- Significant Move to Small Class Sector
SHANGHAI, Aug. 3, 2018 /PRNewswire/ -- OneSmart International Education Group Limited (NYSE: ONE) ("OneSmart" or the "Company"), one of the largest premium K-12 after-school education service provider in China, today announced that it has through its affiliates acquired 100% equity interest of Tianjin Huaying Education Co. Ltd. ("Huaying"), one of the largest K-12 after-school education service provider based in Tianjin.
Mr. Steve Xi Zhang, Chairman and Chief Executive Officer of OneSmart, commented, "I'd like to welcome Huaying to the OneSmart family where we will work together to realize strategic business synergies and improve education quality and operational performance. This transaction is part of our strategy to further consolidate China's fragmented educational market through both organic growth and acquisitions. Our systematic and disciplined approach to integrating acquisitions and developing synergies with our business will allow us to replicate the success of our acquisition of FasTrack English in January 2018.
Huaying has done a tremendous job in building a talented team and developing a strong and reputable brand in Tianjin which will help us expand our presence into Northern China. I believe the acquisition would create synergies in terms of product offerings and geography to OneSmart's business. The transaction demonstrates our significant move to the small class settings and lay the foundation to launching dual-teacher and online broadcasting model. I look forward to working closely with Huaying management to further strengthen our leading position in China's premium K-12 after-school education market.
Looking ahead, OneSmart would continue to seek opportunities to acquire and integrate regional leaders in K-12 after-school education market."
Founded in 1986, Huaying is one of the largest and most reputable after-school education service providers in Tianjin with approximately 20 learning centers and annual student enrollment of more than 70,000. Huaying's K-12 after-school programs cover full subjects traditionally taught in primary and secondary schools such as English, Chinese, and mathematics in class size of around 20 students.
Founded in 2008 and headquartered in Shanghai, OneSmart International Education Group Limited is the largest premium K-12 after-school education service provider in China in terms of revenue in 2016 and 2017, according to Frost & Sullivan. Since commencement of our business, our vision is to build the most trusted "Third Classroom" outside of home and school and our mission is to bring out the utmost learning power in each student by cultivating his or her study motivation, capability and perseverance, and enable our students to pursue their life-long success. Our company culture is centered on the core values of customer focus, execution, innovation and teamwork.
We have built a comprehensive premium K-12 after-school education platform that encompasses OneSmart VIP (exam preparation services for students from 3rd to 12th grade), HappyMath (kids mathematics services for children aged 3 to 8 years old) and FasTrack English (kids English services for children aged 3 to 8 years old). As of May 31, 2018, OneSmart operated a nationwide network of 302 study centers across 43 cities in China.
For more information on OneSmart, please visit http://www.onesmart.investorroom.com.
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