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Maven Silicon offers cloud-based online VLSI courses worldwide for the electrical engineers who aspire to grow as Chip Designers in the Semiconductor Industry

March 12, 2021 TechENT Syndication Leave a comment

BENGALURU, India, March 12, 2021 — Mr. P.R.Sivakumar founded Maven Silicon with the vision of producing highly skilled VLSI engineers towards meeting the growing demand of chip designers in the semiconductor industry worldwide. Since 2010 they have successfully deployed 2500+ VLSI engineers collaborating with over 250+ industry partners, and emerged as a top class Centre of Excellence in VLSI for both academia and corporates. His perspectives shared with Semiconductor Engineering on Hard-To-Hire Engineering Jobs based on his entrepreneurial journey with a decade of excellence.

Maven Silicon offers cloud-based online VLSI courses worldwide for the electrical engineers who aspire to grow as Chip Designers in the Semiconductor Industry

Using the State-of-the-Art Technologies, Maven Silicon offers a wide range of Courses through ILT, VILT, & Self-Paced Learning to Hybrid Learning to support academia and corporates.

The learners are equipped with modern EDA Tools, Techniques, and Skills that sync with the learning goals of the MNC’s and Service Co’s that are vital in an era of rapid change where advances in technology are disrupting the very way they work. Corporate Solutions

During this pandemic situation, when the semiconductor industry was looking for innovative learning solutions to upskill and support their workforce remotely, they helped the industry with online learning solutions. In June 2020, they were awarded a two-year contract by a top US-based Wi-Fi company towards upskilling 600 VLSI engineers across various countries for their worldwide operations. In September 2020, they delivered a rapid online training program to upskill VLSI Engineers for a world’s largest mobile manufacturer. Newsletter

As the industry demands more and more chip designers with processor design expertise for AI, ML, Server, laptop and Smartphone chips and SoCs, our Founder and Author Mr. P R Sivakumar had initiated a collaboration with RISC-V in October’ 2020 as their Global Training Partner primarily to upskill the VLSI Engineers on RISC-V Processor Design. In a short span, he authored and successfully launched the courses in January 2021. A RISC-V Training Partner

About Maven Silicon:

A Decade of Excellence supported by seamless operations helped them extend and transform New College Graduates [NCG] as job-ready VLSI Engineers. They were able to continue with the operations and train 500+ NCGs, irrespective of the COVID crisis and the enormous challenges faced during 2020. Through their social responsibility initiative, "Maven Silicon to Community", provided 100% Scholarships for the deserving NCGs considering their family and financial situation.

Media Contact:

Veeresh SG,
info@maven-silicon.com

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PR Newswire

PageUp to provide streamlined and accelerated recruitment solutions for leading US university

March 9, 2021 TechENT Syndication Leave a comment

Leading US university selects PageUp’s Recruitment Management module and Single Sign On Integration.

NEW YORK, March 9, 2021 — PageUp [https://www.pageuppeople.com], a provider of cloud-based talent management software, today announced that Stanford University’s Faculty Affairs unit has selected PageUp Recruitment Management to help streamline its faculty applicant tracking processes across its schools and divisions.

PageUp’s Recruitment Management module will help Stanford University Faculty Affairs to automate and streamline the faculty search and applicant tracking processes for its faculty hiring efforts.

The PageUp solution is designed to drive greater efficiency, automation and transparency in recruitment processes, allowing the institution to increase the quality and diversity of hires while delivering an outstanding candidate experience.

PageUp offers first-class customer support and a proven track record in the higher education industry, with colleges and universities around the globe using the PageUp solution.

PageUp will provide Stanford University Faculty Affairs with:

Recruitment Management solutions to automate faculty search and applicant tracking processes.
Position management functionality
Streamlined reporting with visibility into EEO and diversity data
A configurable system to manage different workflows for each school/division
Full search committee management

Mark Rice, PageUp CEO, says, "PageUp is excited to help Stanford University to attract the talent required to continually advance the needs of the institution. We’re proud to work with one of the world’s leading universities to deliver an innovative recruitment management solution and wonderful candidate experience."

About PageUp

The powerful PageUp platform optimizes each step of the talent management lifecycle – so everyone can reach their full potential. PageUp Talent Management software enhances HR processes with technology that HR professionals, people leaders and employees love to use. From Recruitment Marketing – including sophisticated content management, marketing automation and candidate relationship management tools – through to Recruitment Management, Onboarding, Learning, Performance, and Succession – all underpinned by Analytics.

Customers love PageUp for its deep functionality and ability to be configured for a range of workflows and industries, all accompanied by outstanding customer service. Used in over 190 countries, PageUp is a truly global solution. PageUp has offices in Melbourne, Sydney, New York, London and Dublin.

Related Links :

https://www.pageuppeople.com/

PR Newswire

China Online Education Group Announces Fourth Quarter 2020 Results

March 5, 2021 TechENT Syndication Leave a comment

Fourth quarter and fiscal year net revenues increased by 34.7% and 38.9% year-over-year respectively

Fourth quarter GAAP net income and non-GAAP net income were RMB31.8 million and RMB38.6 million respectively

Fiscal year 2020 GAAP net income and non-GAAP net income were RMB147.0 million and RMB173.7 million respectively

BEIJING, March 5, 2021 — China Online Education Group ("51Talk" or the "Company") (NYSE:COE), a leading online education platform in China, with core expertise in English education, announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020.

Fourth Quarter 2020 Financial and Operating Highlights

Net revenues were RMB535.1 million (US$82.0 million), a 34.7% increase from RMB397.2 million for the fourth quarter of 2019.
Gross margin was 72.7%, compared with 72.1% for the fourth quarter of 2019.
GAAP net income was RMB31.8 million, compared with GAAP net income RMB0.8 million for the fourth quarter of 2019.
Non-GAAP net income^[1] was RMB38.6 million, compared with non-GAAP net income RMB4.5 million for the fourth quarter of 2019.
Operating cash inflow was RMB188.5 million (US$28.9 million), compared with RMB167.1 million cash inflow for the fourth quarter of 2019.
Cash, cash equivalents, time deposits and short-term investments balance reached RMB1,727.7 million (US$264.8 million) as of December 31, 2020.
Gross billings^[2] were RMB720.9 million (US$110.5 million), a 23.8% increase from RMB582.3 million for the fourth quarter of 2019.

Fiscal Year 2020 Financial and Operating Highlights

Net revenues were RMB2,054.1 million (US$314.8 million), a 38.9% increase from RMB1,478.5 million for the fiscal year 2019.
Gross margin was 71.7%, compared with 70.2% for the fiscal year 2019.
GAAP net income was RMB147.0 million(US$22.5 million), compared with GAAP net loss RMB104.4 million for the fiscal year 2019.
Non-GAAP net income was RMB173.7 million (US$26.6 million), compared with non-GAAP net loss RMB87.7 million for the fiscal year 2019.
Operating cash inflow was RMB719.3 million (US$110.2 million), compared with RMB397.9 million cash inflow for the fiscal year 2019.
Gross billings were RMB2,722.6 million (US$417.3 million), a 30.9% increase from RMB2,080.6 million for the fiscal year 2019.

^[1] For more information on non-GAAP financial measures, please see the section of "Use of Non-GAAP Financial Measures" and the table captioned "Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures" set forth in this press release.

^[2] Gross billings for a specific period, which is one of the Company’s key operating data, is defined as the total amount of cash received for the sale of course packages and services in such period, net of the total amount of refunds in such period.

Key Financial and Operating Data

	For the three months ended						For the year ended
		Dec. 31,			Dec. 31,	Y-o-Y		Dec. 31,	Dec. 31,	Y-o-Y
		2019			2020	Change		2019	2020	Change

Net Revenues (in RMB millions)	397.2				535.1	34.7%		1478.5	2,054.1	38.9%
K-12 mass-market one-on-one			320.0		479.4	49.8%		1131.3	1,773.2	56.7%
K-12 small class offering				26.4	20.5	(22.5%)		112.8	97.1	(13.9%)
Adult offering				38.8	27.9	(28.1%)		168.5	130.8	(22.4%)
K-12 American Academy one-on-one				12.0	7.3	(39.2%)		65.9	53.0	(19.6%)

Gross Billings (in RMB millions)	582.3				720.9	23.8%		2,080.6	2,722.6	30.9%
K-12 mass-market one-on-one			501.7		667.8	33.1%		1,814.5	2,536.0	39.8%
K-12 small class offering			40.0		26.4	(34.0%)		96.6	90.9	(5.9%)
Adult offering				34.5	25.8	(25.2%)		131.3	91.7	(30.2%)
K-12 American Academy one-on-one				6.1	0.9	(85.2%)		38.2	4.0	(89.5%)
Active students^[3] (in thousands)	257.2				353.8	37.6%

^[3] An "active student" for a specified period refers to a student who booked at least one paid lesson, excluding those students who only attended paid live broadcasting lessons or trial lessons. A student taking both one-on-one and small class lessons is counted as one active student.

"The growth momentum from the beginning of 2020 continued into the fourth quarter," said Mr. Jack Jiajia Huang, Founder, Chairman and Chief Executive Officer of 51Talk. "Reflecting solid strategic execution in our online K-12 English mass-market offerings, fourth quarter net revenues grew 34.7% year-over-year to reach RMB535.1 million. We also recorded historically high operating cash flow of RMB188.5 million. In addition, the number of new paying students grew over 70.0% year-over-year driven by our effective curriculum and improving service quality, while our active students reached 353,800, up 37.6% compared with the same period in 2019.

