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Beijing, July 25, 2021 /PRNewswire/ – Gaotu Techedu Inc. (“Gaotu” or “Company”) (New York Stock Exchange stock code:Gotu), a leading online large-class after-school tutoring service provider China, Announced, in July 24, 2021, China’s Official media such as Xinhua News Agency and China Central Television issued the “Opinions on Further Reducing the Burden of Students’ Homework and Extracurricular Tutoring in Compulsory Education” (hereinafter referred to as the “Opinions”) and the General Office of the State Council issued by the General Office of the Central Committee of the Communist Party of China. The “Opinions” put forward high-level policy directives on the relevant requirements and restrictions of online and offline tutoring services, including: (i) institutions that provide tutoring services for academic subjects China’s Compulsory education systems or academic AST institutions need to be registered as non-profit organizations; (ii) The current registration system for online AST academic institutions is changed to a government-approved system, (iii) foreign ownership of AST academic institutions is prohibited, including through contracts (4) Prohibit listed companies from raising funds to invest in compulsory education teaching services; (v) Prohibit AST academic institutions from providing guidance on compulsory education during public holidays, weekends and school holidays Services; (vi) AST academic institutions must follow the fee standards set by…
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