Grand Cayman, Cayman Islands, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Meta Data Limited (Previously known as OneSmart International Education Group Limited (精銳國際教育集團有限公司) (In Official Liquidation) (the “Company”), with New York Stock Exchange trading symbol “AIU”, has been placed into Official Liquidation in the Cayman Islands. By order of the Grand Court of the Cayman Islands, made on 7 August 2024, the Company, with registration number 320611, whose registered office was situated at Ugland House, Grand Cayman, ...

Group 1 - Meta Data (NYSE:AIU) experienced a significant surge in stock price, increasing by more than 100% after completing a 1-for-5 reverse stock split, which brought its share price back into compliance with listing standards [1][3] - The reverse stock split is seen positively by investors as it allows Meta Data to remain publicly listed and access equity markets for growth capital, resulting in a market capitalization of $900 million [3] - Investor interest in the online education sector is rising, with competitors like 2U (NASDAQ:TWOU) also seeing stock price increases despite announcing plans to file for bankruptcy, indicating potential short squeeze opportunities in the sector [1][3] Group 2 - The reverse stock split can have mixed implications; while it helps companies stay listed, it may also signal financial distress, as companies often resort to such measures when facing challenges [3] - There is skepticism regarding the sustainability of the recent stock price momentum for Meta Data and similar companies, given the underlying challenges in the online education sector [4]

Hong Kong, July 19, 2024 (GLOBE NEWSWIRE) -- Meta Data Limited ("Meta Data" or the "Company") (NYSE: AIU) today announced that it plans to change the ratio of its American depositary shares ("ADSs"), which currently is one (1) ADS representing two (2) Class A ordinary shares. The new ratio is expected to be one (1) ADS representing ten (10) Class A ordinary shares. There will be no change to the Company's Class A ordinary shares. The effect of the ratio change on the ADS trading price on the New York Stock ...

Hong Kong, July 19, 2024 (GLOBE NEWSWIRE) -- Meta Data Limited (“Meta Data” or the "Company") (NYSE: AIU) today announced that it plans to change the ratio of its American depositary shares ("ADSs"), which currently is one (1) ADS representing two (2) Class A ordinary shares. The new ratio is expected to be one (1) ADS representing ten (10) Class A ordinary shares. There will be no change to the Company's Class A ordinary shares. The effect of the ratio change on the ADS trading price on the New York Stock ...

Company Overview - Meta Data Limited, founded in 2008 and headquartered in Hong Kong, provides non-subject based tutoring to students in China [5] - The company is adapting to the "Double Reduction Policy," which restricts subject-based off-campus tutoring for compulsory education students, by shifting focus to online education and tutoring services for students outside of China [5] Compliance Notification - Meta Data has received a notification from the New York Stock Exchange (NYSE) indicating that it is below compliance standards due to the trading price of its American depositary shares (ADSs) [1] - According to NYSE rule 802.01C, a company is considered non-compliant if the average closing price of its security is below $1.00 over a consecutive 30 trading-day period [2] - The company has a six-month period to bring its share price back above $1.00, with the possibility of regaining compliance at any time during this period [2] Current Listing Status - The notice from NYSE does not have an immediate impact on the listing of Meta Data's ADSs, which will continue to be traded on the NYSE during the cure period, provided the company meets other listing requirements [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) O ...

Exhibit 99.1 Operating and Financial Review and Prospects in Connection with the Unaudited Interim Consolidated Financial Statements for the Six Months Ended February 28, 2023 and 2022 Net income from continuing operations was US$2.0 million, up by 103.4% year-over-year. Net loss from discontinued operations was US$414.9 million, up by 257.0% year-over-year. Net loss attributable to shareholders of Meta Data Limited was US$412.9 million, increased by 146.1% compared to net loss of US$167.8 million in the fi ...