"Despite 2020 presenting an array of unforeseen challenges, our strong pre-established foundational groundwork allowed us to not only manage this tumultuous period but in fact benefit from the shifting environment as we took advantage of new opportunities. Full year net revenues grew 38.9% to RMB2.1 billion. 2020 operating cash flow rose 80.8% to reach a historical high of RMB719.3 million, compared with RMB397.9 million in 2019, further strengthening our financial position for future growth. We also witnessed remarkable growth in new paying students which increased 60.0% year-over-year.

"We are also very excited about our recent acquisition of GKid’s product portfolio and industry-leading AI technologies. GKid offers innovative AI-driven online English courses through highly interactive animation and picture books for children. With product offerings intended for those between the ages of three and eight, this acquisition both extends our addressable market and broadens our product and curriculum portfolio. We foresee many potential collaboration and integration opportunities between our platform and GKid’s products and industry-leading AI technologies, leading to both new products and product improvements which will better serve our students.

"As we head further into 2021, we are focusing on user growth and enhanced brand promotions to drive market share expansion. To better attract and retain users, we will continue optimizing learning experiences through upgraded product offerings and an enriched curriculum mix. We are developing innovative AI-powered robotic tutors to help students review core knowledge points with the aim of enhancing overall learning efficiency. To make our courses more interesting and engaging to young children, we are also integrating more interactive features into our textbooks. Additionally, we are diversifying our curriculum portfolio in order to provide a holistic learning experience, through investing in R&D, upgrading services to students, and expanding our teacher operations. Finally, we target to further increase our branding and marketing efforts to heighten brand awareness as we enter the next phase of growth.

"We are also delighted to have successfully delivered over 50 million one-on-one online English lessons, including free trials, between November 2019 and December 2020 – a rapid increase that took our cumulative deliveries since our inception in 2011 to more than 150 million, and a strong testament to our accelerating growth trajectory. As 51Talk continues to grow, we are confident our balanced growth strategy will continue to yield solid value for our stakeholders," concluded Mr. Huang.

"I’m extremely proud that we concluded a turbulent 2020 with solid operating and financial results, evidenced by sustained revenue growth and the first profitable year in our company history," said Mr. Min Xu, Chief Financial Officer of 51Talk. "We recorded Non-GAAP net income of RMB173.7 million for 2020, compared to a Non-GAAP net loss of RMB87.7 million in 2019. In 2021, investment will be channeled towards the development of our curriculum, technology and brand as we look to capitalize on market dynamics, drive user growth and achieve the leading market position."

Fourth Quarter 2020 Financial Results

Net Revenues

Net revenues for the fourth quarter of 2020 were RMB535.1 million (US$82.0 million), a 34.7% increase from RMB397.2 million for the same quarter last year. The increase was primarily attributed to an increase in the number of active students. The number of active students in the fourth quarter of 2020 was 353,800, a 37.6% increase from 257,200 for the same quarter last year.

Net revenues from one-on-one offerings for the fourth quarter of 2020 were RMB514.6 million (US$78.9 million), a 38.8% increase from RMB370.8 million for the same quarter last year. Net revenues from small class offering for the fourth quarter of 2020 were RMB20.5 million (US$3.1 million), a 22.5% decrease from RMB 26.4 million for the same quarter last year.

Cost of Revenues

Cost of revenues for the fourth quarter of 2020 was RMB146.1 million (US$22.4 million), a 32.1% increase from RMB110.6 million for the same quarter last year. The increase was primarily driven by an increase in total service fees paid to teachers, mainly due to an increased number of paid lessons.

As part of Chinese government’s effort to ease the burden of businesses affected by the coronavirus (COVID-19) outbreak, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration, temporarily reduced and exempted employer obligation on social security contributions from February 2020. The impact of coronavirus policies on cost of revenues was RMB0.2 million in the fourth quarter. Excluding the impact, total cost of revenues for the fourth quarter would have been RMB146.3 million (US$22.4 million), representing a 32.3% year-over-year increase.

Cost of revenues of one-on-one offerings for the fourth quarter of 2020 was RMB137.8 million (US$21.1 million), a 40.4% increase from RMB98.2 million for the same quarter last year. Cost of revenues of small class offering for the fourth quarter of 2020 was RMB8.3 million (US$1.3 million), a 33.5% decrease from RMB12.5 million for the same quarter last year.

Gross Profit and Gross Margin

Gross profit for the fourth quarter of 2020 was RMB388.9 million (US$59.6 million), a 35.8% increase from RMB286.5 million for the same quarter last year.

Gross margin for the fourth quarter of 2020 was 72.7%, compared with 72.1% for the same quarter last year.

Excluding the positive impact of the coronavirus related social security contribution exemption, gross profit and gross margin for the fourth quarter would have been RMB388.7 million (US$59.6 million) and 72.6% respectively.

Gross margin for one-on-one offerings for the fourth quarter of 2020 was 73.2%, compared with 73.5% for the same quarter last year. 51Talk’s small class offering gross margin for the fourth quarter of 2020 was 59.5%, compared with 52.7% for the fourth quarter of 2019. The increase was mainly due to an optimization of the small class offering portfolio that reduced the number of lower margined products.

Operating Expenses

Total operating expenses for the fourth quarter of 2020 were RMB385.7 million (US$59.1 million), an 33.7% increase from RMB288.4 million for the same quarter last year. The increase was mainly due to an increase in sales and marketing expenses.

Sales and marketing expenses for the fourth quarter of 2020 were RMB284.5 million (US$43.6 million), a 40.5% increase from RMB202.5 million for the same quarter last year. The increase was mainly due to higher sales personnel costs related to increases in the number of sales and marketing personnel and higher marketing and branding expenses. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for the fourth quarter of 2020 were RMB282.6 million (US$43.3 million), a 40.2% increase from RMB201.6 million for the same quarter last year. Non-GAAP sales and marketing expenses, excluding branding expenses, were 33.6% of the gross billings for the fourth quarter of 2020, compared with 30.4% for the same quarter last year. The impact of coronavirus policy related the exemption of employer obligation on social security contributions on sales and marketing expense was RMB5.3 million in the fourth quarter. Excluding the impact, sales and marketing expenses for the fourth quarter would have been RMB289.8 million (US$44.4 million), representing a 43.1% year-over-year increase.

Product development expenses for the fourth quarter of 2020 were RMB44.6 million (US$6.8 million), a 20.3% increase from RMB37.0 million for the same quarter last year. The increase was primarily due to higher product development personnel costs related to increases in both the number of personnel and average salary. Excluding share-based compensation expenses, non-GAAP product development expenses for the fourth quarter of 2020 were RMB43.3 million (US$6.6 million), a 17.6% increase from RMB36.8 million for the same quarter last year. The impact of coronavirus policy related to the exemption of employer obligation on social security contributions on product development expense was RMB1.5 million in the fourth quarter. Excluding the impact, product development expense for the fourth quarter would have been RMB46.1 million (US$7.1 million), representing a 24.6% year-over-year increase.

General and administrative expenses for the fourth quarter of 2020 were RMB56.6 million (US$8.7 million), a 15.8% increase from RMB48.9 million for the same quarter last year. The increase was primarily due to higher general and administrative personnel costs related to increases in both the number of personnel and average salary. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the fourth quarter of 2020 were RMB53.0 million (US$8.1 million), a 14.4% increase from RMB46.3 million for the same quarter last year. The impact of coronavirus policy related to the exemption of employer obligation on social security contributions on general and administrative expense was RMB1.2 million in the fourth quarter. Excluding the impact, general and administrative expense for the fourth quarter would have been RMB57.8 million (US$8.9 million), representing a 18.2% year-over-year increase.

Other income

As part of Chinese government’s effort to ease the burden of businesses affected by the coronavirus

(COVID-19) outbreak, the State Taxation Administration (STA) exempted a wide range of consumer services from value added tax (VAT) from January 2020. The income obtained by taxpayers from providing essential services shall be exempted from VAT. The favorable impact of coronavirus relief policies was RMB7.5 million in the fourth quarter.

On September 30, 2019, Ministry of Finance and the State Taxation Administration announced that from October 1, 2019 to December 31, 2021, the taxpayers engaging in the provision of essential services are allowed to deduct an extra 15% of the deductible input value-added tax for the current period from the payable value-added tax. The impact of the policy of additional value-added tax credit for the income generated by the essential services provided by enterprises was RMB0.3 million in the fourth quarter.

Income/(loss) from Operations

Operating income for the fourth quarter of 2020 was RMB11.0 million (US$1.7 million), compared with loss from operations of RMB1.9 million for the same quarter last year. Operating margin for the fourth quarter was 2.1%, compared with operating margin of negative 0.5% for the same quarter last year.

Non-GAAP operating income for the fourth quarter of 2020 was RMB17.8 million (US$2.7 million), compared with non-GAAP operating income of RMB1.8 million for the same quarter last year. Non-GAAP operating margin for the fourth quarter was 3.3%, compared with non-GAAP operating margin of 0.5% for the same quarter last year.

