UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2017
Commission File Number: 001-38203
RYB Education, Inc.
4/F, No. 29 Building, Fangguyuan Section 1, Fangzhuang
Fengtai District, Beijing 100078
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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RYB Education, Inc. | ||
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By |
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/s/Ping Wei |
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Name |
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Ping Wei |
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Title |
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Chief Financial Officer |
Date: November 28, 2017
RYB Education Provides an Update on a Recent Case; Announces $50 Million Share Buyback Program
Conference Call to be Held on November 24 at 7:30 a.m. US ET / 8:30 p.m. Beijing Time
BEIJING, Nov. 24, 2017 /PRNewswire/ — RYB Education, Inc. (“RYB” or the “Company”) (NYSE: RYB), a leading early childhood education service provider in China, provided an update on allegations of improper conduct toward children enrolled in a class at an RYB-operated kindergarten in Beijing. Two days ago, local police started an investigation following reports from some parents of children enrolled in a class at an RYB-branded kindergarten in Beijing, claiming that their children had experienced seriously improper conduct at the kindergarten. RYB immediately provided the security monitoring content and surveillance devices to police authorities, suspended the staff who allegedly were involved, and will continue to take all other necessary measures to promptly cooperate with police and other authorities on the investigation. To date, the investigation has not been concluded. RYB has established a special task force under the leadership of independent directors of the Company to conduct a thorough self-inspection across all teaching facilities.
RYB is fully committed to the safety of each and every child who is enrolled in RYB kindergartens and will continue to execute on its best practices commensurate with its status as a leading early childhood education service provider in China.
RYB also announced that the board of directors of the Company has approved a share repurchase program whereby the Company is authorized to repurchase its own ordinary shares in the form of American depositary shares with an aggregate value of up to US$50 million during the next 12 months. The Company expects to fund the repurchase out of its existing cash balance. The proposed share repurchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time as market conditions warrant in accordance with applicable requirements of Rule 10b-18 and Rule 10b-5 under the U.S. Securities Exchange Act of 1934, as amended.
Management will hold a conference call today at 7:30 a.m. U.S. ET Eastern Time (8:30 p.m. Beijing Time November 24, 2017) to provide an update on the case and answer questions from investors and analysts. Listeners may access the call by dialing:
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International: |
+65-6713-5381 |
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China Domestic: |
4001200657 |
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Hong Kong: |
+852-3018-6779 / +852-3018-6765 |
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United States: |
+1-347-549-4095 |
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United Kingdom: |
+44-203-713-5083 |
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Please ask to be connected to the call for “RYB”. | |
A telephone replay will be available two hours after the call until November 29, 2017, by dialing:
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International: |
+61-290034211 |
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China Domestic: |
4006322162 |
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Hong Kong: |
+852-3051-2780 |
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United States: |
+1-646-254-3697 |
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United Kingdom: |
+44-203-7014269 |
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Replay Access Code: |
3597407 |
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; trends and competition in China’s early childhood education market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese early education market; Chinese governmental policies relating to the Company’s industry and general economic conditions in China. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About RYB Education, Inc.
Founded on the core values of ‘‘Care’’ and ‘‘Responsibility,’’ RYB Education, Inc. is a leading early childhood education service provider in China. Since opening its first play-and-learn center in 1998, the Company has grown and flourished with the mission to provide individualized age-appropriate education to stimulate and nurture children so they can realize their full potential. During its nearly two decades of operating history, the Company has built “RYB” into a well-recognized education brand and helped bring about many new educational practices in China’s early childhood education industry. RYB’s comprehensive early childhood education solutions meet the needs of children from infancy to 6 years old through structured courses at kindergartens and play-and-learn centers, as well as at-home educational products and services.
For investor and media inquiries, please contact:
In China:
RYB Education, Inc.
Serena Xue
Tel: 86-10-8767-5752
E-mail: ir@rybbaby.com
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: ryb@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Alan Wang
Tel: +1-212-481-2050
E-mail: ryb@tpg-ir.com
RYB Education Issues Further Update
BEIJING, November 27, 2017 - RYB Education, Inc. (“RYB” or the “Company”) (NYSE: RYB), a leading early childhood education service provider in China, issued an update following the local police authority’s release of two reports on November 25, 2017 regarding the investigation of the case described in RYB’s press release issued on November 24, 2017.
According to one police report, a 22-year-old female teacher at the RYB-operated kindergarten in question was detained as a criminal suspect for maltreatment of children in the facility, and the police investigation is continuing.
The other police report stated that an individual spread fabricated and untrue information about child abuse at the kindergarten by military personnel through social media channels, causing a significant and adverse impact on the general public. According to the police report, this individual remains in police detention and has confessed her unlawful conduct and expressed remorse for the harm she has caused. The police report does not address the individual’s motive in disseminating this materially false and misleading information regarding the Company.
The Company is deeply saddened by the alleged maltreatment towards children by the RYB teacher, and extends its apologies to all of RYB’s parents, children, and the public for the negative impact resulting from this incident. RYB will continue to uphold its duty as a socially responsible education service provider and is in the process of implementing the following remediation steps:
· Dismiss the accused teacher and remove the facility principal from her position, effective immediately, and continue to enforce its zero-tolerance policy towards unethical or illegal behavior throughout all of its facilities;
· Perform a thorough self-inspection across all RYB teaching facilities and review and inspect all practices in these facilities, through a special task force led by the independent directors of the Company;
· Implement a comprehensive upgrade of security and surveillance systems and put in place a system of third-party supervision to ensure accountability and transparency;
· Communicate with concerned parents and use its best efforts to prevent and minimize any harm to their children. The Company will enlist help from doctors and psychiatrists to care for any children who may have been affected by this incident and provide them with counseling and other necessary medical care;
· Assign additional experienced RYB teaching staff and management team to the affected RYB kindergarten to minimize disruption to this kindergarten and the children’s education; and
· Offer full cooperation to the government authorities in connection with the investigation.
RYB remains fully committed to the safety and happiness of each and every child who is enrolled in RYB kindergartens and will continue to seek to implement best practices commensurate with its status as a leading early childhood education service provider in China.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; trends and competition in China’s early childhood education market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese early education market; Chinese governmental policies relating to the Company’s industry and general economic conditions in China. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About RYB Education, Inc.
Founded on the core values of “Care” and “Responsibility,” RYB Education, Inc. is a leading early childhood education service provider in China. Since opening its first play-and-learn center in 1998, the Company has grown and flourished with the mission to provide individualized age-appropriate education to stimulate and nurture children so they can realize their full potential. During its nearly two decades of operating history, the Company has built “RYB” into a well-recognized education brand and helped bring about many new educational practices in China’s early childhood education industry. RYB’s comprehensive early childhood education solutions meet the needs of children from infancy to six years old through structured courses at kindergartens and play-and-learn centers, as well as at-home educational products and services.
For investor and media inquiries, please contact:
In China:
RYB Education, Inc.
Investor Relations
Tel: 86-10-8767-5752
E-mail: ir@rybbaby.com
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: ryb@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Alan Wang
Tel: +1-212-481-2050
E-mail: ryb@tpg-ir.com