Fundraising - Meta Data Limited closed a private placement on May 31, 2023, raising gross proceeds of $25,000,000[2] - The company sold 41,806,020 units, each consisting of one Class A ordinary share and a warrant to purchase one share[2] - The initial exercise price of the warrant is set at $0.7475 per share, with each unit sold at a price of $0.598[2]

Financial Performance - Net revenues for the fiscal year 2021 were RMB 3,423,410, a slight decrease from RMB 3,438,881 in 2020, representing a year-over-year decline of approximately 0.4%[19] - Gross profit for 2021 was RMB 1,329,667, which is an increase of 4.7% compared to RMB 1,269,142 in 2020[19] - Operating loss for 2021 was RMB 4,862,451, a significant decline from an operating loss of RMB 362,677 in 2020[19] - Net loss attributable to shareholders for 2021 was RMB 4,987,567, compared to a net loss of RMB 729,829 in 2020, indicating a year-over-year increase in losses of approximately 582%[19] - Cash and cash equivalents at the end of 2021 were RMB 384,643, down from RMB 1,345,285 at the end of 2020, reflecting a decrease of approximately 71.5%[23] - Net cash provided by operating activities in 2021 was RMB 138,343, a decrease from RMB 240,692 in 2020, representing a decline of approximately 42.5%[23] - The company reported a basic loss per share of RMB (0.7543) for 2021, compared to a loss per share of RMB (0.1131) in 2020[20] Operational Challenges - The company faced significant risks related to COVID-19, regulatory changes in China, and competition, which could adversely affect its business operations and financial condition[27][28] - The company suspended all education programs and learning centers in China due to the "Double Reduction Policy" effective October 12, 2021, which has materially affected its operations[38] - The company experienced increased operating expenses due to COVID-19 safety measures, which could adversely affect financial conditions in the near term[54] - The company faces challenges in attracting students and parents to enroll in education programs at reasonable costs, which is critical for continued success[57] - Intense competition in the education industry may lead to pricing pressure, reduced operating margins, and potential loss of market share[58] Strategic Initiatives - The company is transitioning to develop software technologies, including a smart student ID card and smart training systems utilizing VR, AI, and blockchain[38] - The company is focusing on expanding online education initiatives and enhancing technology and data analytics capabilities to drive growth[63] Regulatory and Compliance Risks - The company must comply with personal information protection regulations, and failures could lead to litigation and reputational damage[71] - The 2021 Implementation Rules for Private Education Laws impose restrictions on foreign investment in private education, which may significantly impact the company's operations[102] - The company relies on VIE Contractual Arrangements to operate its education business in China, which may not provide the same level of control as direct ownership[107] - The PRC tax authorities may scrutinize VIE arrangements, potentially leading to additional tax liabilities that could materially affect the company's financial condition[115] - Changes in PRC laws governing private education could materially affect the company's ability to operate and generate revenue[121] Financial Structure and Capital Needs - The company may require additional capital to fund operations and expansion, with no assurance that such financing will be available on favorable terms[44] - The company may require additional capital for future growth, particularly for constructing self-built data centers and acquisition opportunities, which could lead to shareholder dilution[97] - The company has received increasing amounts of government subsidies from local authorities in Shanghai due to its growth and contribution to local tax income, although these incentives are subject to review and may be adjusted or revoked[89] Market and Economic Conditions - Economic conditions in China significantly influence demand for the company's education services, with potential slowdowns adversely affecting financial performance[128] - Fluctuations in exchange rates and PRC regulations may materially affect liquidity and the ability to fund and expand operations[32] Shareholder and Corporate Governance - The company has a dual-class voting structure, with Class B shares having twenty votes per share, potentially limiting influence over corporate matters[177] - The company faces challenges in protecting shareholder interests due to its incorporation under Cayman Islands law, which may limit legal recourse in the U.S.[186] - Regulatory investigations and shareholder claims may be difficult to pursue in China, complicating the enforcement of rights for U.S. investors[190] Acquisitions and Investments - The company acquired 100% equity interest in Tianjin Huaying Education Co., Ltd. for cash consideration of RMB240.0 million in September 2018[213] - In October 2018, the company acquired a 30% minority equity stake in Beijing Tus-Juren Education Technology Co., Ltd. for consideration of RMB239.4 million[213] - The company extended a series of five-year convertible loans to Tus-Juren, totaling RMB668.7 million in 2019, with a 10% annual coupon[214] - The company entered into a share swap and asset transfer agreement with Yimi Education Technology Inc. for a total consideration of approximately RMB311.1 million[216] Auditor and Compliance Issues - The company’s auditor, Onestop Assurance PAC, is based in Singapore and is not subject to PCAOB's determinations, allowing for regular inspections[170] - The potential inability of the PCAOB to inspect the auditor could lead to trading prohibitions under the Holding Foreign Companies Accountable Act, risking delisting from exchanges[171] - The SEC may prohibit trading of the company's securities if audit reports are not prepared by PCAOB-inspected auditors for two consecutive years[165]