2022-08-23 | NYSE:AIU | Press Launch
BEIJING and SHANGHAI, China, Aug. 23, 2022 (GLOBE NEWSWIRE) — Meta Information Restricted (NYSE: AIU) (“Meta Information” or the “Firm”), at this time reported its unaudited monetary outcomes for the six months ended February 28, 2022.
First Half 2022 Highlights:
Web loss from persevering with operations was RMB372.0 million (US$58.8 million), down by 7{4d1962118177784b99a3354f70d01b62c0ba82c6c697976a768b451038a0f9ce} year-over-year.
Web loss from discontinued operations was RMB742.9 million (US$116.2 million) in comparison with nil within the first half 2021.
Web loss attributable to widespread shareholders of Meta Information was RMB1,068.8 million (US$167.8 million), elevated by 222{4d1962118177784b99a3354f70d01b62c0ba82c6c697976a768b451038a0f9ce} in comparison with internet lack of RMB331.6 million (US$51.2 million) within the first half 2021.
After July 2021, the Chinese language authorities issued a collection of guidelines and rules prohibiting the supply of after-school tutoring providers. On July 24, 2021, the announcement of “Opinions on Additional Assuaging the Burden of Homework and After-College Tutoring for College students in Obligatory Schooling” (“Double Discount Coverage”) was made by the Basic Workplace of the CPC Central Committee and the Basic Workplace of the State Council (the “Opinion”).
The Opinion incorporates guiding ideas about necessities and restrictions associated to after-school tutoring providers, together with: (i) service suppliers in After-College Tutoring (“AST”) providers on educational topics regarding obligatory training or educational AST establishments have to register as a non-profit entity; (ii) overseas possession in educational AST establishments are prohibited, together with by way of contractual preparations; (iii) listed corporations are prohibited from elevating capital to put money into companies that train educational topics in obligatory training; (iv) related tutoring providers on educational topics in obligatory training should not allowed throughout public holidays, weekends and college breaks; and (v) educational AST establishments should comply with the charge requirements to be established by related authorities. The Opinion additionally gives that establishments offering after-school tutoring providers on educational topics in excessive faculties (which don’t fall inside China’s obligatory training system) shall consider the Opinion when conducting actions.
In compliance with the opinion and relevant guidelines, rules and measures, the Firm actively mentioned with regulatory authorities with regard to winding down of the suspended enterprise, together with the termination of leased workplace areas and studying facilities, and disposal of related leasehold enhancements and digital gear. Most subsidiaries have closed their bodily shops since October 2021, and the Firm ceased its Okay-12 after-school and younger kids training providers (“Legacy Enterprise”). The compliance measures taken by the Firm have adversely affected the Firm’s outcomes of operations.
The Firm has carried out product iterations on its authentic enterprise, shifting from training and coaching to training and expertise, utilizing the unique channels to hold out high quality training and expertise output, together with 5G expertise, good campus system, and digital coaching techniques based mostly on the Metaverse. The Firm’s new enterprise is utilizing the six core applied sciences of Metaverse and synthetic intelligence blockchain community computing, interplay, recreation expertise, and the Web of Issues because the Firm’s core applied sciences, constructing a brand new kind of blockchain good scholar card and international good employment high quality academic digital world (a brand new kind of synthetic intelligence employment coaching), a mixture of digital and actual prediction world (digital training, threat prediction, computing energy output), VR purchasing world (new e-commerce) and different merchandise to supply international clients with a brand new digital world expertise.
The Firm has recruited a worldwide administration staff and a expertise analysis and improvement staff to develop new merchandise and enterprise instructions that mix training and expertise. On December 16, 2021, Metaverse Data Expertise Restricted was integrated in BVI. On January 24, 2022, a wholly-owned subsidiary was established in Hong Kong. On January 11, 2022, Metaverse Digital Expertise Co., Ltd. was arrange in Wyoming, USA.
The brand new income streams included Good Campus Service System-smart scholar ID card, good coaching system based mostly on good coaching, and edge computing energy output based mostly on meta-universe computing energy.
