 BEIJING, July 27, 2021 PRNewswire -- Puxin Limited NYSE: NEW Puxin or the Company, a successful consolidator of the after-school education industry in China, today announced that, on July 24, 2021, Chinas official state media, including Xinhua News Agency and China Central Television, announced the Opinions on Further Alleviating the Burdens of Homework and After-school Tutoring for Students of Compulsory Education the Opinion, issued by the General Office of the CPC Central Committee and the General Office of the State Council. The Opinion contains high-level policy directives about requirements and restrictions related to after-school tutoring services, including, among others, i institutions providing after-school tutoring services on academic subjects in Chinas compulsory education system, or Academic AST Institutions, are required to be registered as non-profit, no approval will be granted to establish new Academic AST Institutions, and online Academic AST Institutions will be subject to approvals; ii foreign ownership in Academic AST Institutions is prohibited, including through contractual arrangements, and companies with existing foreign ownership are required to make rectification; iii listed companies are prohibited from raising capital to invest in businesses that offer after-school tutoring services on academic subjects of compulsory education; iv Academic AST Institutions are prohibited from providing tutoring services on academic subjects of compulsory education during public holidays, weekends and school breaks; and v Academic AST Institutions are required to follow the fee standards to be determined by competent government authorities. 