Meten Holding Group Ltd. (METX), a company providing English language training (ELT) services in China, closed Tuesday’s regular trading session at $0.13 after declining by 2.71% during the day. However, in the premarket, METX has bounced back, as it has surged by 18.22% and consequently, is trading at $0.15 at the time of the writing.
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METX Provided Update on Metaverse Courses
The surge in METX followed the company’s press release regarding updates on metaverse vocational education courses. Just hours ago, Meten has announced to provide the updates on these courses. The company said that it has achieved a gross billing of RMB10 million during the first quarter of 2022, while it is optimistic that the program has the potential for more growth soon.
Chinese Educational Stocks Bouncing Back
Chinese educational stocks are enjoying a splendid time over the last couple of weeks, largely as a result of the mollification of regulations by the Chinese authorities on the educational sector, which in turn has provided a wave of fresh air to the stocks which suffered due to the impositions of these regulations during last year. China is also seeking to cooperate with the US over resolving the accounting-related issues for U.S.-listed Chinese companies, which in turn has provided a boost to the performance of these stocks.
METX into Crypto Industry, How & Why?
METX saw some major transitions with its business model during 2021, the most prominent among them being forced due to the banning of private tutoring by Chinese authorities. This caused a drop of more than 80% in the stock value. However, since that harsh phase, the company has found new ways to run its business operations smoothly. Hence, it has moved into the cryptocurrency and blockchain sector. This recent price surge of bitcoin is expected to instigate the bullish journey of METX.
Final Remarks
Looking ahead, investors have got a great chance to get their hands over a great stock at a cheap price. With the Chinese regulators looking to soften their stance, METX is expected to make some moves during the upcoming few weeks. Hence, investors should remain prepared to thrive upon the opportunity.