Because of the aforementioned, on July 11, 2022, the board of administrators of the Firm determined to divest the subsidiaries of OneSmart Schooling Inc. and seek for potential purchasers of the Legacy Enterprise.
| Key Monetary Outcomes (In Thousand /RMB) | First Half, 2022 |
First Half, 2021 |
Change In Quantities |
Change In Proportion |
||||||||||||
| Web revenues | – | 1,616,435 | (1,616,435 | ) | N/A | |||||||||||
| Gross revenue | – | 597,481 | (597,481 | ) | N/A | |||||||||||
| Working loss | (360,910 | ) | (273,885 | ) | (87,025 | ) | 32 | {4d1962118177784b99a3354f70d01b62c0ba82c6c697976a768b451038a0f9ce} | ||||||||
| Loss from persevering with operations | (371,954 | ) | (347,995 | ) | (23,959 | ) | 7 | {4d1962118177784b99a3354f70d01b62c0ba82c6c697976a768b451038a0f9ce} | ||||||||
| Loss from discontinued operations | (742,879 | ) | – | (742,879 | ) | N/A | ||||||||||
| Web loss attributable to Meta Information | (1,114,833 | ) | (331,550 | ) | (783,283 | ) | 236 | {4d1962118177784b99a3354f70d01b62c0ba82c6c697976a768b451038a0f9ce} | ||||||||
| Web loss attributable to non-controlling pursuits | (45,987 | ) | (16,445 | ) | 29,542 | 180 | {4d1962118177784b99a3354f70d01b62c0ba82c6c697976a768b451038a0f9ce} | |||||||||
Monetary Outcomes for the First Half Yr Ended February 28, 2022
Web Revenues
In response to the “Double Discount Coverage” of the Chinese language authorities, the Firm ceased its Legacy Enterprise from October 2021 and its enterprise technique was shifted to the Metaverse trade. The Legacy Enterprise generated roughly RMB144.8 million (US$22.9 million) in income within the first half of 2022. Because the Metaverse enterprise has simply began, no associated income has been generated within the first half of 2022, however as of July 2022, the income of the Metaverse enterprise is RMB13.3 million (US$2.1 million) for a similar interval final 12 months due to “Double Discount Coverage” aforementioned required suspension of all subject-based off-campus tutoring enterprise concentrating on pre-school youngsters and K12 college students.
Working Prices and Bills
Working prices and bills for the primary half 12 months of 2022 had been RMB360.9 million (US$57.1 million), in comparison with RMB871.4 million (US$134.6 million) throughout the identical interval final 12 months.
- Price of revenues had been nil in comparison with RMB1,019.0 million (US$157.4 million) for a similar interval of final 12 months as a result of the Firm ceased all of the home education schemes and studying facilities in China in October 2021 as a way to adjust to the coverage directives of the Opinion, accordingly, no revenues had been generated for the persevering with enterprise within the first half of 2022.
- Promoting and advertising bills had been nil in comparison with RMB459.7 million (US$71.0 million) for a similar interval of final 12 months as a result of the Firm ceased its after-school tutoring providers in major and secondary faculties in accordance with authorities rules, due to this fact, no promoting and advertising bills had been incurred for the persevering with enterprise within the first half of 2022.
- Basic and administrative bills had been RMB360.9 million (US$57.1 million), primarily consisting of share-based compensation bills, and has decreased by 27{4d1962118177784b99a3354f70d01b62c0ba82c6c697976a768b451038a0f9ce} year-over-year.
Working Loss
Working loss for the primary half 12 months was RMB360.9 million (US$57.1 million), in comparison with working lack of RMB273.9 million (US$42.3 million) in the identical interval of the prior fiscal 12 months.
Earnings from Persevering with and Discontinuing operations
For the primary half 12 months 2022, loss from persevering with operations was RMB372.0 million (US$58.8 million) and loss from discontinued operations was RMB742.9 million (US$116.2 million) in comparison with RMB348.0 million (US$53.8 million) and nil, respectively, for a similar interval of final 12 months.
Web curiosity expense was RMB11.0 million (US$1.7 million), in comparison with internet curiosity expense of RMB53.5 million (US$8.3 million) throughout the identical interval final 12 months.
Different revenue, which primarily represents authorities subsidies and different good points, was nil in comparison with RMB30.4 million (US$4.7 million) for a similar interval final 12 months.
Web Loss Attributable to Meta Information
Web loss attributable to Meta Information was RMB1,114.8 million (US$175.1 million), in comparison with RMB331.6 million (US$51.2 million) for a similar interval final 12 months.
Monetary Place
As of February 28, 2022, the Firm had money and money equivalents of RMB186.2 million (US$29.5 million) from persevering with operation, restricted money of RMB159.8 million (US$25.3 million) from discontinued operation. Brief-term investments of RMB6.8 million (US$1.1 million)
As of February 28, 2022, the Firm had short-term mortgage of RMB628.2 million (US$99.4 million) for the persevering with operation.
Money Circulate
Web money utilized in working actions within the first half 12 months of 2022 was RMB261.0 million (US$41.3 million) by which persevering with operations used RMB86.3 million (US$13.6 million), discontinued operations used RMB174.8 million (US$27.6 million).
