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Meten Holding Group Ltd. (NASDAQ: METX) announced a strategic cooperation agreement with Global Blockchain on March 8, 2022, aimed at exploring opportunities in the blockchain and digital currency sectors. The collaboration includes establishing a communication mechanism for industry research and shared insights. Additionally, both companies plan to invest in a new digital currency mining farm in the U.S. with a capacity of 5 to 10 megawatts. CEO Alan Peng highlighted that this partnership will enhance their blockchain business and align with market trends.
Meten Holding Group Ltd. (NASDAQ: METX) announced a strategic agreement with Shenzhen Shengxue to enhance its Metaverse vocational education offerings. The initiative aims to address the skills gap in China's rapidly evolving labor market. With the Chinese vocational education market estimated at approximately $103 billion in 2021, this partnership emphasizes the growing demand for innovative education solutions. CEO Alan Peng highlighted the importance of this collaboration in training high-quality talents for domestic and international job markets.
Meten Holding Group Ltd. (NASDAQ: METX) announced plans to launch blockchain-related English language training (ELT) courses in early March 2022. Developed in collaboration with Hainan HuoDa Education Technology, these courses aim to assist professionals in the blockchain industry, which is projected to grow in China's market. According to East Money Information, the blockchain market in China is expected to reach $16.37 billion by 2026, with a 73% compound annual growth rate. CEO Alan Peng emphasized the importance of English proficiency in this rapidly evolving sector.
Meten Holding Group Ltd. (NASDAQ: METX) announced an update on its cryptocurrency initiatives as of February 16, 2022. The company has operationalized 867 mining machines and plans to deploy an additional 615 units by month-end, enhancing its total to 1,482 machines with around 150 PH/s computing power. Furthermore, Meten has acquired 600 XP mining machines from Bitmain, expected later this year. These developments are part of a strategic transformation towards the cryptocurrency market, aiming to bolster financial stability and long-term growth.
Meten Holding Group Ltd. (NASDAQ: METX) has launched trial vocational education courses in the Metaverse, initiated in December 2021, aimed at training individuals in areas like video post-production and game rendering. The Company reported gross billings of RMB1.0 million (approximately $0.16 million) during the trial in Shenzhen. With plans to officially launch the courses across all campuses in January 2022, Meten expects to train at least 3,000 design professionals and generate gross billings of RMB60.0 million (approximately $9.48 million) for 2022.
Meten Holding Group Ltd. (NASDAQ: METX) has initiated preliminary operations for its cryptocurrency mining business in Pennsylvania, having procured 147 machines with a computing power of 14P. The company is scaling its operations with a total of 1,335 additional Bitcoin mining machines expected to boost its capacity to 135P by January 2022. This move is part of Meten's strategic plan to become a 'Metaverse Technology Company,' alongside its ongoing efforts to establish mining sites in North America and provide custody services for global mining units.
Meten Holding Group Ltd. (NASDAQ: METX) announced a joint venture on December 20, 2021, to develop cryptocurrency mining equipment. The company will invest US$3 million for a 21% equity stake in the venture, which includes a team of industry experts specializing in R&D, production, and sales. This collaboration aims to enhance Meten's capabilities in blockchain and cryptocurrency. CEO Alan Peng noted the venture aligns with their strategy for expanding into the cryptocurrency sector, with expected revenue generation by early next year.
Meten Holding Group (NASDAQ: METX) reported Q3 2021 unaudited financial results, with revenues of RMB 187.9 million, a decrease of 36.9% YoY. Nine-month revenue also decreased by 10.4% to RMB 599.2 million, attributed to COVID-19 and reduced offline centers. Q3 gross profit fell 49.1% to RMB 64.0 million, yielding a gross profit margin of 34.1%. The adjusted net loss for Q3 surged 364.8% YoY to RMB 170.8 million. The company aims to pivot towards the Metaverse and blockchain, reducing offline centers while exploring new business strategies.
Meten Holding Group Ltd. (NASDAQ:METX) has secured $20 million through a registered direct offering of ordinary shares, priced at-the-market. This capital is expected to support the company's ongoing expansion and development of its digital English Language Training services in China. Meten aims to enhance its reach and service quality through its innovative digital platform and extensive learning center network, catering to the rising demand for English proficiency among Chinese students and professionals.
Meten Holding Group Ltd. (NASDAQ: METX) has successfully closed a registered direct offering of ordinary shares at $0.60 per share, raising approximately $20 million in gross proceeds. The funds will be allocated for capital expenditures and general corporate needs. Aegis Capital Corp. served as the exclusive placement agent for this offering, which was executed under an effective shelf registration statement. This strategic financial move aims to bolster the company's operational capacity and support its growth initiatives in the English language training sector in China.