlands currently expects net revenues to be between RMB540.0 million to RMB560.0 million, which would represent a decrease of 4.3% to 0.7% year-over-year. The above outlook is based on the current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to substantial uncertainty. Exchange Rate The Company's business is primarily conducted in China and all revenues are denominated in Renminbi ("RMB"). This announcement contains currency conversions of RMB amounts into U.S. dollars ("US$") solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.9618 to US$1.00, the effective noon buying rate for December 31, 2019 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2019, or at any other rate. Conference Call and Webcast Sunlands' management team will host a conference call at 7:30 AM U.S. Eastern Time, (7:30 PM Beijing/Hong Kong time) on March 27, 2020, following the quarterly results announcement. The dial-in details for the live conference call are: International: 1-412-902-4272 US toll free: 1-888-346-8982 Canada toll free: 1-855-669-9657 Mainland China toll free: 400-120-1203 Hong Kong toll free: 800-905-945 Hong Kong: 852-3018-4992 Please dial in 10 minutes before the call is scheduled to begin. When prompted, ask to be connected to the call for "Sunlands Technology Group." Participants will be required to state their name and company upon entering the call. A live webcast and archive of the conference call will be available on the Investor Relations section of Sunlands' website at http://www.sunlands.investorroom.com/. A replay of the conference call will be available 1 hour after the end of the conference call until April 3, 2020. International: 1-412-317-0088 US toll free: 1-877-344-7529 Canada toll free: 855-669-9658 Replay access code: 10140418 About Sunlands Sunlands Technology Group (NYSE: STG) ("Sunlands" or the "Company"), formerly known as Sunlands Online Education Group, is the leader in China's online post-secondary and professional education. With a one to many, live streaming platform, Sunlands offers various degree and diploma-oriented post-secondary courses as well as online professional courses and educational content, to help students prepare for professional certification exams and attain professional skills. Students can access its services either through PC or mobile applications. The Company's online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company's proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals. About Non-GAAP Financial Measures We use gross billings and EBITDA, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We define gross billings for a specific period as the total amount of cash received for the sale of course packages, net of the total amount of refunds paid in such period. Our management uses gross billings as a performance measurement because we generally bill our students for the entire course tuition at the time of sale of our course packages and recognize revenue proportionally over a period. EBITDA is defined as net loss excluding depreciation and amortization, interest expense, interest income, and income tax expenses. We believe that gross billings and EBITDA provide valuable insight into the sales of our course packages and the performance of our business. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, their most directly comparable financial measure prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP measure has been provided in the tables included below. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP financial measures. As gross billings and EBITDA have material limitations as an analytical metric and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider gross billings and EBITDA as a substitute for, or superior to, their respective most directly comparable financial measures prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. Safe Harbor Statement This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Sunlands may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, 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. Any statements that are not historical facts, including statements about Sunlands' beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Sunlands' goals and strategies; its expectations regarding demand for and market acceptance of its brand and services; its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve teaching quality and students' learning results; its ability to improve sales and marketing efficiency and effectiveness; its ability to engage, train and retain new faculty members; its future business development, results of operations and financial condition; its ability to maintain and improve technology infrastructure necessary to operate its business; competition in the online education industry in China; relevant government policies and regulations relating to Sunlands' corporate structure, business and industry; and general economic and business condition in China Further information regarding these and other risks, uncertainties or factors is included in the Sunlands' filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Sunlands does not undertake any obligation to update such information, except as required under applicable law. For investor and media enquiries, please contact: Yingying LiuIR DirectorTel: +86 182 5691 2232Email: ir@sunlands.com The Piacente Group, Inc. Brandi PiacenteTel: +1-212-481-2050Email: sunlands@tpg-ir.com Ross WarnerTel: +86-10-6508-0677Email: sunlands@tpg-ir.com UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data, or otherwise noted) As of December 31, As of December 31, 2018 2019 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 1,248,810 1,402,226 201,417 Short-term investments 1,028,564 217,640 31,262 Prepaid expenses and other current assets 124,908 180,881 25,982 Deferred costs, current 180,657 243,447 34,969 Total current assets 2,582,939 2,044,194 293,630 Non-current assets Property and equipment, net 559,511 545,675 78,381 Intangible assets, net 1,369 1,176 169 Right-of-use assets - 598,991 86,040 Deferred costs, non-current 146,610 205,488 29,517 Long-term investments 30,009 40,026 5,749 Deferred tax assets - 85,513 12,283 Other non-current assets 418,700 447,639 64,299 Total non-current assets 1,156,199 1,924,508 276,438 TOTAL ASSETS 3,739,138 3,968,702 570,068 LIABILITIES AND SHAREHOLDERS' DEFICIT LIABILITIES Current liabilities Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to Sunlands Technology Group of RMB241,204 and RMB209,727 as of December 31, 2018 and December 31, 2019, respectively) 455,284 435,225 62,516 Deferred revenue, current (including deferred revenue, current of the consolidated VIEs without recourse to Sunlands Technology Group of RMB1,765,085 and RMB1,162,938 as of December 31, 2018 and December 31, 2019, respectively) 1,765,085 1,670,076 239,891 Lease liabilities, current (including lease liabilities, current of the consolidated VIEs without recourse to Sunlands Technology Group of nil and RMB22,659 as of December 31, 2018 and December 31, 2019, respectively) - 40,236 5,780 Payables to acquire buildings (including payables to acquire buildings of the consolidated VIEs without recourse to Sunlands Technology Group of nil and nil as of December 31, 2018, and December 31, 2019, respectively) 61,540 61,540 8,840 Long-term debt, current (including long-term debt, current of the consolidated VIEs without recourse to Sunlands Technology Group of nil and nil as of December 31, 2018 and December 31, 2019, respectively) 32,500 32,500 4,668 Total current liabilities 2,314,409 2,239,577 321,695 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-continued (Amounts in thousands, except for share and per share data, or otherwise noted) As of December 31, As of December 31, 2018 2019 RMB RMB US$ Non-current liabilities Deferred revenue, non-current (including deferred revenue, non-current of the consolidated VIEs without recourse to Sunlands Technology Group of RMB1,520,940 and RMB1,096,482 as of December 31, 2018 and December 31, 2019, respectively) 1,520,940 1,558,694 223,892 Lease liabilities, non-current (including lease liabilities, non-current of the consolidated VIEs without recourse to Sunlands Technology Group of nil and RMB358,467 as of December 31, 2018 and December 31, 2019, respectively) - 616,246 88,518 Deferred tax liabilities(including deferred tax liabilities of the consolidated VIEs without recourse to Sunlands Technology Group of nil and RMB4,415 as of December 31, 2018 and December 31, 2019, respectively) - 87,954 12,634 Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to Sunlands Technology Group of RMB135 and RMB135 as of December 31, 2018 and December 31, 2019, respectively) 17,147 11,469 1,647 Long-term debt, non-current (including long-term debt, non-current of the consolidated VIEs without recourse to Sunlands Technology Group of nil and nil as of December 31, 2018 and December 31, 2019, respectively) 225,625 193,125 27,741 Total non-current liabilities 1,763,712 2,467,488 354,432 TOTAL LIABILITIES 4,078,121 4,707,065 676,127 SHAREHOLDERS' DEFICIT Class A ordinary shares (par value of US$0.00005, 796,062,195 shares authorized; 1,818,383 and 1,830,183 shares issued as of December 31, 2018 and December 31, 2019, respectively; 1,773,301 and 1,728,006 shares outstanding as of December 31, 2018 and December 31, 2019, respectively) 1
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CamScanner Provides Free Premium Service to Educational Institutions Until the End of June