The favorable impact of coronavirus relief policies was RMB15.7 million in the fourth quarter. Excluding the favorable impact, loss from operations and non-GAAP operating income for the fourth quarter would have been RMB4.7 million (US$0.7 million) and RMB2.1 million (US$0.3 million) respectively, representing negative 0.9% GAAP operating margin and 0.4% non-GAAP operating margin.

Net income

Net income for the fourth quarter of 2020 was RMB31.8 million (US$4.9 million), compared with net income of RMB 0.8 million for the same quarter last year. Net margin for the fourth quarter was 5.9%, compared with net margin of 0.2% for the same quarter last year.

Non-GAAP net income for the fourth quarter of 2020 was RMB38.6 million (US$5.9 million), compared with non-GAAP net income of RMB4.5 million for the same quarter last year. Non-GAAP net margin for the fourth quarter was 7.2%, compared with non-GAAP net margin of 1.1% for the same quarter last year.

The favorable impact of coronavirus relief policies was RMB15.7 million in the fourth quarter. Excluding the favorable impact, net income and non-GAAP net income for the fourth quarter would have been RMB16.1 million (US$2.5 million) and RMB22.9 million (US$3.5 million) respectively, representing net margin of 3.0% and 4.3% respectively.

Income tax benefits for the fourth quarter of 2020 were RMB8.9 million, including the releasing of valuation allowance for deferred tax assets of RMB9.7 million.

Basic net income per American depositary share ("ADS") attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.48 (US$0.23), compared with basic net income per ADS of RMB0.04 for the same quarter last year. Diluted net income per American depositary share ("ADS") attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.39 (US$0.21), compared with diluted net income per ADS of RMB0.04 for the same quarter last year. Each ADS represents 15 Class A ordinary shares.

Non-GAAP basic net income per ADS attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.79 (US$0.27), compared with non-GAAP basic net income per ADS attributable to ordinary shareholders of RMB0.22 for the same quarter last year. Non-GAAP diluted net income per ADS attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.68 (US$0.26), compared with non-GAAP diluted net income per ADS attributable to ordinary shareholders of RMB0.20 for the same quarter last year.

The favorable impact of coronavirus relief policies was RMB15.7 million in the fourth quarter. Excluding the favorable impact, basic net income per American depositary share ("ADS") attributable to ordinary shareholders for the fourth quarter of 2020 was RMB0.75 (US$0.11) and non-GAAP basic net income per American depositary share ("ADS") attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.06 (US$0.16), respectively. Excluding the favorable impact, diluted net income per American depositary share ("ADS") attributable to ordinary shareholders for the fourth quarter of 2020 was RMB0.70 (US$0.11) and non-GAAP diluted net income per American depositary share ("ADS") attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.00 (US$0.15), respectively.

Balance Sheet

As of December 31, 2020, the Company had total cash, cash equivalents, time deposits and short-term investments of RMB1,727.7 million (US$264.8 million), compared with RMB1,053.4 million as of December 31, 2019. As a part of cash, cash equivalents, time deposits and short-term investments, the Company had non-current time deposits of RMB414.0 million (US$63.4 million), compared with RMB113.4 million as of December 31, 2019.

The Company had advances from students^{^[4]} (current and non-current) of RMB2,721.0 million (US$417.0 million) as of December 31, 2020, compared with RMB2,186.6 million as of December 31, 2019.

^[4] "Advances from students", which is defined as the amount of obligation to transfer good or service to students or business partners for which consideration has been received from students in advance. The deposits from students are also presented in the total amount of "advances from students".

Fiscal Year 2020 Financial Results

Net Revenues

Net revenues for 2020 were RMB2,054.1 million (US$314.8 million), a 38.9% increase from RMB1,478.5 million for 2019. The increase was primarily attributed to an increase in the number of active students.

Net revenues from one-on-one offerings for 2020 were RMB1,957.0 million (US$299.9 million), a 43.3% increase from RMB1,365.7 million for 2019. Net revenues from small class offerings for 2020 were RMB97.1 million (US$14.9 million), compared with RMB112.8 million for 2019.

Cost of Revenues

Cost of revenues for 2020 was RMB580.4 million (US$89.0 million), a 31.9% increase from RMB439.9 million for 2019. The increase was primarily driven by an increase in total service fees paid to teachers, mainly due to an increased number of paid lessons.

As part of Chinese government’s effort to ease the burden of businesses affected by the coronavirus (COVID-19) outbreak, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration temporarily reduced and exempted employer obligation on social security contributions for February 2020. The impact of coronavirus policies on cost of revenues was RMB1.3 million for 2020. Excluding the impact, total cost of revenues for 2020 would have been RMB581.7 million (US$89.1 million), representing a 32.2% year-over-year increase.

Cost of revenues of one-on-one offerings for 2020 was 540.7 million (US$82.9 million), an 40.0% increase from RMB386.1 million for 2019. Cost of revenues of small class offerings for 2020 was RMB39.7 million (US$6.1 million), a 26.2% decrease from RMB53.8 million for 2019.

Gross Profit and Gross Margin

Gross profit for 2020 was RMB1,473.7 million (US$225.9 million), a 41.9% increase from RMB1,038.6 million for 2019.

Gross margin for 2020 was 71.7%, compared with 70.2% for 2019.

Excluding the positive impact of the coronavirus related social security contribution exemption, gross profit and gross margin for 2020 would have been RMB1,472.4 million (US$225.7 million) and 71.7% respectively.

One-on-one offerings gross margin for 2020 was 72.4%, compared with 71.7% for 2019. 51Talk’s small class offering gross margin for 2020 was 59.1%, compared with 52.3% for 2019.

Operating Expenses

Total operating expenses for 2020 were RMB1,412.7 million (US$216.5 million), a 23.3% increase from RMB1,146.1 million for 2019. The increase was mainly the result of the increases in sales and marketing expenses.

Sales and marketing expenses for 2020 were RMB1,035.6 million (US$158.7 million), an 30.7% increase from RMB792.6 million for 2019. The increase was mainly due to higher payroll due to increasing sales personnel and higher marketing and branding expenses. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for 2020 were RMB1,026.8 million (US$157.4 million), an 30.0% increase from RMB789.6 million for 2019. Non-GAAP sales and marketing expenses, excluding branding expenses, were 32.1% of the gross billings for 2020, compared with 32.3% for last year. The impact of coronavirus policy related to the exemption of employer obligation on social security contributions on sales and marketing expense was RMB21.1 million for 2020. Excluding the impact, sales and marketing expenses for 2020 would have been RMB1,056.7 million (US$161.9 million), representing a 33.3% year-over-year increase.

Product development expenses for 2020 were RMB162.8 million (US$25.0 million), a 3.4% increase from RMB157.5 million for 2019. Excluding share-based compensation expenses, non-GAAP product development expenses for 2020 were RMB158.4 million (US$24.3 million), a 2.8% increase from RMB154.0 million for 2019. The impact of coronavirus policy related to the exemption of employer obligation on social security contributions on product development expense was RMB6.0 million for 2020. Excluding the impact, product development expense for 2020 would have been RMB168.8 million (US$25.9 million), representing an 7.2% year-over-year increase.

General and administrative expenses for 2020 were RMB214.2million (US$32.8 million), a 9.3% increase from RMB196.0 million for 2019. The increase was primarily due to higher general and administrative personnel costs related to increases in the number of personnel and the higher professional services fees in connection with the follow-on public offering. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for 2020 were RMB200.8 million (US$30.8 million), an 8.1% increase from RMB185.7 million for 2019. The impact of coronavirus policy related to the exemption of employer obligation on social security contributions on general and administrative expense was RMB4.8 million for 2020. Excluding the impact, general and administrative expense for 2020 would have been RMB219.0 million (US$33.6 million), representing an 11.7% year-over-year increase.

Other income

As part of Chinese government’s effort to ease the burden of businesses affected by the coronavirus

On September 30, 2019, Ministry of Finance and the State Taxation Administration announced that from October 1, 2019 to December 31, 2021, the taxpayers engaging in the provision of essential services are allowed to deduct an extra 15% of the deductible input tax for the current period from the payable tax. The impact of the policy of additional value-added tax credit for the income generated by the essential services provided by enterprises was RMB11.1 million in 2020.

Income/(loss) from Operations

Operating income for 2020 was RMB104.4 million (US$16.0 million), compared with loss from operations of RMB107.6 million for 2019. Operating margin for 2020 was 5.1%, compared with operating margin of negative 7.3% for 2019.

Non-GAAP operating income for 2020 was RMB131.2 million (US$20.1 million), compared with loss from operations of RMB90.8 million for 2019. Non-GAAP operating margin for 2020 was 6.4%, compared with non-GAAP operating margin of negative 6.1% for 2019.

The favorable impact of coronavirus relief policies was RMB65.5 million in 2020. Excluding the favorable impact, operating income and non-GAAP operating income for 2020 would have been RMB38.9 million (US$6.0 million) and RMB65.7 million (US$10.1 million) respectively, representing 1.9% GAAP operating magin and 3.2% non-GAAP operating margin.

Net income/(loss)

Net income for 2020 was RMB147.0 million (US$22.5 million), compared with net loss of RMB104.4 million for 2019. Net margin for 2020 was 7.2%, compared with net margin of negative 7.1% for 2019.

Non-GAAP net income for 2020 was RMB173.7 million (US$26.6 million), compared with net loss of RMB87.7 million for 2019. Non-GAAP net margin for 2020 was 8.5%, compared with non-GAAP net margin of negative 5.9% for 2019.

