Ambow Unveils Online Education Platform; Shares Up 35%
Ambow Education Holding Ltd. (NYSE: AMBO) announced Monday that it launched Huanyujun Education Hub, a next-generation online-to-offline education SaaS platform, sending its shares up 34.55%, trading at $2.96 in the morning.
The provider of educational and career enhancement services said that the new platform, bolstered by Ambow's proprietary technology-enabled solutions, is dedicated to addressing increased demand for a dynamic learning environment amid new conditions brought about by the global pandemic.
During the Covid-19 outbreak, the company joined forces with the National Integrated Circuit Industry & Education Union, China Center for Information Industry Development Group, and other leading industrial technology institutes to launch an education volunteer program on the Huanyujun Education Hub.
Jin Huang, the president and chief executive officer of Ambow, stated, "I am very proud that Ambow could play an active part in providing continuous learnings opportunities, service and support to both our existing users and new users during this period of COVID-19."
Looking forward, he added, "We will continue to explore more dynamic learning environments, blending online and offline classrooms, expanding Ambow's footprint across the globe and maximizing shareholder value."
The Beijing-based education provider reported last month that in the three months through March that revenue tanked to $12.7 million, down 28% year-over-year. Ambow attributed the decrease in the period to "fewer" services provided at its K-12 tutoring services and schools, as the pandemic caused a shutdown.
Established in 2001, Ambow provides K-12 education services, including online and internationally. According to Ambow, it operates tutoring centers in Beijing, Jiangsu, Gansu, Hunan, and other provinces in China.