SHANGHAI, March 27, 2020 /PRNewswire/ -- CamScanner, a document scanning and sharing app has made its premium service free to educational institutions until the end of June. From March 21 to June 30, 2020, users creating email accounts with domain name ending with .edu on CamScanner can enjoy premium service for free. For educational institutions whose email domain name does not end with .edu, users can contact CamScanner directly through its official Facebook or Twitter accounts to have their email address approved. In addition to regular functions, premium users can convert images to text with OCR (Optical Character Recognition) technology and edit the OCR results, export and share them as text files. The premium service also includes auto uploading documents to Box, Google Drive, Dropbox, Evernote, OneDrive and OneNote, with over 10G free cloud space. The situation of COVID-19 has impacted over half of world's student population and the number of people studying and working from home has surged. As a scanning app with over 400 million users in over 200 countries, CamScanner allows users to scan text and graphic using phone or tablet camera. It will also automatically enhance the scan results and users can instantly share the scanned document in PDF and image formats via email, social media platforms, wireless printer, fax, links and others. With CamScanner, students and teachers can easily convert print and handwritten materials into editable and searchable digital copies. The other highlighted feature of CamScanner - especially for students and teachers - is its smart cropping and auto enhancing function. CamScanner allows users to crop the edge and remove the background of captured documents to make graphics and texts look sharper and clearer. CamScanner also supports wireless printing. Users can fax documents right from the app to over 30 countries and regions. "We build CamScanner to solve problems of distance learning and working regarding document management. It seems more relevant during this global pandemic, but it is our mission and ethos that technology should transform every aspect of people's life and make it more efficient and easier," said Mr Miller, Marketing Director of CamScanner, Widely used around the globe, CamScanner has been recognized as the best business app by Apple Store for three consistent years. It supports over 40 languages. CamScanner is available for both Android and iOS devices. Users can contact CamScanner for the special offer application: https://w103.camscanner.com/apply/index?l=en-us About CamScanner CamScanner is a mobile scanning app, favored by office people and students for its high scanning quality and intelligent document management function. Besides, it is the perfect fit for those who want to digitize, scan, sync, share and manage various contents on all devices. All its features aim at providing users with extremely enjoyable experience through high-quality scans of their documents. Related Links :http://camscanner.com
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PHBS Alumni Donate COVID-19 Test Kits to UK Hospitals
"One World, One Fight" Unites All against PandemicShenzhen, China, March 27, 2020 /PRNewswire/ -- Threatened by the novel coronavirus (COVID-19) epidemic, the whole world is in urgent need of medical supplies to take preventive measures and to diagnose patients who have contracted the virus. Eleven board members of Peking University HSBC Business School (PHBS) UK Campus shipped 10,000 test kits from China to Guy's and St Thomas' NHS Foundation Trust in London, UK on March 23. These newly developed test kits can diagnose the coronavirus within 15 minutes. Guy's and St Thomas' NHS Foundation Trust is known worldwide for medical breakthroughs and innovation, and their hospitals have a long history. Guy's Hospital and St Thomas' Hospital are among the designated medical facilities which have been receiving and treating confirmed coronavirus patients in the UK. Blessing from Peking University HSBC Business School With "One World, One Fight" labeled on the test kit shipping boxes, the donations are showing that the UK is not fighting the coronavirus crisis alone, and we will support and help each other to win the battle. Test kits and shipping boxes This donation also received support from HM Revenue and UK Customs, King's College London (KCL), as well as Peking University Alumni Association in the UK, demonstrating the longstanding friendship between Peking University (PKU) and United Kingdom. David Lawson, chief of procurement, will accept the donation on behalf of Guy's and St Thomas' NHS Foundation Trust and academic health leaders of King's Health Partners, an academic health science center based in London. Donors are as follows (surname in alphabetical order): Dai Xinmin, Huashi Pharma Holdings Co.,Ltd Li Sufang, Shenzhen Esson New Energy Group Li Wanshun, Henan Zhenghua Holdings Co.,Ltd Liang Bing, Shenzhen Zhongtiecheng Industrial Development Co.,Ltd Miao Yan, Shenzhen Click Technology Co.,Ltd Tang Zhengyu, Shenzhen Esson New Energy Group Wang Junlong, Jiujiang Dechang Industrial Development Co.,Ltd Wang Wei, Shenzhen Changrun Asset Management Co.,Ltd Xu Zelin, Shenzhen Zhelin Investment Co.,Ltd Zhang Yidan, Shenzhen Qianhai Lukai Investment Co.,Ltd Zhou Nan, Shenzhen Jinjin Industrial Development Co.,Ltd View original content to download multimedia:http://www.prnewswire.com/news-releases/phbs-alumni-donate-covid-19-test-kits-to-uk-hospitals-301030771.html
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People management is the biggest barrier to international growth, says ADP
-- 93% of businesses say that managing employees globally limits their international expansion -- 71% agree that HR-related issues are among the most challenging barriers to expansion HONG KONG, March 26, 2020 /PRNewswire/ -- Nearly all organisations (93%) say that growing and managing their employee base in new countries limits their international expansion to some degree, with more than one in ten (12%) stating that it limits their expansion completely. This is according to the HR Challenges of International Expansion report by the Economist Intelligence Unit (EIU), commissioned by ADP, an international HCM & payroll company. The report surveyed 1,000 C-Suite and HR executives globally, across a range of different sectors to explore the motivations, priorities, and challenges of international expansion. The study revealed that businesses grow their operations for various reasons – and face varying obstacles when expanding internationally. According to the survey, 46% of respondents say that recruitment challenges are one of the greatest obstacles to their global expansion, while 71% say that HR-related issues are some of the most challenging barriers they have when expanding beyond their home country. The prevalence of these challenges shows that organisations must focus on their employees – both current and prospective – when driving to create an international workforce that can compete on a global scale. Commenting on the findings, Jessica Zhang, General Manager, ADP North Asia said, "Despite the world becoming even more connected, ADP's research shows that companies are struggling to manage their employees globally. Rather than from West to East, there's a new generation of companies with roots in the East that are entering countries like the US, facing logistical hurdles and cultural differences." While companies must understand that growth always brings with it many challenges, these challenges are not insurmountable. The ability to plan, manage, and oversee an international workforce well is something that can make all the difference during this transition period. Jessica continued, "Adopting technological tools that help to streamline and automate HR processes and collect employee data can alleviate some of the challenges of international growth by providing insights into their workforce, providing a singular view across multiple countries. This will free up time for HR teams, enabling them to focus on tasks that provide added value. If the right technology and software are in place, expansion can become far easier to manage, leaving businesses to enjoy the benefits of operating internationally." About the HR Challenges of International Expansion Global Report The ADP HR challenges of international expansion report was conducted by The Economist Group, and surveyed 1,000 businesses across 15 countries worldwide. The research assessed how companies are expanding, the reasons for expansion, and the challenges they face. About ADP (NASDAQ – ADP) Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Benefits, Payroll and Compliance informed by data and designed for people. Learn more at www.adp.com.hk The ADP logo and ADP are registered trademarks of ADP, LLC. All other marks are the property of their respective owners. Copyright © 2020 ADP, LLC.Related Links :http://www.adp.com.hk
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Sungrow Signed a 650 MW Strategic Cooperation Agreement with Avaada
NEW DELHI, March 25, 2020 /PRNewswire/ -- Sungrow, the global leading inverter solution supplier for renewables, signed a 650 MW strategic agreement with Avaada Energy to supply 1500V inverter solutions for its upcoming PV projects in 2020, demonstrating the Company's continued efforts on minimize LCOE for solar projects in India. Sungrow Signed a 650 MW Strategic Cooperation Agreement with Avaada Avaada Energy, one of the leading Independent Power Producers (IPP) in India, has commissioned over 2 GW of renewable assets and is targeting to expand to 11 GW by 2025. Sungrow will provide its 1500V 3.125 MW central inverter solution for the upcoming PV projects under this agreement. Developed for large-scale 1500V flat ground plants, the solution features a high DC/AC ratio of over 1.4 and the flexible 6.25 MW or 12.5 MW block design, which can minimize the system cost and be widely utilized in India. Notably, as one of the key players of 1500V technology, Sungrow has over 10 GW of 1500V inverter solutions installed across the globe. "We value Sungrow's proven performance record worldwide and are delighted to partner with Sungrow to supply numerous landmark projects in India. Sungrow's 1500V turnkey solution perfectly match our demand when we take a holistic comparison regarding the 650 MW projects. Furthermore, the comprehensive local team of Sungrow is paramount to support our business in India," said Mr. Vineet Mittal, Chairman of Avaada Group. "Sungrow has been deeply involved in the Indian market for more than five years, including opening its first international factory in India. With high-quality products and superior services, Sungrow has won continued trust of its customers," said Mr. Hu Yukun, Country Manager of Sungrow India. "In the future, Sungrow will keep strengthening technological innovation, providing more advanced products and solutions for global customers as well as in India, and accelerate its step to fulfill its mission 'Clean power for all' in the era of PV parity," he added. About Sungrow Sungrow Power Supply Co., Ltd ("Sungrow") is the world's most bankable inverter brand with over 100 GW installed worldwide as of December 2019. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters, with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial, and residential applications, as well as internationally recognized floating PV plant solutions. With a strong 23-year track record in the PV space, Sungrow products power installations in over 60 countries, maintaining a worldwide market share of over 15%. Learn more about Sungrow by visiting www.sungrowpower.com. Photo - https://photos.prnasia.com/prnh/20200324/2759350-1?lang=0 Related Links :http://www.sungrowpower.com
