China’s EdTech Industry Faces Continued Growth, QuantaSing CFO Says At ASU+GSV Summit

SAN DIEGO, April 18, 2023 (GLOBE NEWSWIRE) — QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading online learning service provider for adults in China, highlighted the growth prospects of the country’s EdTech sector at the premier global forum on technology and its innovation in education and skills.

In a panel on the opening day of the ASU+GSV Summit, moderated by GSV Ventures Senior Advisor Joy Chen, Tim Xie, Chief Financial Officer at QuantaSing, said adults in China continue to look to digital learning to develop the skills to navigate today’s constantly evolving world.

“Access to quality online learning is an important step in helping people future-proof their skills and seek new opportunities for career growth and personal development. Adults are not only learning to grow, they are also learning to explore new personal interests and aspirations,” Mr. Xie said.

Thanks to such tailwinds, China’s online adult learning market, in terms of revenue, is expected to reach RMB288.1 billion (US$44.6 billion) in 2026, at a CAGR of 17.9% from 2021 to 2026, according to a report from Frost & Sullivan. QuantaSing occupies a key position in this market, with 77.8 million registered users as of December 31, 2022.

The panel, which included other top names from China’s online learning space, also discussed artificial intelligence (AI) applications in the country’s and global EdTech industry. Ensuring these tools facilitate the transfer of knowledge, under the guidance of tutors and specialists, and optimizing a customized learning experience is key to moving this industry forward.

QSG remains dedicated to developing new course offerings to meet the diverse needs of learners, spanning from skill-based learning courses to other personal interest courses such as short video production and calligraphy. In addition, QSG has recently started providing enterprise talent management services, which also provides robust growth opportunities.

About QuantaSing Group Limited
QuantaSing is a leading online service provider in China dedicated to improving people’s quality of life and well-being by providing lifelong personal learning and development opportunities. The Company is the largest online learning service provider in China’s adult personal interest learning market and among the top five service providers in China’s total adult learning market in terms of revenue in 2021. By leveraging its proprietary tools and technology, QuantaSing offers easy-to-understand, affordable, and accessible online courses to adult learners under a variety of brands, including QiNiu, JiangZhen and QianChi, empowering them to pursue personal development. Leveraging its extensive experience in individual online learning services, the Company has also expanded its services to corporate clients including, among others, marketing services and enterprise talent management services.

About ASU+GSV Summit
The ASU+GSV Summit is the premier global event focused on technology innovation in education and skills. Started in 2010 with a collaboration between Arizona State University (ASU) and Global Silicon Valley (GSV), the annual Summit connects leading minds focused on transforming society and business around learning and work. Educators, investors, industry leaders, and entrepreneurs from around the world come together to innovate the future of education for all.

Safe Harbor Statements
This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Among other things, the Financial Outlook in this announcement contains forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; trends and competition in China’s adult learning market; changes in its revenues and certain cost or expense items; the expected growth of China’s adult learning market; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

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