The favorable impact of coronavirus relief policies was RMB65.5 million in 2020. Excluding the favorable impact, net income and non-GAAP net income for 2020 would have been RMB81.5 million (US$12.5 million) and RMB108.2 million (US$16.6 million), representing net margin of 4.0% and 5.3% respectively.

Income tax benefits for 2020 were RMB4.1 million, including the releasing of valuation allowance for deferred tax assets of RMB9.7 million.

Basic net income per American depositary share ("ADS") attributable to ordinary shareholders for 2020 was RMB6.90 (US$1.06), compared with basic net loss per ADS of RMB5.08 for 2019. Diluted net income per American depositary share ("ADS") attributable to ordinary shareholders for 2020 was RMB6.46 (US$0.99), compared with diluted net loss per ADS of RMB5.08 for 2019. Each ADS represents 15 Class A ordinary shares.

Non-GAAP basic net income per American depositary share ("ADS") attributable to ordinary shareholders for 2020 was RMB8.15 (US$1.25), compared with non-GAAP basic net loss per ADS of RMB4.27 for 2019. Non-GAAP diluted net income per American depositary share ("ADS") attributable to ordinary shareholders for 2020 was RMB7.63 (US$1.17), compared with non-GAAP diluted net loss per ADS of RMB4.27 for 2019. Each ADS represents 15 Class A ordinary shares.

The favorable impact of coronavirus relief policies was RMB65.5 million in 2020. Excluding the favorable impact, basic net income per American depositary share ("ADS") attributable to ordinary shareholders for 2020 was RMB3.82 (US$0.59) and non-GAAP basic net income per American depositary share ("ADS") attributable to ordinary shareholders for 2020 was RMB5.08 (US$0.78), respectively. Excluding the favorable impact, diluted net income per American depositary share ("ADS") attributable to ordinary shareholders for 2020 was RMB3.58 (US$0.55) and non-GAAP diluted net income per American depositary share ("ADS") attributable to ordinary shareholders for 2020 was RMB4.75 (US$0.73), respectively.

Outlook

For the first quarter of 2021, the Company currently expects net revenues to be between RMB595 million and RMB600 million, which would represent an increase of approximately 22.2% to 23.2% from RMB487.1 million for the same quarter last year.

The above outlook is based on 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 change.

Share Repurchase Program

On September 8, 2020, 51Talk announced that its board of directors had authorized a share repurchase program of up to US$20.0 million between September 8, 2020 and September 7, 2021. As of March 3, 2021, the Company had repurchased 260,530 ADSs for approximately US$6.6 million under this program.

Notes to Unaudited Financial Information

The unaudited financial information disclosed in this press release is preliminary. The audit of the financial statements and related notes to be included in the Company’s annual report on Form 20-F for the year ended December 31, 2020 is still in progress.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 5, 2021 (8:00 PM Beijing/Hong Kong time on March 5, 2021).

Dial-in details for the earnings conference call are as follows:

United States (toll free):	1-866-264-5888
International:	1-412-317-5226
Mainland China:	400-120-1203
Hong Kong (toll free):	800-905-945
Hong Kong:	852-3018-4992

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "China Online Education Group."

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.51talk.com.

A replay of the conference call will be accessible until March 12, 2021, by dialing the following telephone numbers:

United States (toll free):	1-877-344-7529
International:	1-412-317-0088
Replay Access Code:	10152865

About China Online Education Group

China Online Education Group (NYSE: COE) is a leading online education platform in China, with core expertise in English education. The Company’s mission is to make quality education accessible and affordable. The Company’s online and mobile education platforms enable students across China to take live interactive English lessons with overseas foreign teachers, on demand. The Company connects its students with a large pool of highly qualified foreign teachers that it assembled using a shared economy approach, and employs student and teacher feedback and data analytics to deliver a personalized learning experience to its students.

Use of Non-GAAP Financial Measures

In evaluating its business, 51Talk considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP sales and marketing expenses, non-GAAP product development expenses, non-GAAP general and administrative expenses, non-GAAP operating expenses, non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, and non-GAAP net income/(loss) attributable to ordinary shareholders per share and per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this press release.

51Talk believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. 51Talk believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to 51Talk’s historical performance. 51Talk computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. 51Talk believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in the 51Talk’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table at the end of this press release provides more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.525 to US$1.00, the rate in effect as of December 31, 2020 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "aims", "future", "intends", "plans", "believes", "estimates", "likely to" and similar statements. Among other things, 51Talk’s business outlook and quotations from management in this announcement, as well as 51Talk’s strategic and operational plans, contain forward-looking statements. 51Talk may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about 51Talk’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: 51Talk’s goals and strategies; 51Talk’s expectations regarding demand for and market acceptance of its brand and platform; 51Talk’s ability to retain and increase its student enrollment; 51Talk’s ability to offer new courses; 51Talk’s ability to engage, train and retain new teachers; 51Talk’s future business development, results of operations and financial condition; 51Talk’s ability to maintain and improve infrastructure necessary to operate its education platform; competition in the online education industry in China; the expected growth of, and trends in, the markets for 51Talk’s course offerings in China; relevant government policies and regulations relating to 51Talk’s corporate structure, business and industry; general economic and business condition in China, the Philippines and elsewhere and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in 51Talk’s filings with the SEC. All information provided in this press release is as of the date of this press release, and 51Talk does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

China Online Education Group
Investor Relations
+86 (10) 8342-6262
ir@51talk.com

The Piacente Group, Inc.
Brandi Piacente
+86 (10) 6508-0677
+1 (212) 481-2050
51talk@tpg-ir.com

CHINA ONLINE EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

			As of
				Dec. 31,	Dec. 31,	Dec. 31,
				2019	2020	2020
				RMB	RMB	US$

ASSETS
	Current assets
		Cash and cash equivalents		342,951	326,647	50,061
		Time deposits		144,093	477,408	73,166
		Short term investment		452,936	509,636	78,105
		Inventory		308	1,935	297
		Prepaid expenses and other current assets		250,215	302,057	46,292
	Total current assets			1,190,503	1,617,683	247,921

	Non-current assets
		Property and equipment, net		20,336	21,175	3,245
		Intangible assets, net		9,918	20,302	3,111
		Goodwill		4,223	4,223	647
		Right of use assets		56,638	98,001	15,019
		Time deposits		113,415	414,000	63,448
		Deferred tax assets		337	10,268	1,574
		Other non-current assets		6,447	23,896	3,662
	Total non-current assets			211,314	591,865	90,706

	Total assets			1,401,817	2,209,548	338,627

LIABILITIES
	AND SHAREHOLDERS’ DEFICIT
	Current liabilities
		Short-term loan		16,578	–	–
		Advances from students		2,181,808	2,718,776	416,671
		Accrued expenses and other current liabilities		166,955	237,101	36,337
		Lease liability		31,550	42,949	6,582
		Taxes payable		21,661	19,288	2,956
	Total current liabilities			2,418,552	3,018,114	462,546

	Non-current liabilities
		Advances from students		4,783	2,270	348
		Lease liability		23,545	53,594	8,214
		Other non-current liabilities		1,595	2,508	384
	Total non-current liabilities			29,923	58,372	8,946

	Total liabilities			2,448,475	3,076,486	471,492

	Total shareholders’ deficit			(1,046,658)	(866,938)	(132,865)

	Total liabilities and shareholders’ deficit			1,401,817	2,209,548	338,627

	CHINA ONLINE EDUCATION GROUP
	UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
	(In thousands except for number of shares and per share data)

		For the three months ended			For the year ended
		Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,
		2019	2020	2020	2019	2020	2020
		RMB	RMB	US$	RMB	RMB	US$
Net revenues^[5]		397,154	535,074	82,004	1,478,493	2,054,095	314,804
Cost of revenues		(110,648)	(146,134)	(22,396)	(439,923)	(580,417)	(88,953)
Gross profit		286,506	388,940	59,608	1,038,570	1,473,678	225,851
Operating expenses
	Sales and marketing expenses	(202,520)	(284,493)	(43,600)	(792,591)	(1,035,620)	(158,716)
	Product development expenses	(37,046)	(44,577)	(6,832)	(157,505)	(162,829)	(24,955)
	General and administrative expenses	(48,883)	(56,626)	(8,678)	(196,029)	(214,224)	(32,831)
Total operating expenses		(288,449)	(385,696)	(59,110)	(1,146,125)	(1,412,673)	(216,502)
Other income		–	7,766	1,190	–	43,414	6,653
(Loss)/Income from operations		(1,943)	11,010	1,688	(107,555)	104,419	16,002
Interest income		5,977	11,711	1,795	17,654	38,508	5,902
Interest expense and other expenses, net		(1,918)	193	30	(9,451)	(66)	(10)
Income/(loss) before income tax expenses		2,116	22,914	3,513	(99,352)	142,861	21,894
Income tax (expenses)/benefits		(1,307)	8,905	1,365	(5,068)	4,101	629
Net income/(loss) attributable to ordinary shareholders		809	31,819	4,878	(104,420)	146,962	22,523

Weighted average number of ordinary shares used in computing basic (loss)/income per share		311,064,347	323,458,483	323,458,483	308,364,918	319,553,690	319,553,690

Weighted average number of ordinary shares used in computing diluted (loss)/income per share		337,511,364	344,354,904	344,354,904	308,364,918	341,503,118	341,503,118


^{^[5]} By performing our last year-end financial closing procedures, we discovered an oversight in our process for evaluating the status of lessons that caused us to overstate net revenues during 2018 and in interim periods of 2019. The amounts were reflecting RMB2.9 million (including RMB 2.5 million out-of-period adjustment attributed to the year of 2018), RMB0.8 million, RMB0.5 million and RMB0.7 million decreases to net revenues for the three months ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, respectively. Based on our quantitative and qualitative analysis, we do not consider the out of period impact to be material to our financial position or results of operations for any prior periods or for the quarter or year ended December 31, 2019.