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Hailiang Education Group Inc. Reports Financial Results for The First Six Months of Fiscal Year 2020
HANGZHOU, China, March 25, 2020 /PRNewswire/ -- Hailiang Education Group Inc. (Nasdaq: HLG) ("Hailiang Education", the "Company" or "we"), an education and management service provider of primary, middle, and high schools in the PRC, today announced its financial results for the first six months of fiscal year 2020 ended December 31, 2019. "We are very pleased to build a one-stop K-12 education integrated service platform by providing excellent basic, international education program and ancillary education services, delivering solid performance results. For the first six months of fiscal year 2020, our revenue was RMB736.7 million, increased by 12.9% from RMB652.7 million. Our net profit was RMB197.6 million, increased by 52.5% from RMB129.6 million. The increase was primarily due to the continued growth of tuition of our affiliated schools and the expansion of our study trips and overseas study consulting services. Furthermore, our earning capability continued to grow. For the first six months of fiscal year 2020, our gross profit margin was 32.3% and net profit margin was 26.8%, increased from 30.3% and 19.9%, respectively, compared to the same period last year," commented Mr. Ming Wang, Chairman and Chief Executive Officer of Hailiang Education. Mr. Wang continued, "The outbreak of COVID-19[1] has caught the world off guard. Schools in many regions were ordered by the government to postpone the spring semester of 2020 or to suspend their ongoing classes. At present, it is estimated that the epidemic will have a negative impact on the operations of our study trip services and onsite educational training services. Besides, since there is still uncertainty about the beginning and ending time of the spring semester, we are evaluating the impact on the revenue recognition of K-12 educational services. We will continually monitor the development of the epidemic, assess the impact on our financial position and financial performance, orderly prepare for back-to-school in accordance with government directives, and timely disclose the impact of the outbreak on our financial position and operations. On the other hand, online education services have thrived during the outbreak of COVID-19. Relying on our abundant educational resources, outstanding facility capabilities, and technical advantages across our affiliated and management schools, we launched 'Hailiang VIP Cloud Virtual Classroom' in February 2020. As of February 29, 2020, more than 2,000 teachers and nearly 38,000 students were participating in the online live classes. Online education services are not just a countermeasure for this emergency, but we intend that it will be a growing and long-lasting creative initiative to supplement the way that we deliver quality innovative K-12 educational services." Overview of Recent Operations As of December 31, 2019, Hailiang Education sponsored and managed 38 schools, with an aggregate number of 67,821 students enrolled. As of December 31, 2019, we had 2,129 teachers and educational staff in our affiliated schools. To better recruit, develop and retain talents, we founded Cadre Army Academy and Excellent Teacher Development Academy in April 2019 and August 2019, respectively. These academies provide professional training programs to our staff, and we expect to cultivate outstanding school administrators and professional teaching staff. Our efforts to deliver quality education were reflected by our students' academic accomplishment. As of February 29, 2020, 198 students from the 2020 graduating class of our international programs have received more than 500 offers, approximately 65% of these students received offers from global top 100 universities. In addition, our students have received remarkable achievements in Academic Competition, including competitions in mathematics, physics, chemistry, biology and computer science. Our students were awarded four national gold medals and two national silver medal, and five provincial first-prize, 18 provincial second-prize and 25 provincial third-prize. Hailiang Education adheres to the hybrid development strategy, which combines asset-light mode, with self-construction and strategic acquisitions. As of the reporting date, one affiliated school and two managed schools are expected to start operations in September 2020. Six Months Ended December 31, (RMB millions, except per share data) 2019 2018 % Change Revenue 736.7 652.7 12.9% Gross Profit 237.8 197.7 20.3% Gross Margin 32.3% 30.3% 2.0pp* Operating Profit 240.8 165.2 45.8% Operating Margin 32.7% 25.3% 7.4pp* Net Profit 197.6 129.6 52.5% Net Profit Margin 26.8% 19.9% 6.9pp* Earnings per Share 0.49 0.29 69.0% *Note: pp represents percentage points Financial Highlights for the First Six Months of Fiscal Year 2020 Revenue was RMB736.7 million (US$105.8 million), an increase of 12.9% from RMB652.7 million for the same period last year. Gross profit was RMB237.8 million (US$34.2 million), an increase of 20.3% from RMB197.7 million for the same period last year. Gross margin was 32.3% compared with 30.3% for the same period last year. Net profit was RMB197.6 million (US$28.4 million), an increase of 52.5% from RMB129.6 million for the same period last year. Net profit margin was 26.8% compared with 19.9% for the same period last year. Basic and diluted earnings per share were RMB0.49 (US$0.07) compared with RMB0.29 for the same period last year. Operational Highlights for the First Six Months of Fiscal Year 2020 As of December 31, 2019, the scale of the Company's school network was expanded to 38 schools, 10 of which were affiliated schools that we sponsored and 28 of which were managed schools that we provided education and management services. The aggregate number of enrollments in both our affiliated and managed schools were 67,821 students, an increase of 10.9% for the same period last year. As of December 31, 2019, the total enrollment of students in our affiliated schools we sponsored was 23,630, an increase of 4.6% for the same period last year. As of December 31, 2019, the number of students enrolled in the basic educational programs of our affiliated schools were 18,752, an increase of 4.0% from 18,034 as of December 31, 2018. The number of students enrolled in the international programs of our affiliated schools was 4,878, an increase of 7.1% from 4,555 as of December 31, 2018. As of December 31, 2019, there is an aggregate of 2,129 teachers and educational staff in our affiliated schools, which includes 133 senior teachers, 15 golden Olympiad competition training coaches, 70 full-time foreign teachers, and 258 teachers with masters or doctoral degrees. Financial Results for the First Six Months of Fiscal Year 2020 Revenue Revenue was RMB736.7 million (US$105.8 million), an increase of 12.9% from RMB652.7 million for the same period last year. The table below sets forth a breakdown of our total revenue: Six Months Ended December 31, (RMB millions) 2019 2018 % Change K-12 educational services 624.5 544.1 14.8% Basic educational program 411.8 355.1 16.0% International program 212.7 189.0 12.5% Educational training services 43.4 59.8 -27.4% Study trip services 43.1 26.5 62.6% Education and management services 17.4 16.9 3.0% Others 8.3 5.4 53.7% Total revenue 736.7 652.7 12.9% Revenue from K-12 educational services was RMB624.5 million (US$89.7 million), an increase of 14.8% from RMB544.1 million for the same period last year, primarily due to a 4.6% increase of the number of students enrolled and a 9.7% increase in average tuitions. Revenue from the basic educational program was RMB411.8 million (US$59.1 million), an increase of 16.0% from RMB355.1 million for the same period last year. Revenue from the international program was RMB212.7 million (US$30.6 million), an increase of 12.5% from RMB189.0 million for the same period last year. Revenue from educational training services was RMB43.4 million (US$6.2 million), a decrease of 27.4% from RMB59.8 million for the same period last year, mainly due to the decrease of the number of students enrolled in managed schools' educational training program since we stopped the educational training business in Jiangxi Province. Revenue from study trip services was RMB43.1 million (US$6.2 million), an increase of 62.6% from RMB26.5 million for the same period last year, mainly derived from the increase in the number of students participating in study trips. Revenue from education and management services was RMB17.4 million (US$2.5 million), a slight increase of 3.0% from RMB16.9 million for the same period last year. We provided various education and management services to schools located in Jiangxi, Zhejiang, Jiangsu, Hubei and Shandong provinces. Other revenue was RMB8.3 million (US$1.2 million), an increase of 53.7% from RMB5.4 million for the same period last year, mainly derived from the increased number of students in international program enrolled in overseas study consulting services. Cost of Revenue Cost of revenue was RMB498.9 million (US$71.7 million), an increase of 9.6% from RMB455.0 million for the same period last year. The increase was primarily due to increased compensation levels of employees and increased cost related to study trip services. Gross Profit and Gross Margin Gross profit was RMB237.8 million (US$34.2 million), an