Puxin Limited (NEW) experienced an incline of 16.28% in aftermarket. However, the last trading session closed at $0.3225 with a decrease of 10.66%.
Annual General Meeting – When is it going to take place?
On 24th November 2021, NEW announced that it is going to hold an annual general meeting on Floor 5, Dingjun Building, No. 75 Suzhou Street, Haidian District, Beijing, People’s Republic of China. Moreover, the meeting will occur on 20th December 2021 from 9 a.m. to 10 a.m. according to Beijing Time.
Fourth Quarter & Fiscal Year 2020 Results
NEW announced fourth quarter and fiscal year 2020 results on 16th March 2021. The company recorded net revenues of $110.1 million with a decline of 16.4%. Not only this but the adjusted net loss was RMB62.4 million (US$9.6 million), 32.5 percent less than that of RMB92.5 million in the fourth quarter of 2019. Also, the student enrolment fell by 12.5 percent to 763,626 from 872,950 in the previous quarter.
The COVID-19 epidemic resurfaced in several places in the fourth quarter of 2020, but the government was finally able to contain it. The company had to temporarily close several of the learning locations and shift the courses online due to local epidemic control efforts. Moreover, they have reinforced epidemic preventative health measures in the learning centers to safeguard the safety and health of every student and staff member.
While the pandemic had an influence on Puxin’s total sales in 2020, the core K-12 tutoring services (excluding Puxin Online School) continued to expand steadily, with a revenue rise of 8.9%. Last but not least, NEW has strategically concentrated on K-12 offline tutoring services throughout 2020 by boosting R&D for goods aimed at elementary and junior high school students.
Puxin Limited is a Chinese after-school education market consolidator. Puxin has extensive acquisition and integration experience that may help acquired schools enhance their educational quality and operational performance. Puxin provides a comprehensive range of K-12 and study-abroad tutoring programs to assist kids in achieving academic achievement as well as preparing for entrance examinations and applications to top schools, colleges, and graduate programs in China and other countries. The Company has separated itself from other after-school education service providers in China by developing a business strategy that effectively combines strategic acquisitions with organic development accomplished via successful post-acquisition integration.