Hailiang Education to Acquire 100% Equity Interests in Feicheng Hailiang Education Investment Co., Ltd. to Accelerate Educational Resources Integration
Apr 26, 2021.
HANGZHOU, China, April 26, 2021 /PRNewswire/ -- Hailiang Education Group Inc. (NASDAQ: HLG) ("Hailiang Education", "Company" or "We"), an education and management services provider for primary, middle, and high schools in China, today announced that the it had acquired from its affiliate, Hailiang Education Investment Group Co., Ltd. ("Hailiang Education Investment"), 100% equity interests in Feicheng Hailiang Education Investment Co., Ltd. ("Feicheng Education Investment"), for a total consideration of RMB 22.9 million. Feicheng Education Investment has been the sole sponsor of Feicheng Hailiang Foreign Language School ("Feicheng Foreign Language") since 2018. The Company and Feicheng Education Investment have completed relevant corporate and regulatory procedures on April 26, 2021.
Located in Feicheng City, Shandong Province, China, Feicheng Foreign Language is a private non-profit school. With a total capacity of up to 800 students, Feicheng Foreign Language offers primary, middle, and high school education. Feicheng Foreign Language is currently operating at near full capacity (90%), and its teaching philosophy and academic achievements have been well received and recognized by students, parents, and local communities.
Dr. Chen Junwei, Chairman and Chief Executive Officer of Hailiang Education, commented: "Executing our successful strategy of accelerating the integration of our educational resources, Feicheng Foreign Language has been the second school acquired by us from Hailiang Education Investment. We plan to acquire more schools from Hailiang Education Investment to expedite the expansion of our school network. In addition, we will continue to expand our ancillary education services such as educational training, study trips, and overseas study consulting services. This will bring continuous growth in revenue for the Company, increase our brand awareness, attract more students by providing them with high-quality services, and create sustainable value for our shareholders."
About Hailiang Education Group Inc.
Hailiang Education (Nasdaq: HLG) is one of the largest primary, middle, and high school educational service providers in China. The Company primarily focuses on providing distinguished, specialized, and internationalized education. Hailiang Education is dedicated to providing students with high-quality primary, middle, and high school, and international educational services and highly valuing the quality of students' life, study, and development. Hailiang Education adapts its education services based upon its students' individual aptitudes. Hailiang Education is devoted to improving its students' academic capabilities, cultural accomplishments, and international perspectives. Hailiang Education operates multilingual programs including Chinese, English, Spanish, Japanese, Korean, and French. In addition, Hailiang Education has launched various diversified high-quality courses, such as Mathematical Olympiad courses, A-level courses, Australia Victorian Certificate of Education (VCE) courses, AP, IB, IELTS courses, TOEFL courses, as well as SAT courses. The Company has also formed an extensive cooperative network with more than 200 educational institutions and universities globally. Hailiang Education is committed to making great effort to provide its students with greater opportunities to enroll in well-known domestic and international universities to further their education. For more information, please visit http://ir.hailiangedu.com.
This press release contains information about Hailiang Education's view of its future expectations, plans, and prospects that constitute forward-looking statements. These forward-looking statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to the following: general economic conditions in China, competition in the education industry in China, the expected growth of the Chinese private education market, Chinese governmental policies relating to private educational services and providers of such services, health epidemics and other outbreaks in China, the Company's business plans, the Company's future business development, results of operations, and financial condition, expected changes in the Company's revenue and certain cost or expense items, its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the number of students entrusted by schools, the successful integration of acquired companies, technologies and assets into its portfolio of software and services, marketing and other business development initiatives, dependence on key personnel, the ability to attract, hire, and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property, the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights, and other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"). Hailiang Education may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Hailiang Education's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, whether known or unknown, and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "will make," "will be," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "endeavor to," "is/are likely to," or other similar expressions. Further information regarding these and other risks is included in our annual report on Form 20-F and other filings with the SEC. All information provided in this press release is as of the date of this press release, and Hailiang Education undertakes no obligation to update any forward-looking statements, except as may be required under applicable law.
For more information, please contact:
Mr. Litao Qiu
Hailiang Education Group Inc.
Ms. Tina Xiao
Ascent Investor Relations LLC