	CHINA ONLINE EDUCATION GROUP
	UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
	(In thousands except for number of shares and per share data)

			For the three months ended			For the year ended
			Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,
			2019	2020	2020	2019	2020	2020
			RMB	RMB	US$	RMB	RMB	US$

Net income/(loss) per share attributable to ordinary shareholders
		Basic	0.00	0.10	0.02	(0.34)	0.46	0.07
		Diluted	0.00	0.09	0.01	(0.34)	0.43	0.07
Net income/(loss) per ADS attributable to ordinary shareholders
	Basic		0.04	1.48	0.23	(5.08)	6.90	1.06
	Diluted		0.04	1.39	0.21	(5.08)	6.46	0.99
Comprehensive income/(loss):
Net income/(loss)			809	31,819	4,878	(104,420)	146,962	22,523
Other comprehensive income/(loss)
	Foreign currency translation adjustments		(4,048)	(14,319)	(2,194)	5,356	(21,087)	(3,232)
Total comprehensive (loss)/income			(3,239)	17,500	2,684	(99,064)	125,875	19,291

Share-based compensation expenses are included in the operating expenses as follows:

Sales and marketing expenses			(939)	(1,875)	(287)	(2,951)	(8,835)	(1,354)
Product development expenses			(218)	(1,281)	(196)	(3,472)	(4,477)	(686)
General and administrative expenses			(2,582)	(3,636)	(557)	(10,309)	(13,422)	(2,057)

CHINA ONLINE EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands except for number of shares and per share data)

	For the three months ended			For the year ended
	Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,
	2019	2020	2020	2019	2020	2020
	RMB	RMB	US$	RMB	RMB	US$

Sales and marketing expenses	(202,520)	(284,493)	(43,600)	(792,591)	(1,035,620)	(158,716)
Less: Share-based compensation expenses	(939)	(1,875)	(287)	(2,951)	(8,835)	(1,354)
Non-GAAP sales and marketing expenses	(201,581)	(282,618)	(43,313)	(789,640)	(1,026,785)	(157,362)

Product development expenses	(37,046)	(44,577)	(6,832)	(157,505)	(162,829)	(24,955)
Less: Share-based compensation expenses	(218)	(1,281)	(196)	(3,472)	(4,477)	(686)
Non-GAAP product development expenses	(36,828)	(43,296)	(6,636)	(154,033)	(158,352)	(24,269)

General and administrative expenses	(48,883)	(56,626)	(8,678)	(196,029)	(214,224)	(32,831)
Less: Share-based compensation expenses	(2,582)	(3,636)	(557)	(10,309)	(13,422)	(2,057)
Non-GAAP general and administrative expenses	(46,301)	(52,990)	(8,121)	(185,720)	(200,802)	(30,774)

Operating expenses	(288,449)	(385,696)	(59,110)	(1,146,125)	(1,412,673)	(216,502)
Less: Share-based compensation expenses	(3,739)	(6,792)	(1,040)	(16,732)	(26,734)	(4,097)
Non-GAAP operating expenses	(284,710)	(378,904)	(58,070)	(1,129,393)	(1,385,939)	(212,405)

(Loss)/income from operations	(1,943)	11,010	1,688	(107,555)	104,419	16,002
Less: Share-based compensation expenses	(3,739)	(6,792)	(1,040)	(16,732)	(26,734)	(4,097)
Non-GAAP income/(loss) from operations	1,796	17,802	2,728	(90,823)	131,153	20,099

CHINA ONLINE EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands except for number of shares and per share data)

	For the three months ended			For the year ended
	Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,
	2019	2020	2020	2019	2020	2020
	RMB	RMB	US$	RMB	RMB	US$

Income tax expenses/(benefits)	(1,307)	8,905	1,365	(5,068)	4,101	629
Less: Tax impact of Share-based compensation expenses	–	–	–	–	–	–
Non-GAAP income tax expenses/(benefits)	(1,307)	8,905	1,365	(5,068)	4,101	629

Net income/(loss) attributable to ordinary shareholders	809	31,819	4,878	(104,420)	146,962	22,523
Less: Share-based compensation expenses, net of tax	(3,739)	(6,792)	(1,040)	(16,732)	(26,734)	(4,097)
Non-GAAP net income/(loss) attributable to ordinary shareholders	4,548	38,611	5,918	(87,688)	173,696	26,620

Weighted average number of ordinary shares used in
computing basic income/(loss) per share	311,064,347	323,458,483	323,458,483	308,364,918	319,553,690	319,553,690

Weighted average number of ordinary shares used in	337,511,364	344,354,904	344,354,904	308,364,918	341,503,118	341,503,118
computing diluted income/(loss) per share

Non-GAAP net income/(loss) per share attributable to ordinary shareholders
basic	0.01	0.12	0.02	(0.28)	0.54	0.08
diluted	0.01	0.11	0.02	(0.28)	0.51	0.08

Non-GAAP net income/(loss) per ADS attributable to ordinary shareholders
basic	0.22	1.79	0.27	(4.27)	8.15	1.25
diluted	0.20	1.68	0.26	(4.27)	7.63	1.17


	CHINA ONLINE EDUCATION GROUP
	UNAUDITED ADDITIONAL INFORMATION
	(In thousands except percentages)

		For the three months ended			For the year ended
		Dec. 31,	Dec. 31,	Dec. 31,		Dec. 31,	Dec. 31,	Dec. 31,
		2019	2020	2020		2019	2020	2020
		RMB	RMB	US$		RMB	RMB	US$

Net revenues
One-on-one offerings		370,763	514,624	78,870		1,365,706	1,957,013	299,925
Small class offerings		26,391	20,450	3,134		112,787	97,082	14,879
Total net revenues		397,154	535,074	82,004		1,478,493	2,054,095	314,804

Cost of revenues
One-on-one offerings		(98,178)	(137,846)	(21,126)		(386,085)	(540,707)	(82,867)
Small class offerings		(12,470)	(8,288)	(1,270)		(53,838)	(39,710)	(6,086)
Total cost of revenues		(110,648)	(146,134)	(22,396)		(439,923)	(580,417)	(88,953)

Gross profit
One-on-one offerings		272,585	376,778	57,744		979,621	1,416,306	217,058
Small class offerings		13,921	12,162	1,864		58,949	57,372	8,793
Total gross profit		286,506	388,940	59,608		1,038,570	1,473,678	225,851

Gross margin
One-on-one offerings		73.5%	73.2%	73.2%		71.7%	72.4%	72.4%
Small class offerings		52.7%	59.5%	59.5%		52.3%	59.1%	59.1%
Total gross margin		72.1%	72.7%	72.7%		70.2%	71.7%	71.7%

	CHINA ONLINE EDUCATION GROUP
	UNAUDITED ADDITIONAL INFORMATION
	(In thousands except percentages)

		For the three months ended				For the year ended
		Dec. 31,	Dec. 31,	Dec. 31,	Dec. 31,		Dec. 31,	Dec. 31,
		2019	2020	2020	2019		2020	2020
		RMB	RMB	US$	RMB		RMB	US$

Sales and marketing expenses
One-on-one offerings		(189,502)	(278,302)	(42,651)	(738,010)		(991,479)	(151,951)
Small class offerings		(13,018)	(6,191)	(949)	(54,581)		(44,141)	(6,765)
Total sales and marketing expenses^[6]		(202,520)	(284,493)	(43,600)	(792,591)		(1,035,620)	(158,716)

Product development expenses
One-on-one offerings		(32,860)	(42,260)	(6,477)	(138,291)		(150,926)	(23,131)
Small class offerings		(4,186)	(2,317)	(355)	(19,214)		(11,903)	(1,824)
Total product development expenses^[7]		(37,046)	(44,577)	(6,832)	(157,505)		(162,829)	(24,955)

General and administrative expenses
One-on-one offerings		(45,576)	(54,562)	(8,362)	(178,606)		(202,955)	(31,104)
Small class offerings		(3,307)	(2,064)	(316)	(17,423)		(11,269)	(1,727)
Total general and administrative expenses^[8]		(48,883)	(56,626)	(8,678)	(196,029)		(214,224)	(32,831)

Operating expenses
One-on-one offerings		(267,938)	(375,124)	(57,490)	(1,054,907)		(1,345,360)	(206,186)
Small class offerings		(20,511)	(10,572)	(1,620)	(91,218)		(67,313)	(10,316)
Total operating expenses		(288,449)	(385,696)	(59,110)	(1,146,125)		(1,412,673)	(216,502)

Other income
One-on-one offerings		–	7,469	1,145	–		38,683	5,928
Small class offerings		–	297	45	–		4,731	725
Total Other income		–	7,766	1,190	–		43,414	6,653

Income/(loss) from operations
One-on-one offerings		4,647	9,123	1,399	(75,286)		109,629	16,800
Small class offerings		(6,590)	1,887	289	(32,269)		(5,210)	(798)
Total (loss)/income from operations		(1,943)	11,010	1,688	(107,555)		104,419	16,002


[6] Share-based compensation expenses included in the sales and marketing expenses for one-on-one offerings and small class offerings were RMB1,758 and RMB117 respectively for the fourth quarter of 2020, and RMB850 and RMB89 respectively for the fourth quarter of 2019.
[7] Share-based compensation expenses, included in the product development expenses for one-on-one offerings and small class offerings were RMB775 and RMB506 respectively for the fourth quarter of 2020, and RMB136 and RMB82 respectively for the fourth quarter of 2019.
[8] Share-based compensation expenses, included in the general and administrative expenses for one-on-one offerings and small class offerings were RMB3,592 and RMB44 respectively for the fourth quarter of 2020, and RMB2,552 and RMB30 respectively for the fourth quarter of 2019.

