Sunlands Technology Group Expands Into Online Employee Training Services for Corporations
BEIJING, May 21, 2020 /PRNewswire/ -- Sunlands Technology Group (NYSE: STG) ("Sunlands" or the "Company"), a leader in China's online post-secondary and professional education, today announced that it has expanded its offering by establishing a new business vertical designed specifically to provide online employee training services to corporations.
Towards the end of 2019, Sunlands' B2B training services offered mobile-based learning infrastructure, numerous training courses and other related services designed for corporations. Primarily targeting medium to large enterprises while leveraging the Company's existing teaching resources and online infrastructure, Sunlands helps enterprises train their employees online through providing not only a standardized and pre-established curriculum but also customized curricula to better suit the specific needs of certain strategic clients. Further, Sunlands plans to leverage its foundational expertise in academic degree- and diploma-training and professional certificate programs to develop new B2C users from its B2B user base, creating synergies between the two business models.
Since its initial launch, Sunlands' B2B training services have received positive feedback. The Company's B2B customers currently include 360 companies and institutions, including many renowned names such as Huazhu Hotel Group, Midea Real Estate, Red Star Macalline, SF Logistics and Beijing ZJS Express. Tens of thousands of employees have already signed up for Sunlands' B2B training services.
Mr. Tongbo Liu, Chief Executive Officer of Sunlands, commented, "We are very excited about this new B2B training opportunity, which is a natural extension of our well-established B2C vertical. The market for corporation employee training is vast, driven by strong incentive for companies to invest in their employees, since the competitiveness of enterprise workforce has become more bottom-up dependent on each employee's individual level of competency given the gradual disappearance of the demographic dividend in China. As such, we anticipate a growing need for continuous employee development as enterprises continue to grow and compete. In addition, our B2B online live streaming courses are well positioned to cater to the increasing demand of cost effective and efficient employee training by multi-regional corporations. Despite its current relatively small scale, I am confident that our B2B training services have tremendous upside potential and can eventually become a key growth driver over time."
About Sunlands
Sunlands Technology Group (NYSE: STG) ("Sunlands" or the "Company"), formerly known as Sunlands Online Education Group, is the leader in China's online post-secondary and professional education. With a one to many, live streaming platform, Sunlands offers various degree and diploma-oriented post-secondary courses as well as online professional courses and educational content, to help students prepare for professional certification exams and attain professional skills. Students can access its services either through PC or mobile applications. The Company's online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company's proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Sunlands may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, 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. Any statements that are not historical facts, including statements about Sunlands' beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Sunlands' goals and strategies; its expectations regarding demand for and market acceptance of its brand and services; its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve teaching quality and students' learning results; its ability to improve sales and marketing efficiency and effectiveness; its ability to engage, train and retain new faculty members; its future business development, results of operations and financial condition; its ability to maintain and improve technology infrastructure necessary to operate its business; competition in the online education industry in China; relevant government policies and regulations relating to Sunlands' corporate structure, business and industry; and general economic and business condition in China Further information regarding these and other risks, uncertainties or factors is included in the Sunlands' filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Sunlands does not undertake any obligation to update such information, except as required under applicable law.
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SOURCE Sunlands Technology Group
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