TAL Education Group (TAL) is down 5.00% in the pre-market trading session at the price of $4.94 after the announcement of the 2021 annual general meeting of stakeholders.
2021 Annual General Meeting of Stakeholders
On 16th August 2021, TAL revealed that it would hold its annual general meeting of shareholders on 23rd August 2021. All beneficial owners of the company’s ADSs are invited to attend the meeting personally. Meeting will take place at 15/F Danling SOHO, No. 6 Danling Street, Haidian District, Beijing. No proposal will be submitted for shareholder approval during the annual general meeting. Instead, the conference will serve as an open platform for shareholders and beneficial owners to discuss the company’s affairs with management.
TAL Canceled Scheduled Earnings Conference Call
TAL Education Group, on 30th July 2021, published that it had canceled the earnings conference call and live webcast for the first quarter of the fiscal year 2022. It was previously scheduled on 5th August 2021, at 8:00 a.m. U.S. Eastern Time. The Company will provide further updates at a suitable time in the future.
Update on New Educational Regulations
On 25th July 2021, TAL reported that China’s official state media announced the Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education. The regulations concerning after-school tutoring services related to school subjects taught in China’s education system were disclosed earlier by several English and Chinese media outlets on 23rd July 2021. The regulations had previously issued by the General Office of the CPC Central Committee and the General Office of the State Council.
Following the policy directives of the Opinion, TAL Education Group will continue to obey all applicable rules and regulations in providing educational services. The Opinion included high-level policy directives about requirements and restrictions related to after-school coaching services. It provided that institutions providing after-school tutoring services on academic subjects in high schools must follow the fee standards established by relevant authorities. All AST Institutions are advised to register themselves as non-profit organizations. No approval will be granted to unregistered AST Institutions. Moreover, AST Institutions are forbidden from providing teaching services on academic subjects during public holidays, weekends, and school breaks.