Related Links :

http://ir.51talk.com

PR Newswire

China Online Education Group to Report Fourth Quarter 2020 and Full Year 2020 Financial Results on Friday, March 5, 2021

February 27, 2021 TechENT Syndication Leave a comment

Earnings Call Scheduled for 8:00 a.m. EST on March 5, 2021

BEIJING, Feb. 27, 2021 — China Online Education Group ("51Talk", or the "Company") (NYSE: COE), a leading online education platform in China, with core expertise in English education, today announced that it will report its fourth quarter 2020 unaudited financial results on Friday, March 5, 2021, before the open of U.S. markets.

The Company’s management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on March 5, 2021 (9:00 p.m. Beijing/Hong Kong time on March 5, 2021).

Dial-in details for the earnings conference call are as follows:

United States Toll:	+1-866-264-5888
International:	+1-412-317-5226
Mainland China Toll:	400-120-1203
Hong Kong Toll:	800-905-945
Hong Kong-Local Toll:	+852-3018-4992

Participants should dial-in at least 10 minutes before the scheduled start time and ask to be connected to the call for "China Online Education Group."

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.51talk.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until March 12, 2021, by dialing the following telephone numbers:

United States Toll:	+1-877-344-7529
International Toll:	+1-412-317-0088
Replay Access Code:	10152865

About China Online Education Group

For more information, please visit http://ir.51talk.com.

PR Newswire

China Distance Education Holdings Limited Announces Shareholders’ Approval of Going-Private Transaction

February 26, 2021 TechENT Syndication Leave a comment

BEIJING, Feb. 26, 2021 — China Distance Education Holdings Limited (NYSE: DL) (the "Company"), a leading provider of online education and value-added services for professionals and corporate clients in China, today announced that at an extraordinary general meeting (the "EGM") held today Beijing Time, the Company’s shareholders voted at the EGM to authorize and approve (i) the previously-announced agreement and plan of merger (the "Merger Agreement"), dated as of December 1, 2020, by and among the Company, Champion Distance Education Investments Limited ("Parent"), and China Distance Learning Investments Limited ("Merger Sub"), a wholly-owned subsidiary of Parent, pursuant to which Merger Sub will be merged with and into the Company (the "Merger"); (ii) the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands (the "Plan of Merger") for the purposes of the Merger; and (iii) the transactions contemplated by the Merger Agreement and the Plan of Merger, including the Merger.

Approximately 96.6% of the total outstanding ordinary shares ("Ordinary Shares") of the Company were voted in person or by proxy at the EGM. Of the Ordinary Shares voted at the EGM, approximately 67.4% were voted in favor of the Merger Agreement; the Plan of Merger; and the transactions contemplated by the Merger Agreement and the Plan of Merger, including the Merger. The affirmative vote of at least two-thirds of the ordinary shares present and voting in person or by proxy at the EGM was required for approval.

The Company and the other parties to the Merger Agreement currently expect to proceed expeditiously to complete the Merger, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. Upon completion of the Merger, the Company will survive as a wholly-owned subsidiary of Parent; the American depositary shares (the "ADSs") of the Company, each of which represents four Ordinary Shares, will no longer be listed on The New York Stock Exchange; the ADS program will terminate; and the ADSs and the Ordinary Shares will cease to be registered under Section 12 of the Securities Exchange Act of 1934.

Safe Harbor Statement

This announcement contains forward-looking statements. Any such statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "may," "should," "potential," "continue," "expect," "predict," "anticipate," "future," "intend," "plan," "believe," "is/are likely to," "estimate," and similar statements. The Company may also make written or oral forward-looking statements in its periodic and annual reports to the SEC, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Risks and uncertainties include the possibility that the Merger will not occur as planned if events arise that result in the termination of the Merger Agreement, if one or more of the various closing conditions to the Merger are not satisfied or waived, and other risks and uncertainties regarding the Merger Agreement and the Merger that are discussed in the proxy statement included as part of the Schedule 13E-3 transaction statement filed with the SEC on January 29, 2021 by the Company and the other filing persons named therein. The Company does not undertake any obligation to update any forward-looking statement or other information included in this press release, except as may be required by applicable law.

About China Distance Education Holdings Limited

China Distance Education Holdings Limited is a leading provider of online education and value-added services for professionals and corporate clients in China. The courses offered by the Company through its websites are designed to help professionals seeking to obtain and maintain professional licenses and to enhance their job skills through our professional development courses in China in the areas of accounting, healthcare, engineering & construction, legal and other industries. The Company also offers online test preparation courses for self-taught learners pursuing higher education diplomas or degrees, and practical accounting training courses for college students and working professionals. In addition, the Company provides business services to corporate clients, including but not limited to tax advisory and accounting outsourcing services. For further information, please visit http://ir.cdeledu.com.

Contacts:

In China:
China Distance Education Holdings Limited
Jiao Jiao
Tel: +86-10-8231-9999 ext. 1826
Email: IR@cdeledu.com

The Piacente Group, Inc.
Jenny Cai
Tel: +86-10-6508-0677
E-mail: dl@tpg-ir.com

In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 212-481-2050
Email: dl@tpg-ir.com

PR Newswire

Gale and Bodleian Libraries at University of Oxford Announce the Gale Scholar Asia Pacific, Digital Humanities Oxford Fellowships

February 25, 2021 TechENT Syndication Leave a comment

FARMINGTON HILLS, Mich., Feb. 25, 2021 — The Bodleian Libraries and Gale, a Cengage Company, are delighted to announce the launch of the Gale Scholar Asia Pacific, Digital Humanities Oxford Fellowships program. Funded by Gale, the fellowships will support three scholars for a three-month period of research into a digital humanities related topic at the University of Oxford, using the Centre for Digital Scholarship of the Bodleian Libraries. The goal of the program is to encourage emerging digital humanities scholarship in the Asia Pacific region and progress the contribution of non-Western and regional perspectives in the field of digital humanities research.

The Bodleian Libraries and Gale would like to congratulate the following candidates awarded the fellowships in 2021/2022 as well as highlight the projects they will be pursuing:

Dr. Tuo Chen, research assistant professor, faculty of history,
Nankai University, China
Project: Dr Chen’s project, The Communication Circuit of Chinese Christian Books (1807-1949), aims to extend his doctoral work on Chinese and Western Book culture and cultural exchange by examining Chinese Christian books.
Dr. Hsuan-Ying Tu, assistant professor in early modern history, school of history and researcher of the Research Centre for Digital Humanities,
Renmin University of China
Project: With her project, Clientage, Politics and the Elizabethan Regime: Digital Humanities and New Perspectives, Dr. Hsuan-Ying Tu will use the digital humanities to unravel the web of deliberately complex papers left by Elizabethan ‘spymaster’ Francis Walsingham and others and explore ways to visualize these webs of data and power relationships.
Dr. Mark Byron, associate professor in modern and contemporary literature, department of English, University of Sydney
Project: Dr. Byron’s project, Digitizing Samuel Beckett’s novel Watt: The Beckett Digital Manuscript Project and Beyond, aims to widen historical understanding of the novel by placing it within the historical context of its composition during the Second World War. Dr. Byron’s ambition is to open complex manuscripts to a wider readership through building digital ‘clues‘ and pathways so readers can explore contexts and the relationships of this work to contemporary issues of political radicalisms and migration.

"Welcoming our first cohort of Gale Fellows is tremendously exciting. They are a group of leading researchers and academics who will advance their respective fields through exploring new forms of scholarship using digital techniques and approaches," said Richard Ovendon, Bodley’s librarian in the University of Oxford. "The Bodleian Libraries are excited at the prospect of working with these three talented individuals as they pursue ambitious projects that will advance our understanding of the humanities, based on our rich holdings of primary sources in both physical and digital form."

Along with access to the special collections of the Bodleian Libraries, the fellows will be able to access Gale Primary Sources and the Gale Digital Scholar Lab to assist them with their digital humanities initiatives.

"We are thrilled at sponsoring these fellowships and know these three scholars will enjoy a rich experience at the University of Oxford," said Terry Robinson, senior vice president and managing director of Gale International. "Gale will continue to publish rich and varied primary document archives and are fully committed to the ongoing development of the Gale Digital Scholar Lab which, I’m sure the three scholars will make use of at Oxford. Our commitment to enabling digital scholarship is at the core of our values and I look forward to many years ahead of cooperating with the Bodleian Libraries and the University of Oxford."