increase of 20.3% from RMB197.7 million for the same period last year. Gross margin was 32.3% compared to 30.3% for the same period last year. The increase in gross margin was mainly due to the increase in student enrollments and average tuition. Other income, net Other income, net was RMB49.8 million (US$7.2 million), an increase of 403.0% from RMB9.9 million for the same period last year, which was mainly driven by an increase in government grants of discretionary and non-conditional subsidies we received from local government. Operating expenses Operating expenses were RMB46.7 million (US$6.7 million), an increase of 9.9% from RMB42.5 million for the same period last year. Selling expenses were RMB15.1 million (US$2.2 million), an increase of 52.5% from RMB9.9 million for the same period last year. The increase was mainly attributable to the increasing sales commission payment related to educational training services. Administrative expenses were RMB31.6 million (US$4.5 million), a slight decrease of 3.1% from RMB32.6 million for the same period last year. Finance income Finance income was RMB13.9 million (US$2.0 million), an increase of 11.2% from RMB12.5 million for the same period last year, which was primarily due to an increase in the interest income derived from term deposits held at a related party finance entity. Finance costs Finance costs were RMB3.9 million (US$0.6 million), which represent the interest portion of operating lease payment upon the adoption of IFRS 16. Income tax expenses Income tax expenses were RMB53.1 million (US$7.6 million) compared with RMB48.0 million for the same period last year. The increase was mainly driven by the growth of educational services that were subject to income tax. Net Profit Net profit was RMB197.6 million (US$28.4 million), an increase of 52.5% compared to RMB129.6 million for the same period of last year. Basic and Diluted Earnings per share Basic and diluted earnings per share were RMB0.49 (US$0.07) compared to basic and diluted earnings per share of RMB0.29 for the same period last year. Cash Flow Net cash provided by operating activities was RMB476.1 million (US$68.4 million), a decrease of 26.4% from RMB646.9 million for the same period last year. The decrease was mainly due to more income taxes and labor costs paid during this year and a larger amount of the tuition of fiscal year 2020 received before June 30, 2019 compared with the same period last year. Net cash used in investing activities was RMB457.1 million (US$65.7 million) compared with RMB211.5 million for the same period last year. The increase was mainly due to the prepayment of lease rentals and partially offset by the increase of term deposits withdrawn upon the maturity from a related party finance entity compared with the same period last year. Net cash used in financing activities was RMB51.8 million (US$7.4 million), compared with RMB7.3 million for the same period last year, and the increase was mainly due to more dividends paid by a subsidiary of HLG to non-controlling interests and loan repayment to a related party. Balance Sheet As of December 31, 2019, the Company had cash and cash equivalents of RMB228.2 million (US$32.8 million), compared to RMB260.7 million as of June 30, 2019. As of December 31, 2019, the Company had cash deposit and term deposits held at a related party finance entity of RMB216.5 million (US$31.1 million) and RMB1,260.9 million (US$181.1 million), respectively. The cash deposit and term deposits held at a related party finance entity as of June 30, 2019 was RMB223.5 million and RMB1,387.1 million, respectively. We have adopted IFRS 16 in the financial reporting period commencing July 1, 2019 and elects to use the modified retrospective approach. Therefore, comparative information has not been restated. As allowed by IFRS 16, we use the practical expedient to grandfather the previous assessment of which existing arrangements are, or contain leases. We apply the new definition of a lease in IFRS 16 only to contracts that are entered into on or after the date of initial application. In addition, short-term leases and leases of low-value assets are not elected for IFRS 16 adoption. As at July 1, 2019, we recognized future lease payments and the corresponding right-of-use assets amounting to RMB411.1 million upon the initial adoption of IFRS 16, the majority of which related to the campus rental agreement with Hailiang Education Investment Group Ltd. ("Hailiang Investment"), a related party controlled by Mr. Feng. Per the supplementary contracts with Hailiang Investment regarding the lease of campuses in Zhuji city signed on September 6, 2019, we paid rental leases of RMB529.8 million for the remaining 18 years' rental period. Right-of-use assets of RMB530.4 million (US$76.2 million) and lease liabilities of RMB17.9 million (US$2.6 million) were recognized as of December 31, 2019. Exchange Rate This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.9618 to US$1.00, the noon buying rate in effect on December 31, 2019 as set forth in the H.10 Statistical Release of the Federal Reserve Board. Conference Call The Company expects to host its conference call for the financial results of the first six months of fiscal year 2020 at 9:00 am Eastern Time (6:00 am Pacific Time/9:00 pm Beijing Time) on Wednesday March 25, 2020. To attend the call, please use the information below for either dial-in access or webcast access. When prompted on dial-in, ask for "Hailiang Education Group/HLG." Conference Call Date: March 25, 2020 Time: 9:00 am ET, U.S. International Toll Free: United States: +1 888-346-8982 Mainland China: +86 400-120-1203 Hong Kong: +852 800-905-945 International: International: +1 412-902-4272 Conference ID: Hailiang Education Group/HLG Please dial in at least fifteen minutes before the call to ensure timely participation. For those unable to participate, an audio replay of the conference call will be available beginning approximately one hour after the end of the live call through April 1, 2020. The audio replay can be accessed by dialing +1-877-344-7529 within the United States or +1-412-317-0088 internationally and entering access code No. 10140637. A live webcast and archive of the conference call will be available at http://ir.hailiangedu.com. [1] COVID-19 (Coronavirus disease) is a new strain that was discovered in 2019 and has not been previously identified in humans. Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death. The above definition is taken from the World Health Organization. About Hailiang Education Group Inc. Hailiang Education (Nasdaq: HLG) is one of the largest primary, middle, and high school educational service providers in China. The Company primarily focuses on providing distinguished, specialized, and internationalized education. Hailiang Education is dedicated to providing students with high-quality primary, middle, and high school, and international educational services and highly valuing the quality of students' life, study, and development. Hailiang Education adapts its education services based upon its students' individual aptitudes. Hailiang Education is devoted to improving its students' academic capabilities, cultural accomplishments, and international perspectives. Hailiang Education operates multilingual programs including Chinese, English, Spanish, Japanese, Korean, and French. In addition, Hailiang Education has launched various diversified high-quality courses, such as Mathematical Olympiad courses, A-level courses, Australia Victorian Certificate of Education (VCE) courses, IELTS courses, TOEFL courses, as well as SAT courses. The Company has also formed an extensive cooperative network with more than 200 educational institutions and universities globally. Hailiang Education is committed to making great effort to provide its students with greater opportunities to enroll in well-known domestic and international universities to further their education. For more information, please visit http://ir.hailiangedu.com. Forward-Looking Statements This press release contains information about Hailiang Education's view of its future expectations, plans, and prospects that constitute forward-looking statements. These forward-looking statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to the following: general economic conditions in China, competition in the education industry in China, the expected growth of the Chinese private education market, Chinese governmental policies relating to private educational services and providers of such services, health epidemics and other outbreaks in China, the Company's business plans, the Company's future business development, results of operations, and financial condition, expected changes in the Company's revenue and certain cost or expense items, its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the number of students entrusted by schools, the successful integration of acquired companies, technologies and assets into its portfolio of software and services, marketing and other business development initiatives, dependence on key personnel, the ability to attract, hire, and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property, the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights, and other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"). Hailiang Education may also make written or oral forward-looking statements in its periodic reports to the 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 Hailiang Education's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, whether known or unknown, and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "will make," "will be," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "endeavor to," "is/are likely to," or other similar expressions. Further information regarding these and other risks is included in our annual report on Form 20-F and other filings with the SEC. All information provided in this press release is as of the date of this press release, and Hailiang Education undertakes no obligation to update any forward-looking statements, except as may be required under applicable law. For more information, please contact: Mr. Litao QiuBoard SecretaryHailiang Education Group Inc.Phone: +86-571-5812-1974Email: ir@hailiangeducation.com Ms. Tina XiaoAscent Investor Relations LLCPhone: +1-917-609-0333Email: tina.xiao@ascent-ir.com Hailiang Education Group Inc. Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income (Amounts in thousands, except per share data) For Six Months Ended December 31, December 31, 2019 2018 RMB USD RMB Revenue 736,676 105,817 652,715 Cost of revenue (498,878) (71,659) (454,983) Gross profit 237,798 34,158 197,732 Other income, net 49,785 7,151 9,866 Selling expenses (15,124) (2,172) (9,877) Administrative expenses (31,645) (4,546) (32,553) Operating profit 240,814 34,591 165,168 Finance income 13,878 1,993 12,463 Finance costs (3,910) (562) - Profit before tax 250,782 36,022 177,631 Income tax expenses (53,145) (7,634) (48,049) Net profit for the period 197,637 28,388 129,582 Profit attributable to: Net profit attributable to the group's shareholders 201,944 29,007 119,922 Net (loss)/profit attributable to non- controlling interests (4,307) (619) 9,660 Other comprehensive income 1,223 176 3,223 Total comprehensive income 198,860 28,564 132,805 Comprehensive income attributable to: Comprehensive income attributable to the group's shareholders 203,167 29,183 123,145 Comprehensive (loss)/income attributable to non-controlling interests (4,307) (619) 9,660 Earnings per share Basic earnings per share 0.49 0.07 0.29 Diluted earnings per share 0.49 0.07 0.29 Weighted average shares outstanding Basic 412,450,256 412,450,256 412,450,256 Diluted 412,450,256 412,450,256 412,450,256 Hailiang Education Group Inc. Unaudited Condensed Consolidated Statements of Financial Position (Amounts in thousands) As of December 31, As of June 30, 2019 2019 RMB USD RMB Assets Property and equipment, net 625,084 89,788 620,623 Intangible assets and goodwill, net 98,860 14,200 99,525 Right-of-use assets 530,435 76,192 - Contract costs 13,963 2,006 9,899 Prepayments to third party suppliers 69 10 94 Deferred tax assets 252 36 - Non-current assets 1,268,663 182,232 730,141 Trade receivables 6,250 897 - Other receivables due from related parties 87,834 12,617
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Huawei Cloud and ULearning Offer a Sustainable e-Learning amid COVID-19 Emergency
JAKARTA, Indonesia, March 24, 2020 /PRNewswire/ -- Huawei Cloud and ULearning today announced their collaboration, providing an online learning management system commonly known as e-learning to one of Jakarta's most well-regarded private universities, Universitas Muhammadiyah Jakarta. The e-learning solution from Huawei Cloud and ULearning is in complete harmony with Universitas Muhammadiyah Jakarta's spirit of becoming a university that is respected, modern, and accordant with Islamic tenets, and is relevant to the context of the COVID-19 outbreak as well. The outbreak has moved various activities indoors, notwithstanding classroom activities which still demand interactivity in spite of the lack of proximity. Ken Qijian, Vice President of Public Affairs and Communications, Huawei Indonesia, says that education has always been the most important variable in building and increasing a nation's competence. It must not stop at just being sustainable, but has to increase in quality as time goes on, too. "Right now, the whole world is faced with a great challenge: the spread of the COVID-19 Coronavirus. As we realize how critical education is and come to the conclusion that both learning and teaching are two indispensable activities no matter how dire the situation is, Huawei Indonesia and ULearning present an advanced e-learning solution for Universitas Muhammadiyah Jakarta and Indonesia's education ecosystem," remarks Ken. As part of Huawei Cloud and ULearning's greater concern towards education, the e-learning solution is available at no cost during the time period in which studying at home becomes mandatory. Dr. Mahmudin Sudin, MA, Vice-Rector IV in the Fields of Study of Al-Islam and Kemuhammadiyahan, Universitas Muhammadiyah Jakarta, points out, "As a university that is well-regarded and modern, ICT-based classroom activities are a necessity in increasing the quality and competence of the academia. The Learning Management System provided by Huawei Indonesia and ULearning is an e-learning solution which fulfills our expectations and needs. Compared to other e-learning platforms we have used before, the solution by Huawei Cloud and ULearning has a wealth of features and is very practical and user-friendly." Dr. Mahmudin Sudin, MA, adds that thanks to the learning management system implemented, classroom activites have become even more effective due to its capacity to accommodate discussion-based learning (60%) compared to face-to-face interactions (40%). According to him, e-learning has also stimulated the creativity of both lecturers and students, improved administrative processes, and encouraged students to participate more. "The solution has led to the more efficient and productive running of Universitas Muhammadiyah Jakarta's academic activities. For this reason, we would like to give our highest appreciation to Huawei Indonesia for their commitment to provide us with the solution at no cost since studying at home was made mandatory starting March 16, 2020," concludes Dr. Mahmuddin Sudin, MA. Huawei Indonesia's Contribution for Indonesia's Education Ecosystem Worth USD2 Million Considering COVID-19 Coronavirus's impact on education, Huawei will work arm-in-arm with the Ministry of Education and Culture of the Republic of Indonesia in providing online learning services for free to both eudcators and learners. With the investment worth USD2 million, educators and learners of all levels: tertiary, secondary, and primary, and even other educational institutions, can use online learning services at their own convenience. In order to optimize this program, Huawei Indonesia will contribute its technological expertise and collaborate with the ecosystem as a whole to implement Huawei's plans for digital inclusion - named "TECH4ALL". About HUAWEI CLOUD HUAWEI CLOUD is committed to providing stable, secure, reliable, and sustainable cloud services to help organizations of all sizes grow in the intelligent world.
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RYB Education, Inc. to Report Fourth Quarter and Full Year 2019 Financial Results on Monday, March 30, 2020
Earnings Call Schedule for 8:00 a.m. ET on March 31, 2020BEIJING, March 24, 2020 /PRNewswire/ -- RYB Education, Inc. ("RYB" or the "Company") (NYSE: RYB), a leading early childhood education service provider in China, today announced that it plans to release unaudited financial results for the fourth quarter and full year 2019 after market close on Monday, March 30, 2020. The earnings release will be available on the investor relations page of its website at http://ir.rybbaby.com. Management will hold a conference call at 8:00 a.m. Eastern Time on Tuesday, March 31, 2020 (8:00 p.m. Beijing Time on March 31, 2020) to discuss financial results and answer questions from investors and analysts. About RYB Education, Inc. Founded on the core values of "Care" and "Responsibility," "Inspire" and "Innovate," RYB Education, Inc. is a leading early childhood education service provider in China. Since opening its first play-and-learn center in 1998, the Company has grown and flourished with the mission to provide high-quality, individualized and age-appropriate care and education to nurture and inspire each child for his or her betterment in life. During its two decades of operating history, the Company has built "RYB" into a well-recognized education brand and helped bring about many new educational practices in China's early childhood education industry. RYB's comprehensive early childhood education solutions meet the needs of children from infancy to 6 years old through structured courses at play-and-learn centers and kindergartens, as well as at-home educational products and services. For more information, please visit http://ir.rybbaby.com. For investor and media inquiries, please contact: In China:RYB Education, Inc.Investor RelationsTel: +86 (10) 8767-5752 E-mail: ir@rybbaby.com The Piacente Group, Inc.Ross WarnerTel: +86 (10) 6508-0677E-mail: ryb@tpg-ir.com In the United States:The Piacente Group, Inc. Brandi PiacenteTel: +1-212-481-2050E-mail: ryb@tpg-ir.com View original content:http://www.prnewswire.com/news-releases/ryb-education-inc-to-report-fourth-quarter-and-full-year-2019-financial-results-on-monday-march-30-2020-301028829.htmlRelated Links :http://ir.rybbaby.com
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MEGA Helps Education During Covid-19 with Free PRO Accounts for Teachers and Students
AUCKLAND, New Zealand, March 24, 2020 /PRNewswire/ -- MEGA The Privacy Company announced today that free 12 month PRO subscriptions would be available to teachers and students of verified educational institutions. Stephen Hall, Executive Chairman of MEGA, said, "The encrypted cloud storage and chat provided by MEGA provides an excellent basis for continued teacher-student interaction, allowing effective remote learning." Many educational institutions have closed in order to limit the spread of Covid-19. MEGA's platform provides the ideal features to allow students to continue their studies by connecting to teachers and teaching resources. Recently a private school in Portugal quickly and easily shared folders to nearly 2,000 accounts, facilitating their remote learning activities. MEGA is now offering all educational institutions free PRO accounts for all their teachers and students. This will allow them to Upload and share individual files or complete folders of teaching material; Open a MEGAdrop folder for students to upload their files to the teacher's account; Have multi-party text, voice and video chats;* Enjoy the privacy of MEGA's user-controlled end-to-end encryption; Enjoy fast file transfers. MEGA is available in Arabic, Chinese (Traditional and Simplified), Dutch, English, French, German, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Romanian, Russian, Spanish, Tagalog, Thai, Turkish, Ukrainian and Vietnamese. Educational Institutions should apply to education@mega.nz After verification of their status, MEGA will provide vouchers, or automatic upgrade for