METX - Meten EdtechX zooms higher on significant surge in April gross billing and student enrollment

Meten EdtechX Education (METX) rallies 26.6% higher premarket after reporting Y/Y increase of 1,910.4% and 758.1% in April gross billing and student enrollment, respectively, of its junior ELT business.From Jan to April, gross billing increased by 473.8% Y/Y and gained a 128.6% growth in comparison to 2019 levels.The company is actively expanding its junior ELT business within its current network of 22 cities.The gross billing from student renewals and referrals accounted for 62.8% of the total gross billing of the company’s junior ELT business in April.Led by business experience, vertical expansion strategy and brand influence, the company expects its junior ELT business to achieve RMB2.6M in gross billing in Q2 (+300% Y/Y).

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Meten EdtechX zooms higher on significant surge in April gross billing and student enrollment