The fellows will start their new posts at the University of Oxford between October 2021 and May 2022. They will be expected to present their work at TORCH (The Oxford Centre for Research in the Humanities) and can propose to develop a digital resource or other innovative output during their time at Oxford.

To learn more about the fellowship projects, visit the Digital Humanities Oxford Fellowships webpage.

About Cengage and Gale
Cengage, an education technology company serving millions of learners in 165 countries, advances the way students learn through quality, digital experiences. The company currently serves the K-12, higher education, professional, library, English language teaching and workforce training markets worldwide. Gale, a Cengage company, provides libraries with original and curated content, as well as the modern research tools and technology that are crucial in connecting libraries to learning, and learners to libraries. For more than 60 years, Gale has partnered with libraries around the world to empower the discovery of knowledge and insights – where, when and how people need it. Gale has 500 employees globally with its main operations in Farmington Hills, Michigan. For more information, please visit: www.gale.com/intl.

Follow Gale on:

About the Bodleian Libraries
The Bodleian Libraries at the University of Oxford is the largest university library system in the United Kingdom. It includes the principal University library – the Bodleian Library – which has been a legal deposit library for 400 years; as well as 27 libraries across Oxford including major research libraries and faculty, department and institute libraries. Together, the Libraries hold more than 13 million printed items, over 80,000 e-journals and outstanding special collections including rare books and manuscripts, classical papyri, maps, music, art and printed ephemera. Members of the public can explore the collections via the Bodleian’s online image portal at digital.bodleian.ox.ac.uk or by visiting the exhibition galleries in the Bodleian’s Weston Library. For more information, visit www.bodleian.ox.ac.uk

Media Contact:
Kayla Siefker, Gale, a Cengage company
248-915-9624
kayla.siefker@cengage.com

Dr. Tuo Chen

Dr. Hsuan-Ying Tu

USYD SLAM head shots John Wolley Library August 2018

Related Links :

http://www.gale.com

PR Newswire

SecurityHQ Release New Mobile App

February 23, 2021 TechENT Syndication Leave a comment

LONDON, Feb. 23, 2021 — SecurityHQ, the leading provider in managed security services, launch their new Mobile App, SecurityHQ Response.

Cyber never sleeps. Survival demands agility and response demands collaboration, visibility, and action. Which is why SecurityHQ is now part of the few MSSPs that offers an app for clients to handle and respond to incidents anytime, anywhere.

Backed by the power of SecurityHQ’s leading Global Security Operation Centres on your mobile device, the new app has significantly advanced the accessibility and visibility of SecurityHQ services and provides a considerable competitive advantage in terms of customer experience and engagement.

With the power of the SOC in the user’s hands, interaction, and collaboration has never been easier. Now available on Android and IOS, features are convenient, easy to use, and save the user valuable time. With powerful automation, the app instantly places key information at the user’s fingertips. Track the status of security incidents at any time, prioritise and respond to threats, create and search for tickets anywhere, and receive real-time alerts and notifications for security incidents. Call a designated SOC, send emails and receive crucial notifications with the click of a button.

"SecurityHQ have been delivering on its platform for over six years. It has constantly been upgraded to provide our enterprise grade incidence response capabilities, to maintain complete visibility to our clients. The launch of our new mobile app will take all the power of SecurityHQ, onto a fully secured application on your phone, to give clients an incredible reach into their domain, 24/7, at their convenience. The feedback we have had so far has been terrific. Especially with regards to being able to monitor crucial information instantly, while still working remotely." – Feras Tappuni, CEO, SecurityHQ

Download the App for Android, or IOS.

For more information, view demo video. The product team will be releasing new features and updates later this year.

SecurityHQ prides itself on its global reputation as an advanced Managed Security Service Provider, delivering superior engineering-led solutions to clients around the world. By combining dedicated security experts, cutting-edge technology and processes, clients receive an enterprise grade experience that ensures that all IT virtual assets, cloud, and traditional infrastructures, are protected.

Website: www.securityhq.com
Facebook: https://www.facebook.com/Sechq
Twitter: https://twitter.com/security_hq
LinkedIn: https://www.linkedin.com/company/securityhq/

For media enquiries please contact Eleanor Barlow, +44-(0)20-332-706-99, pr@securityhq.com

Photo – https://techent.tv/wp-content/uploads/2021/02/securityhq-release-new-mobile-app.jpg
Logo – https://techent.tv/wp-content/uploads/2021/02/securityhq-release-new-mobile-app-2.jpg

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PR Newswire

Future FinTech and Xi’an Jiaotong University have worked together to establish Blockchain Finance Research Institute

February 17, 2021 TechENT Syndication Leave a comment

NEW YORK, Feb. 17, 2021 — Future FinTech Group Inc.(NASDAQ: FTFT, "Future Fintech", "FTFT" or "Company"), a leading blockchain based e-commerce company and a financial technology service provider, announced today that its wholly-owned subsidiary, Future Commercial Group Co., Ltd., has cooperated with the School of Economics Finance of Xi’an Jiaotong University to establish a blockchain finance research institute.

Future Fintech and the School of Economics and Finance of Xi’an Jiaotong University will cooperate to jointly establish the Blockchain Finance Institute, which will carry out research and cooperation on blockchain technology in the financial industry. At the same time, the Blockchain Finance Institute will set up a foundation for establishing school-enterprise cooperation post-doctoral mobile stations for the next step. The two parties will focus on the research of blockchain technology in banking, insurance, securities, futures, supply chain finance, digital payment etc. FTFT will provide funds for scientific research, while Xi’an Jiaotong University will provide scientific and engineering research personnel. Relevant research results will be shared by both parties.

According to Mr. Shanchun Huang, the CEO of FTFT, "Xi’an Jiaotong University is a comprehensive national key university with a history of 125 years. Its leading scientific research is outstanding in China, especially in mathematics, finance and computing. The cooperation with Xi’an Jiaotong University indicates that our company has taken the application research of blockchain technology to a new level. The development of our company’s blockchain technology has been on the right track gradually. Blockchain technology can solve the problem of customer fund security in the financial field. It can improve the speed and efficiency of banking, remittance and settlement, as well as the prevention of systematic risk from malicious short-selling in securities transactions. It can solve the problems which cannot be solved by traditional technologies. Our company will work with Xi’an Jiaotong University to explore more applications in the financial blockchain field, and to further promote the company’s research and development to the world’s leading level."

Professor Fuyou Li, the director of the Institute of Financial System and Economic Policy, PhD supervisor of Xi’an Jiaotong University, said that "As the independent director of the FTFT, I am very happy to build a bridge for the cooperation between the two parties. I believe the blockchain finance research institute will be an open platform. The two parties will actively carry out experiments of blockchain-related applications. Meanwhile, we will jointly build laboratories in the subdivisional fields of blockchain technology so that it can better serve economic development and benefit mankind."

Professor Zao Sun, the doctoral supervisor and dean of the School of Economics and Finance of Xi’an Jiaotong University highly agrees with this collaboration and believes that the cooperation between the school and enterprise is great. This will realize the combination of theory and practice by "going out and coming in". It can provide a full play to their respective advantages, offer opportunities and platforms for the development of both parties, and achieve a win-win situation.

About Future FinTech Group Inc.

Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based application projects. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology. For more information, please visit http://www.ftftex.com/.

Safe Harbor Statement

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2019 and our other reports and filings with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

SOURCE:

Future FinTech Group Inc.

PR Newswire

Pope and Grand Imam of Al-Azhar congratulate 2021 honorees of Zayed Award for Human Fraternity

February 4, 2021 TechENT Syndication Leave a comment

Virtual ceremony held on International Day of Human Fraternity streamed for worldwide viewers as UN Secretary-General Guterres and Latifa Ibn Ziaten receive awards

ABU DHABI, UAE, Feb. 4, 2021 — The Zayed Award for Human Fraternity held its annual award ceremony today with messages of congratulations conveyed to the 2021 honorees by His Holiness Pope Francis and His Eminence the Grand Imam of Al-Azhar, Dr Ahmed Al-Tayeb – the 2019 honorees.

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Recognized for their respective efforts to advocate for peaceful resolution to conflict and advocacy of values outlined in the Document on Human Fraternity, both UN Secretary-General Antonio Guterres, and Moroccan-French activist, Latifa Ibn Ziaten, were presented as the two honorees of the 2021 award.

Anchored around the picturesque setting of the Founder’s Memorial, in Abu Dhabi, the awards ceremony included the acceptance speeches of the two honorees, along with messages from Pope Francis and Grand Imam of Al-Azhar, Dr Ahmed Al-Tayeb.

With the award inspired by the UAE’s founder and his lifelong commitment to humanitarian values, the Founder’s Memorial was a perfect backdrop to a truly moving, visual experience. With the ceremony online, viewers from all over the world are able to tune in to join in the celebrations and watch the honorees accept their award.

In his goodwill message to both 2021 honorees, His Eminence the Grand Imam of Al-Azhar, said:

"Firstly, I must begin by saying that His Holiness Pope Francis has been a courageous brother and constant friend on the path of fraternity and peace. Such efforts have seen the United Nations General Assembly adopting the anniversary of the signing of the Document on Human Fraternity, February 4^th, to be the International Day of Human Fraternity, which will now encourage universal support in pursuing the spread the intercultural dialogue, co-existence, and human fraternity. This is a victory for human dignity everywhere.

