 BEIJING, July 25, 2021 PRNewswire -- Gaotu Techedu Inc. Gaotu or the Company NYSE: GOTU, a leading online large-class after-school tutoring service provider in China, 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 Burden of Homework and After-School Tutoring for Students in 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 online and offline 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, need to be registered as non-profit; ii changing the current registration-based regime for operating online Academic AST Institutions to a government approval-based regime, iii foreign ownership in Academic AST Institutions is prohibited, including through contractual arrangements, and companies with existing foreign ownership need to rectify the situation; iv listed companies are prohibited from raising capital to invest in businesses that teach academic subjects in compulsory education; v Academic AST Institutions are prohibited from providing tutoring services on academic subjects in compulsory education during public holidays, weekends and school breaks; and vi Academic AST Institutions must follow the fee standards to be established by relevant authorities. 