the verified domain, to give all their accounts free PRO status for 12 months, which provides 400 GB of file storage and 1 TB of transfer quota for every account. *Note: The number of participants in multi-party chats depends on the quality of each user's internet connection. We recommend a maximum of 6 for full multi-party video. An IT professional working for a Portuguese private school reported to MEGA: "I'm writing this e-mail to compliment your service. I've created a free account last Friday to help teachers, parents and students to be able to share work while we are all at home because of the covid-19 pandemic. I've shared folders to almost 2,000 users and I must say it's impressive how Mega holds it together, it works flawlessly and every single person that created an account after I sent the invitations are very impressed. I'm here to congratulate you all on an amazing platform, the best I used so far and free. Keep up the excellent job and keep safe. Best regards from Portugal." Store securely. Chat securely. See - https://mega.nz/pro About MEGA MEGA's end-to-end encrypted cloud storage and chat service has stored more than 72 billion files for over 170 million users in 250 countries / territories. MEGA is accessible in multiple languages from desktop (Windows, macOS and Linux) and Android / iOS mobile apps. User files are stored in secure facilities in Europe or in countries (such as New Zealand) that the European Commission has determined to have an adequate level of protection under Article 45 of the GDPR, depending where the user is based. No user files are stored in, or made available from, the United States of America. MEGA The Privacy Company was architected around the simple fact that cryptography, for it to be accepted and used, must not interfere with usability. MEGA is accessible without prior software installs and remains the only cloud storage provider with browser-based high-performance end-to-end encryption. Today, millions of business and personal users rely on MEGA to securely and reliably store and serve petabytes of data. We believe that this success is the result of MEGA's low barrier to entry to a more secure cloud. For more information see https://mega.nz Twitter @MEGAprivacy Facebook MEGAprivacy Instagram MEGA The Privacy Company Logo - https://photos.prnasia.com/prnh/20191219/2676241-1LOGO?lang=0 Related Links :https://mega.nz
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ETS Introduces At-Home Solution for TOEFL iBT ® Test and GRE ® General Test Amid Coronavirus Pandemic
These at-home tests provide a convenient, flexible and safe option for testing while test centers are closed PRINCETON, New Jersey, March 23, 2020 /PRNewswire/ -- ETS, a global leader in educational measurement and learning solutions, announced today the introduction of an at-home testing solution for the TOEFL iBT® test and GRE® General Test, for test takers who have been affected by the coronavirus (COVID-19) pandemic. Testing will be conducted through the use of live human remote proctoring serviced by ProctorU®, the leading proctoring solution for online testing. Students can take the TOEFL iBT® Special Home Edition test beginning on Thursday, March 26, and GRE General Test at-home testing will begin on Friday, March 27. Online registration opens on Monday, March 23 in the following countries and administrative regions: United States Canada Colombia France Germany Italy Spain Hong Kong (China) Macau (China) ETS is working toward making these at-home solutions available in additional locations in the coming weeks. Many scheduling options will be available for each test, with numerous test times each week. These at-home solutions are identical in content, format, on-screen experience, scoring and pricing as the TOEFL iBT test and GRE General Test taken at a test center. Every test feature that students would expect in the test center — such as the ability to preview, skip questions, review and change answers on the GRE General Test, and the ability to view Reading and Listening scores at the end of the TOEFL iBT test — will still be available to test takers via this solution. "It was imperative for us to create a timely, flexible and reliable solution to allow students the opportunity to take these tests, so that they can complete time-sensitive applications that will allow them to continue on their educational journeys," said Alberto Acereda, Executive Director of the Global Higher Education Division at ETS. "Test takers can expect the same valid and reliable tests that are administered in test centers from the comfort of home." ETS is taking every precaution to ensure that the tests students will take from home meet the highest standards for validity, reliability and security. These tests will employ multiple best-in-class security measures that use both real-time human monitoring and artificial intelligence technology to see and respond to even the hardest-to-detect incidents. "We understand the challenges that our test takers are facing worldwide and are pleased to now offer an option to safely test at home without compromising the integrity of our tests," said Srikant Gopal, Executive Director of the TOEFL® Program. "ETS prides itself on its test security measures, and this solution is consistent with those self-imposed high standards, which are relied upon by institutions around the world who trust that these tests provide an accurate picture of an applicant's abilities." To register for a TOEFL iBT Special Home Edition test, students can sign in or create an ETS account by visiting www.ets.org/mytoefl, and to register for the at-home option for the GRE General Test, students can sign in or create an ETS account by visiting www.ets.org/mygre. Once logged in, students can select and pay for their test, and upon doing so will receive an email from ProctorU with instructions on how to schedule their test date and time. For a full explanation of the registration process, visit www.ets.org/s/cv/toefl/at-home/ for the TOEFL iBT test and www.ets.org/s/cv/gre/at-home/ for the GRE General Test. # # # About ETS At ETS, we advance quality and equity in education for people worldwide by creating assessments based on rigorous research. ETS serves individuals, educational institutions and government agencies by providing customized solutions for teacher certification, English language learning, and elementary, secondary and postsecondary education, and by conducting education research, analysis and policy studies. Founded as a nonprofit in 1947, ETS develops, administers and scores more than 50 million tests annually — including the TOEFL® and TOEIC® tests, the GRE® tests and The Praxis Series® assessments — in more than 180 countries, at over 9,000 locations worldwide. www.ets.org Related Links :http://www.ets.org
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COVID-19: SKEMA Among the First Global Business Schools to Offer All Courses Online in Five Continents
PARIS, March 23, 2020 /PRNewswire/ -- With the temporary closure of SKEMA's Suzhou campus in China in mid-January, SKEMA had already set up a comprehensive distance learning system to ensure the continuity of studies for its 550 students present on the campus at that time. Since then, they have continued their programme from home. At the time, it was a question of continuing the delivery of 10 different programmes at this campus. Today, a hundred students are still in China and continuing their studies via total distance learning. 70 programmes moved to distance-learning mode After the recent announcements regarding the closure of higher education institutions in France, followed by the USA, Brazil and South Africa where SKEMA has established its campuses, SKEMA rapidly switched to a "100%" remote teaching mode. Within a short time, SKEMA has managed to operate all of its programmes via distance learning. Across the school's seven campuses, this impacts nearly 70 different programmes, some of which are made up of multiple groups. "In total, we deliver an average of 250 different courses every day. By the end of the semester in April, more than 6,000 sessions will be delivered to nearly 7,000 students," said Patrice Houdayer, director of programmes, international and student life at SKEMA Business School. Microsoft Office resources in pole position SKEMA's strategic agreement with Microsoft enables us to implement Office 365 applications such as Teams (collaborative platform for teamwork) and Stream (video streaming service) on a large scale, depending on the type of need of our teachers. For external speakers and experts, specific online support (tutorials, webinars) and a dedicated hotline have been deployed. Marcos Lima, director of the MSc IMBD programme at the Lille campus, says: "It is necessary to alternate synchronous activities (live sessions on Teams, Skype, Google Meet, etc.) and asynchronous activities. The collaborative tools of Office 365 are very effective for distance learning. The possibility of making students work on models of spreadsheets, presentations and shared documents, in groups and at a distance, greatly facilitates the maintenance of a fundamental educational principle: the application of knowledge to concrete projects (project-based learning)," he added. For students, the transition took place smoothly. All the lessons are given to them in synchronous or "live" mode with the interaction with teachers being at least as intuitive as in a traditional classroom. If any of them have a connection problem (slow or interrupted speed), the course is also available a few hours later. Logo: https://mma.prnewswire.com/media/931024/SKEMA_Logo.jpg
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ST Unitas "Conects Q&A" Swept the Chart - Ranked #1 Education App in 12 countries, Including Singapore