"I also extend my greetings and blessings to His Excellency Antonio Guterres, Secretary-General of the United Nations, as an honoree of the Zayed Award for Human Fraternity. It is clear that his wide-range of humanitarian efforts exerted through the UN have sought to rid humanity of the sufferings of conflicts, and ease the negative effects of the pandemic."

"Joint 2021 honoree, Latifa Ibn Ziaten is a rare role model for the world. Her generosity of spirit and steadfastness in her ability to transform personal suffering into a message of security and safety for all, is a victory for all humanity and a reminder of the good that is always capable of defeating the forces of evil."

Addressing the event from The Vatican, Pope Francis spoke of the importance of human fraternity as the 21^st century’s key challenge, saying:

"To the Grand Imam Sheikh Ahmed Al-Tayeb, I thank for the companionship during this journey of reflection and the writing of the Document [on Human Fraternity]. I know it wasn’t an easy task but together we helped each other, consolidating in true fraternity.

"Today, fraternity is the new frontier of humanity. Either we are brothers or we destroy ourselves. It is the challenge of our century; the challenge of our time. Human Fraternity means respect, to listen with an open heart, and to have strength in our principles.

"Born from the same father, with different cultures and traditions, we are all still brothers; and respecting our different cultures and traditions, our different citizenships, we must build this fraternity not negotiate it. It is time to listen and for sincere acceptance."

The Secretary-General of the Higher Committee for Human Fraternity, and contributing author to the Document on Human Fraternity, Judge Mohamed Abdelsalam, added:

"On this day of celebration for human fraternity, we are indeed honored to have received the support of two of the world’s most influential world leaders and previous honorees of the Zayed Award for Human Fraternity, united with a common message and purpose – to advance humanity as one family, undivided.

"The 2021 honorees – Latifa Ibn Zaiten and UN Secretary-General Guterres – are truly representative of the values championed in the Document on Human Fraternity, which forms the assessment criteria for the award. Indeed, their respective efforts to address some of the world’s key socio-cultural and political issues are an inspiration to all and role models for many who will also heed the call to act."

Marking the second anniversary since the signing of the Document on Human Fraternity by the Pope and Grand Imam of Al-Azhar, in Abu Dhabi, the International Day of Human Fraternity was introduced by the UN General Assembly, in December 2020; the date chosen to commemorate the historic meeting of the Pope and Grand Imam, at the document’s signing, in 2019.

In addition to the awards ceremony and as part of the wider celebrations of the first International Day of Human Fraternity, several key landmarks in both The Vatican and Abu Dhabi will be lit up on Thursday evening.

The nominations process for the 2022 awards will open 1^st May 2021 and end of December 2021. To find out if you qualify as a nominator or to nominate a candidate for next year’s award, go to: www.zayedaward.org.

About ZAHF

The Zayed Award for Human Fraternity seeks to honor the legacy of the founder of the United Arab Emirates by celebrating people everywhere who embody through their work his lifelong commitment to human fraternity. It is awarded by the Higher Committee for Human Fraternity and includes a financial prize of one million dollars. It was created in February, 2019, to mark the historic meeting in Abu Dhabi of the head of the Catholic Church, His Holiness Pope Francis, and His Eminence the Grand Imam of Al-Azhar, Dr Ahmad al-Tayeb, to co-sign the historic Document of Human Fraternity. Pope Francis and Grand Imam al-Tayeb were the first honorary co-recipients of the Zayed Award for Human Fraternity.

About HCHF

Formed in 2019, the Higher Committee for Human Fraternity is an independent committee dedicated to achieving the aspirations of the Document for Human Fraternity by bringing people across the world together, in the spirit of peaceful co-existence. The committee comprises a diverse group of international religious leaders, scholars and cultural leaders.

2021 Zayed Award for Human Fraternity

https://mma.prnasia.com/media2/1433318/ZAHF_2021_Honorees_Acceptance_Speeches.mp4?_=1

PR Newswire

China Distance Education Holdings Limited Announces Extraordinary General Meeting of Shareholders

January 29, 2021 TechENT Syndication Leave a comment

BEIJING, Jan. 29, 2021 — China Distance Education Holdings Limited (NYSE: DL) (the "Company"), a leading provider of online education and value-added services for professionals and corporate clients in China, today announced that it has called an extraordinary general meeting of shareholders (the "EGM") to be held on February 26, 2021 at 10:00 AM (Beijing Time) at the Company’s offices at 18^th Floor, Xueyuan International Tower, 1 Zhichun Road, Haidian District, Beijing 100083, People’s Republic of China for the Company’s shareholders to consider and vote upon a proposal to authorize and approve the previously announced agreement and plan of merger (the "Merger Agreement") dated December 1, 2020, by and among the Company, Champion Distance Education Investments Limited ("Parent"), and China Distance Learning Investments Limited ("Merger Sub"), a wholly-owned subsidiary of Parent; the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands (the "Plan of Merger"); and the transactions contemplated by the Merger Agreement and the Plan of Merger (the "Transactions"), including the Merger (as defined below).

If the Merger is approved by the Company’s shareholders at the EGM, subject to the terms and conditions of the Merger Agreement and the Plan of Merger, at the effective time of the Merger, Merger Sub will merge with and into the Company and Company will be the surviving company in the Merger and will continue its operations as a privately-held, wholly-owned subsidiary of Parent (the "Merger"). If the Merger is completed, the American depositary shares (the "ADSs") of the Company, each of which represents four ordinary shares ("Ordinary Shares") of the Company, will no longer be listed on The New York Stock Exchange and the ADS program will terminate. In addition, the ADSs and the Ordinary Shares will cease to be registered under Section 12 of the Securities Exchange Act of 1934.

The Company’s board of directors (the "Board"), acting upon the unanimous recommendation of a special committee of independent and disinterested directors established by the Board, authorized and approved the execution, delivery, and performance of the Merger Agreement; the Plan of Merger; and the consummation of the Transactions, including the Merger. The Board has recommended that holders of the ADSs and Ordinary Shares vote FOR, among other things, the proposal to authorize and approve the Merger Agreement; the Plan of Merger; and the Transactions, including the Merger.

Holders of record of Ordinary Shares as of the close of business in the Cayman Islands on February 15, 2021 will be entitled to attend and vote at the EGM and any adjournment thereof in person or by proxy. Holder of ADSs as of the close of business in New York City on January 29, 2021 will be entitled to instruct Deutsche Bank Trust Company Americas, as ADS depositary, to vote the Ordinary Shares represented by the ADSs at the EGM.

Additional information regarding the EGM, the Merger Agreement; the Plan of Merger; and the Transactions, including the Merger, can be found in a Schedule 13E-3 transaction statement (the "Schedule 13E-3"), which includes a proxy statement attached as Exhibit (a)–(1) thereto (the "Proxy Statement"), filed by the Company and the other filing persons named therein with the Securities and Exchange Commission ("SEC") on January 29, 2021. The full Schedule 13E-3 and the exhibits thereto, including the Proxy Statement, are available at the SEC’s website (http://www.sec.gov). In addition, the Company will mail a copy of the Proxy Statement to holders of ADSs and holders of record of Ordinary Shares.

Holders of ADSs and holders of record of Ordinary Shares are urged to read carefully and in their entirety the Schedule 13E-3, and in particular the Proxy Statement, and any other materials related thereto that may be filed with or furnished to the SEC, as they contain important information about the Company; the Merger Agreement; the Plan of Merger; and the Transactions, including the Merger.

The Company and certain of its directors, executive officers, and other members of management and employees may, under rules of the SEC, be deemed to be "participants" in the solicitation of proxies from the Company’s shareholders with respect to the EGM. Information regarding the persons who may be considered "participants" in the solicitation of proxies is set forth in the Proxy Statement.

This announcement is not a solicitation of a proxy, an offer to purchase, or a solicitation of an offer to sell any securities and it is not a substitute for the Schedule 13E-3, including the Proxy Statement, or other filings that may be made with the SEC in connection with the EGM; the Merger Agreement; the Plan Merger; and the Transactions, including the Merger.

Safe Harbor Statement

This announcement contains forward-looking statements. Any such statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "may," "should," "potential," "continue," "expect," "predict," "anticipate," "future," "intend," "plan," "believe," "is/are likely to," "estimate," and similar statements. The Company may also make written or oral forward-looking statements in its periodic and annual reports to the SEC, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Risks and uncertainties include the possibility that the Merger will not occur as planned if events arise that result in the termination of the Merger Agreement, if one or more of the various closing conditions to the Merger are not satisfied or waived, or if requisite shareholder approval is not obtained at the EGM, and other risks and uncertainties regarding the Merger Agreement and the Merger that are discussed in the Proxy Statement. The Company does not undertake any obligation to update any forward-looking statement or other information included in this press release, except as may be required by applicable law.

About China Distance Education Holdings Limited

Contacts:

In China:

China Distance Education Holdings Limited
Jiao Jiao
Tel: +86-10-8231-9999 ext. 1826
Email: IR@cdeledu.com

The Piacente Group, Inc.
Jenny Cai
Tel: +86-10-6508-0677
E-mail: dl@tpg-ir.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1 212-481-2050
Email: dl@tpg-ir.com

techENT

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