Web money offered by investing actions within the first half 12 months of 2022 was RMB82.6 million (US$13.1 million) by which persevering with operations offered nil, discontinued operations offered RMB20.7 million (US$3.3 million).
Web money offered from financing actions within the first half 12 months of 2022 was RMB138.8 million (US$22.0 million) by which persevering with operations offered RMB194.7 million (US$30.8 million), discontinued operations used RMB55.9 million (US$8.8 million).
Change Charge Data
This announcement incorporates translations of sure RMB quantities into U.S. {dollars} at a specified fee solely for the reader’s comfort. Except in any other case famous, all translations from RMB to U.S. {dollars} are made on the midday shopping for fee on February 28, 2022, as set forth within the H.10 statistical launch of the Board of Governors of the Federal Reserve System, which was RMB6.3222 to USD1.00.
About Meta Information
Meta Information Restricted (previously generally known as OneSmart Worldwide Schooling Group Restricted), a Cayman Islands exempt firm, has constructed a complete premium Okay-12 training platform that encompasses MetaData VIP enterprise, good ID, and MetaData On-line. For extra info on Meta Information, please go to: www.aiumeta.com
Secure Harbor Assertion
This press launch incorporates forward-looking statements made beneath the “secure harbor” provisions of Part 21E of the Securities Change Act of 1934, as amended, and the U.S. Personal Securities Litigation Reform Act of 1995. These forward-looking statements may be recognized by terminology resembling “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “assured” and related statements. Meta Information might also make written or oral forward-looking statements in its experiences filed with or furnished to the U.S. Securities and Change Fee, in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Any statements that aren’t historic information, together with statements about Meta Information’s beliefs and expectations, are forward-looking statements that contain elements, dangers and uncertainties that would trigger precise outcomes to vary materially from these within the forward-looking statements. Such elements and dangers embody, however not restricted to the next: Meta Information’s objectives and techniques; its future enterprise improvement, monetary situation and outcomes of operations; Additional info relating to these and different dangers, uncertainties or elements is included within the Firm’s filings with the U.S. Securities and Change Fee. All info offered on this press launch is present as of the date of the press launch, and Meta Information doesn’t undertake any obligation to replace such info, besides as required beneath relevant legislation.
For extra info, please contact:
[email protected]
ICA (Institutional Capital Advisory)
| META DATA LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Quantities in hundreds) |
||||||||||||
| As of August 31, 2021 |
As of February 28, 2022 |
As of February 28, 2022 |
||||||||||
| RMB | RMB | USD | ||||||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||||||
| Asset | ||||||||||||
| Present Asset | ||||||||||||
| Money | 29,626 | 186,230 | 29,457 | |||||||||
| Brief-term investments | 81,575 | 6,763 | 1,070 | |||||||||
| Restricted money | 355,017 | – | – | |||||||||
| Present property from discontinued operations | – | 159,804 | 25,277 | |||||||||
| Whole present property | 466,218 | 352,797 | 55,804 | |||||||||
| Prepayment to amass a subsidiary | ||||||||||||
| Property, plant and gear, internet | 36,955 | – | – | |||||||||
| Non-current property from discontinued operations | – | 14,678 | 2,322 | |||||||||
| Whole property | 503,173 | 367,475 | 58,126 | |||||||||
| Liabilities and Fairness | ||||||||||||
| Brief-term mortgage | 498,574 | 628,174 | 99,360 | |||||||||
| Lengthy-term mortgage, present portion | 513,432 | – | – | |||||||||
| Prepayments from clients | 2,787,686 | – | – | |||||||||
| Quantities because of associated events | 1,205 | – | – | |||||||||
| Earnings tax payable | 48,216 | – | – | |||||||||
| Accrued bills and different present liabilities | 868,464 | 17,284 | 2,734 | |||||||||
| Present liabilities from discontinued operations | 4,828,109 | 763,676 | ||||||||||
| Whole present liabilities | 4,717,577 | 5,473,567 | 865,770 | |||||||||
| Lengthy-term financial institution mortgage | 135,000 | |||||||||||
| Convertible mortgage | 226,114 | |||||||||||