Global Edu-Tech group ST Unitas develops an AI-based homework solving app Conects Q&A reaches #1 on education app charts in 12 countries Official Conects Q&A app set to launch globally in April NEW YORK, March 20, 2020 /PRNewswire/ -- Conects Q&A, an education app developed by Global EduTech group ST Unitas, has taken app stores by storm. Its beta version has topped charts in a dozen countries, while its official version is set to launch in April. Conects Q&A - the Education App from ST Unitas - Ranked No. 1 in 12 Countries According to Google Play Store and Apple App Store, Conects Q&A ranked the most popular app in 12 countries, including the US, Canada, England, Australia, Ireland, New Zealand, Singapore, Malaysia, Philippines, South Africa, India and South Korea. It was able to achieve such accomplishment even before the launch of its official version. Conects Q&A is an AI-based homework solving service that provides instant answers to questions in real-time. Once the student captures and uploads a problem or homework, Conects Q&A will provide an answer in less than 5 seconds by searching through its database. For additional help, it even provides a 1:1 chat with experts or 15-second video answers from experts for best answers. It provides 1:1 voice call consulting service with the expert for customized advice. ST Unitas first stepped into the global market after acquiring The Princeton Review, a renowned US education institution, in 2017. It launched the beta version of Conects Q&A in early 2019 and went through a series of improvement through countless experiments. Conects Q&A was able to achieve such significant impressive success within a month of its global beta launch in mid-February 2020. The company also added that such an impressive feat in English-speaking countries, including the United States, was possible thanks to the advanced technology of ST Unitas. The full version of Conects Q&A is to be officially launched in April. ST Unitas founder and CEO David Yoon stated that "Conects Q&A is a knowledge platform where the underprivileged 99% receive the same opportunities given to only the blessed 1%. At the same time, it is a global EduTech service that aligns with ST Unitas' vision to help those in need to study and achieve their dreams" He added that "We have very high expectations for the official version based on the success of the beta version, including in English-speaking markets. ST Unitas will always strive to be the best and leading EduTech platform." Contact: Semi Park, communications@stunitas.com Photo - https://photos.prnasia.com/prnh/20200320/2756932-1?lang=0 Related Links :http://stunitas.com
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NO.1 Education App in 12 Countries: Conects Q&A by Global EduTech Group ST Unitas
Global Edu-Tech group ST Unitas develops an AI-based homework solving app Conects Q&A reaches #1 on education app charts in 12 countries Official Conects Q&A app set to launch globally in April NEW YORK, March 20, 2020 /PRNewswire/ -- Conects Q&A, an education app developed by Global EduTech group ST Unitas, has taken app stores by storm. Its beta version has topped charts in a dozen countries, while its official version is set to launch in April. NO.1 Education App, Conects Q&A According to Google Play Store and Apple App Store, Conects Q&A ranked the most popular app in 12 countries, including the US, Canada, England, Australia, Ireland, New Zealand, Singapore, Malaysia, Philippines, South Africa, India and South Korea. It was able to achieve such accomplishment even before the launch of its official version. Conects Q&A is an AI-based homework solving service that provides instant answers to questions in real-time. Once the student captures and uploads a problem or homework, Conects Q&A will provide an answer in less than 5 seconds by searching through its database. For additional help, it even provides a 1:1 chat or 15-second video answers with experts for best answers. It provides 1:1 voice call consulting service for customized advice from experts. ST Unitas first stepped into the global market after acquiring The Princeton Review, a renowned US education institution, in 2017. It launched the beta version of Conects Q&A in early 2019 and went through a series of improvement through countless experiments. Conects Q&A was able to achieve such significant impressive success within a month of its global beta launch in mid-February 2020. The company also added that such an impressive feat in English-speaking countries, including the United States, was possible thanks to the advanced technology of ST Unitas. ST Unitas founder and CEO David Yoon stated that "Conects Q&A is a knowledge platform where the underprivileged 99% receive the same opportunities given to only the blessed 1%. At the same time, it is a global EduTech service that aligns with ST Unitas' vision to help those in need to study and achieve their dreams." He added, "We have very high expectations for the official version based on the success of the beta version, including in English-speaking markets." Contact: Semi Park, communications@stunitas.com Photo - https://photos.prnasia.com/prnh/20200320/2756930-1?lang=0 Related Links :http://stunitas.com
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Conects Q&A - the Education App from ST Unitas - Ranked No. 1 in 12 Countries, Including Singapore
Korean Edu-Tech group ST Unitas develops an AI-based homework solving app Conects Q&A reaches #1 on education app charts in 12 countries Official Conects Q&A app set to launch globally in April SEOUL, South Korea, March 20, 2020 /PRNewswire/ -- Conects Q&A, an education app developed by Korean EduTech group ST Unitas, has taken app stores by storm. Its beta version has topped charts in a dozen countries, while its official version is set to launch in April. Conects Q&A - the Education App According to Google Play Store and Apple App Store, Conects Q&A ranked the most popular app in 12 countries, including the US, Canada, England, Australia, Ireland, New Zealand, Singapore, Malaysia, Philippines, South Africa, India and South Korea. It was able to achieve such accomplishment even before the launch of its official version. Conects Q&A is an AI-based homework solving service that provides instant answers to questions in real-time. Once the student captures and uploads a problem or homework, Conects Q&A will provide an answer in less than 5 seconds by searching through its database. For additional help, it even provides a 1:1 chat with experts or 15-second video answers from experts for best answers. It provides 1:1 voice call consulting service with the expert for customized advice from experts. ST Unitas first stepped into the global market after acquiring The Princeton Review, a renowned US education institution, in 2017. It launched the beta version of Conects Q&A in early 2019 and went through a series of improvement through countless experiments. Conects Q&A was able to achieve such significant impressive success within a month of its global beta launch in mid-February 2020. The company also added that such an impressive feat in English-speaking countries, including the United States, was possible thanks to the advanced technology of ST Unitas. The full version of Conects Q&A is to be officially launched in April. ST Unitas (http://www.stunitas.com/front/main/en) started in 2010 as a startup with the goal of bringing innovation to the traditional Korean education market. It first stepped into the global EduTech market to be a truly global education company since the acquisition of The Princeton Review in 2017. Currently, ST Unitas is transforming into a global knowledge-sharing platform beyond Korea. For media enquiries: Semi Parkcommunications@stunitas.com Photo - https://photos.prnasia.com/prnh/20200319/2755915-1?lang=0 Related Links :http://stunitas.com
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TikTok Partners With Arnold Schwarzenegger's After-School All-Stars to Provide Food and Resources for Families Impacted by COVID-19
The short-form video platform is donating $3M to help provide millions of meals to families across the U.S. LOS ANGELES, March 20, 2020 /PRNewswire/ -- As schools across the country close, one of the greatest challenges facing many parents is how to feed their children. Millions of students, teachers and families depend on school resources for more than learning. Today, TikTok announced it is partnering with After-School All-Stars (ASAS) to provide critical meal support to those in need. TikTok's $3M donation will enable ASAS, an organization founded by former California Governor Arnold Schwarzenegger, to feed families affected by school closings due to COVID-19. Families in 60 cities across the U.S. with ASAS chapters will receive food vouchers and gift cards to be used on food and other essential items through local grocery store partners. "We are all operating in uncertain times, and it's more important now than ever before for both our local and global communities to come together to help those in need," said Vanessa Pappas, General Manager of TikTok U.S. "This pledge to ASAS will help more students get access to meals, safely provided to them, during this crisis. While this alone won't mitigate the impact of the current situation, we hope it can relieve one worry for parents who are balancing social distancing mandates, work and caring for children who can no longer go to school each day." ASAS' distribution of food credits and gift cards will first reach families in highly impacted cities, including Los Angeles, Miami, New York City, New Jersey, San Francisco, Seattle, Washington D.C., and more. The organization is working with local grocery partners including Food Land, Giant, Kroger, Publix, Ralphs, Safeway, Target, and Walmart. These resources will help the communities that have been hit the hardest by the residual impact of the coronavirus pandemic. TikTok will also match up to $1M in employee donations to ASAS to further the organization's ability to provide food for those in need. "During a crisis, improvisation is critical and everyone has to look at new ways to help the most vulnerable," said Arnold Schwarzenegger, former California Governor and Founder of After-School All-Stars. "The After-School All-Stars programs are paused with schools closed, but we remain committed to supporting the 100,000 families we work with year-round. When I founded After-School All-Stars in 1992, the goal was always to support the families who need it the most. I'm grateful to TikTok for their donation which allows us to shift our priorities so our team can safely deliver groceries and gift cards for groceries