| Different non-current liabilities | 45,727 | |||||||||||
| Non-current liabilities from discontinued operations | 154,798 | 24,485 | ||||||||||
| Whole liabilities | 5,124,418 | 5,628,365 | 890,255 | |||||||||
| Commitments and contingencies | ||||||||||||
| Fairness | ||||||||||||
| Class A atypical shares (US$0.000001 par worth; 37,703,157,984 shares licensed; 4,321,229,545 issued and excellent as of August 31, 2021 and 12,321,229,545 issued and excellent as of February 28, 2022, respectively) | 26 | 76 | 12 | |||||||||
| Class B atypical shares ($0.000001 par worth, 2,290,430,016 shares issued and excellent as of August 31, 2021 and a couple of,290,430,016 issued and excellent as of February 28, 2022 respectively) | 16 | 16 | 3 | |||||||||
| Atypical shares | 42 | 92 | 15 | |||||||||
| Extra paid-in capital | 5,337,962 | 5,799,290 | 917,290 | |||||||||
| Treasury inventory | (344 | ) | – | – | ||||||||
| Statutory reserve | 16,427 | 16,427 | 2,598 | |||||||||
| Retained earnings-Collected Deficit | (10,078,429 | ) | (11,147,275 | ) | (1,763,196 | ) | ||||||
| Collected different complete revenue | 92,693 | 106,159 | 16,792 | |||||||||
| Whole Meta Information Restricted’s Fairness | (4,631,649 | ) | (5,225,307 | ) | (826,501 | ) | ||||||
| Noncontrolling pursuits | 10,404 | (35,583 | ) | (5,628 | ) | |||||||
| Whole fairness | (4,621,245 | ) | (5,260,890 | ) | (832,129 | ) | ||||||
| Whole liabilities and fairness | 503,173 | 367,475 | 58,126 | |||||||||
| META DATA LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Quantities in hundreds) |
||||||||||||
| For the six months ended February 28, | ||||||||||||
| 2021 | 2022 | 2022 | ||||||||||
| RMB | RMB | USD | ||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Web revenues | 1,616,435 | – | – | |||||||||
| Price of revenues | (1,018,954 | ) | – | – | ||||||||
| Gross revenue | 597,481 | – | – | |||||||||
| Working bills | ||||||||||||
| Promoting and advertising | (459,742 | ) | – | – | ||||||||
| Basic and administrative | (411,624 | ) | (360,910 | ) | (57,086 | ) | ||||||
| Whole working bills | (871,366 | ) | (360,910 | ) | (57,086 | ) | ||||||
| Working loss | (273,885 | ) | (360,910 | ) | (57,086 | ) | ||||||
| Curiosity revenue | 3,976 | 7 | 1 | |||||||||
| Curiosity expense | (53,543 | ) | (11,032 | ) | (1,745 | ) | ||||||
| Different revenue | 30,370 | – | – | |||||||||
| Different expense | (42,219 | ) | – | – | ||||||||
| Overseas alternate achieve/(loss) | 1,548 | (19 | ) | (3 | ) | |||||||
| Loss earlier than revenue tax provision | (333,753 | ) | (371,954 | ) | (58,833 | ) | ||||||
| Earnings tax profit | 19,336 | – | – | |||||||||
| Loss earlier than share of internet loss from fairness investees | (314,417 | ) | (371,954 | ) | (58,833 | ) | ||||||
| Shared internet loss from working curiosity | (33,578 | ) | – | – | ||||||||
| Loss from Persevering with operations | (347,995 | ) | (371,954 | ) | (58,833 | ) | ||||||
| Discontinued Operations | ||||||||||||
| Loss from discontinued operations | – | (742,879 | ) | (116,218 | ) | |||||||
| NET LOSS | (347,995 | ) | (1,114,833 | ) | (175,051 | ) | ||||||
| Add: Web loss attributable to non-controlling pursuits | (16,445 | ) | (45,987 | ) | (7,273 | ) | ||||||
| Web loss attributable to widespread shareholders of Meta Information Restricted | (331,550 | ) | (1,068,846 | ) | (167,778 | ) | ||||||
| META DATA LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/(LOSS) (Quantities in hundreds) |
||||||||||||
| For the six months ended February 28, | ||||||||||||
| 2021 | 2022 | 2022 | ||||||||||
| RMB | RMB | USD | ||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Web loss | (347,995 | ) | (371,954 | ) | (58,833 | ) | ||||||
| Different complete revenue, internet of tax | ||||||||||||
| Overseas forex translation adjustment | (10,119 | ) | 13,466 | 2,455 | ||||||||
| Unrealized achieve on available-for-sale funding, internet of tax impact of nil, nil and nil for years ended August 31, 2015 and 2016, respectively | 6,236 | – | – | |||||||||
| Different complete (loss) / revenue | – | – | – | |||||||||
| Complete revenue | (351,878 | ) | (358,488 | ) | (56,378 | ) | ||||||
| Much less: complete loss attributable to non-controlling pursuits | 16,445 | 45,987 | 7,273 | |||||||||
| Complete revenue attributable to Meta Information Restricted | (335,433 | ) | (312,501 | ) | (49,105 | ) | ||||||
| Complete loss attributable to Atypical Shareholders | (335,433 | ) | (312,501 | ) | (49,105 | ) | ||||||