to the families we help." Schwarzenegger shared additional information about After-School All-Stars and the partnership with TikTok in a video shared to his TikTok page @arnoldschnitzel. Added Ben Paul, President and CEO, After-School All-Stars: "The communities we serve are already very vulnerable, and this situation has further magnified the hardships many families face. This crisis has had a profound impact on millions of people, and I'm heartened by the tremendous generosity, collaboration and creativity that we've seen across communities and industries. I am excited to work with TikTok as we address immediate needs and examine the unique role that technology plays in bringing individuals and communities together." To further support the community, TikTok's online Safety Center, developed in partnership with trusted local health officials, is being regularly updated with information on how people can stay connected and safe during this time. About TikTok TikTok is the leading destination for short-form mobile video. Our mission is to inspire creativity and bring joy. TikTok has global offices including Los Angeles, Mountain View, New York, London, Paris, Berlin, Dubai, Mumbai, Singapore, Jakarta, Seoul, and Tokyo. www.tiktok.com About After-School All-Stars Founded in 1992 by Arnold Schwarzenegger, After-School All-Stars is a leading national provider of school-based, free, comprehensive after-school programs. The organization's mission is to keep children safe and help them succeed in school and in life. Every school day, students in under-resourced communities have access to free programs that allow them to increase academic readiness, explore career opportunities, develop regular health and wellness habits, practice visual and performing arts, and build STEM skills. 90,000+ children from 19 U.S. locations benefit: Atlanta, Chicago, Cleveland, Columbus, Hawaii, Las Vegas, Los Angeles, Newark, New York, North Texas, Orlando, Philadelphia & Camden, San Antonio, South Florida, Tampa Bay, Toledo, Washington D.C., Bay Area and Puget Sound. For more information, visit afterschoolallstars.org #TeamAllStars View original content to download multimedia:http://www.prnewswire.com/news-releases/tiktok-partners-with-arnold-schwarzeneggers-after-school-all-stars-to-provide-food-and-resources-for-families-impacted-by-covid-19-301027046.html
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Hailiang Education Group Inc. to Host Conference Call for its First Six Months of Fiscal Year 2020 Financial Results at 9:00 am ET on Wednesday, March
HANGZHOU, China, March 19, 2020 /PRNewswire/ -- Hailiang Education Group Inc. (Nasdaq: HLG) ("Hailiang Education", the "Company" or "we"), an education and management service provider of primary, middle, and high schools in China, announced today that the Company will host its earnings conference call on Wednesday, March 25, 2020 at 9:00 am Eastern Time (6:00 am Pacific Time/9:00 pm Beijing Time) to discuss the financial results for the first six months of fiscal year 2020. The Company anticipates filing its half-year financial results for the six months ended December 31, 2019 on a Form 6-K with the Securities and Exchange Commission and releasing its earnings press release after the market closes on Tuesday, March 24, 2020 Eastern Time. To attend the call, please use the information below for either dial-in access or webcast access. When prompted, please reference "Hailiang Education/HLG." Conference Call Date: March 25, 2020 Time: 9:00 am ET, U.S. International Toll Free: United States: +1 888-346-8982 Mainland China: +86 400-120-1203 Hong Kong: +852 800-905-945 International: International: +1 412-902-4272 Conference ID: Hailiang Education Group Please dial in at least fifteen minutes before the commencement of the call to ensure timely participation. For those unable to participate, an audio replay of the conference call will be available from approximately one hour after the end of the live call until April 1, 2020. The dial-in for the replay is +1-877-344-7529 within the United States or +1-412-317-0088 internationally. The replay access code is No.10140637. A live webcast and archive of the conference call will be available at http://ir.hailiangedu.com. About Hailiang Education Group Inc. Hailiang Education (Nasdaq: HLG) is one of the largest primary, middle, and high school educational service providers in China. The Company primarily focuses on providing distinguished, specialized, and internationalized education. Hailiang Education is dedicated to providing students with high-quality primary, middle, and high school, and international educational services and highly valuing the quality of students' life, study, and development. Hailiang Education adapts its education services based upon its students' individual aptitudes. Hailiang Education is devoted to improving its students' academic capabilities, cultural accomplishments, and international perspectives. Hailiang Education operates multilingual programs including Chinese, English, Spanish, Japanese, Korean, and French. In addition, Hailiang Education has launched various diversified high-quality courses, such as Mathematical Olympiad courses, A-level courses, Australia Victorian Certificate of Education (VCE) courses, IELTS courses, TOEFL courses, as well as SAT courses. The Company has also formed extensive cooperative network more than 200 educational institutions and universities globally. Hailiang Education is committed to making great effort to provide its students with greater opportunities to enroll in well-known domestic and international universities to further their education. For more information, please visit http://ir.hailiangedu.com. Forward-Looking Statement This press release contains information about Hailiang Education's view of its future expectations, plans, and prospects that constitute forward-looking statements. These forward-looking statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to the following: general economic conditions in China, competition in the education industry in China, the expected growth of the Chinese private education market, Chinese governmental policies relating to private educational services and providers of such services, health epidemics and other outbreaks in China, the Company's business plans, the Company's future business development, results of operations, and financial condition, expected changes in the Company's revenue and certain cost or expense items, its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the number of students entrusted by schools, the successful integration of acquired companies, technologies and assets into its portfolio of software and services, marketing and other business development initiatives, dependence on key personnel, the ability to attract, hire, and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property, the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights, and other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"). Hailiang Education may also make written or oral forward-looking statements in its periodic reports to the 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 Hailiang Education's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, whether known or unknown, and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "will make," "will be," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "endeavor to," "is/are likely to," or other similar expressions. Further information regarding these and other risks is included in our annual report on Form 20-F and other filings with the SEC. All information provided in this press release is as of the date of this press release, and Hailiang Education undertakes no obligation to update any forward-looking statements, except as may be required under applicable law. Contacts: Mr. Litao Qiu Board Secretary Hailiang Education Group Inc. Phone: +86-571-5812-1974 Email: ir@hailiangeducation.com Ms. Tina Xiao President Ascent Investor Relations LLC Phone: +1-917-609-0333 Email: tina.xiao@ascent-ir.com View original content to download multimedia:http://www.prnewswire.com/news-releases/hailiang-education-group-inc-to-host-conference-call-for-its-first-six-months-of-fiscal-year-2020-financial-results-at-900-am-et-on-wednesday-march-25-2020-301026601.htmlRelated Links :http://ir.hailiangedu.com
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Graduates Given Insight Into Working for EY With Cappfinity Job Simulation Assessment
SYDNEY, March 19, 2020 /PRNewswire/ -- Cappfinity has implemented a job simulation assessment at EY Oceania to transform their approach to early talent assessment and deliver a unique, authentic candidate experience. EY wanted to overhaul recruitment processes and replace off-the-shelf products with a bespoke assessment solution that would provide a preview of what it would be like to work for the employer using real-world scenarios. The new solution will enable recruiters to make informed, evidence-based decisions about a candidate's fit and potential, as well as their capability to perform the role – unlocking behavioural insight whilst delivering a bias-free customised experience for every user. Lucy Zucker, Head of Client Success, APAC, commented on the solution: "From the outset EY had a clear vision of what they wanted to achieve. We were able to translate their requirements into a customised branded solution, engaging the candidate with an authentic experience that simulates the true nature of work." About Cappfinity Cappfinity is the global leader in strengths-based assessment, providing award-winning recruitment and development solutions to forward-thinking companies. Cappfinity was founded in 2005 by Dr Alex Linley, a leading expert in positive psychology and Nicky Garcea, psychologist and strengths expert. We partner with our clients to create consumer-grade experiences, improve quality of hire, enhance efficiency and increase productivity, retention and diversity. Our teams in the US, UK and Australia are proud to be working with more than 150 organisations and over 5 million individuals in service of our shared purpose – strengthening the world. Contact: Rachael RamosCappfinityrachael.ramos@cappfinity.com+44-(0)7719-986909
