HANGZHOU, China, September 18, 2020 /PRNewswire/ — Hailiang Education Group Inc. (Nasdaq: HLG) (“Hailiang Education,” the “Company” or “we”), a provider of primary, middle and high school education and management services in RPC today announced that the Company has signed a sponsorship transfer agreement (the “Agreement”) with its subsidiary Hailiang Education Investment Group Co., Ltd. (“Hailiang Investment”) on July 15, 2020 to acquire Jinhua Hailiang Foreign Language School (“JHFL”) for a total consideration of 34 million RMB of Hailiang Investment. After obtaining the corresponding administrative approval on September 16, 2020, Hailiang Education has completed all the process required to obtain JHFL sponsorship from Hailiang Investment. Prior to this transaction, Hailiang Education provided operations management services to JHFL.
Located in Jindong District, Jinhua City, zhejiang province, China, JHFL is a non-profit private school sponsored by Hailiang Investment in 2018 and includes primary and secondary schools, accommodating up to 1,000 students. JHFL’s current curriculum system is consistent with that of other independent schools of Hailiang Education, and its curriculum is based on the National Basic Education Curriculum and incorporates the resources of the International Bilingual Education Curriculum. JHFL also provides students with quality tuition in various subjects for national academic competitions. This curriculum system is conducive to the dual-track development of domestic and foreign education of JHFL students. Currently, JHFL is working well. Prior to the signing of the agreement, Hailiang Education managed and operated JHFL and therefore knows the school very well, including enrollment, teaching and management. The acquisition will not affect JHFL’s regular operations.
Sir. Junwei ChenChairman and CEO of Hailiang Education, said, “This acquisition has added a new school to our network of schools, bringing the number of affiliated schools under our operations to 13. Based on current development, the company expects JHFL to reach full student enrollment capacity by the end of the fiscal year. June 2022. JHFL was established in 2018 and was previously sponsored by Hailiang Investment, our subsidiary. This transaction marked the first transaction that Hailiang Education has acquired sponsorship from our affiliates. In the future, we will continue to acquire sponsorship of relatively mature schools from our affiliates and expand our affiliate school network. This acquisition will facilitate the promotion of Hailiang Education’s K-9 international education project in the region, with promising prospects. »
About Hailiang Education Group Inc.
Hailiang Education (Nasdaq: HLG) is one of the largest providers of primary, middle and secondary education services in China. The company primarily focuses on providing a distinguished, specialized and internationalized education. Hailiang Education is dedicated to providing students with high quality primary, middle and secondary and international educational services and highly values the quality of student life, study and development. Hailiang Education tailors its educational services to the individual abilities of its students. Hailiang Education is dedicated to improving the academic abilities, cultural achievements and international outlook of its students. Hailiang Education offers multilingual programs including Chinese, English, Spanish, Japanese, Korean and French. In addition, Hailiang Education has launched various high-quality diversified courses, such as Mathematical Olympiad courses, A-level courses, Australia Victorian Certificate of Education (VCE) courses, IELTS courses, TOEFL courses, as well as SAT. The Company has also formed an extensive network of cooperation with more than 200 educational institutions and universities around the world. Hailiang Education is committed to making great efforts to provide its students with greater opportunities to enroll in well-known domestic and international universities to further their education. For more information, visit http://ir.hailiangedu.com.
This press release contains information about Hailiang Education’s views on its future expectations, plans and prospects that constitute forward-looking statements. These forward-looking statements are made under the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this announcement are forward-looking statements, including, but not limited to, the following: conditions in China, competition in China’s education sector, expected growth of China’s private education market, Chinese government policies relating to private education services and providers of such services , health and other epidemics in China, the Company’s business plans, the future development of the Company’s business, results of operations and financial condition, expected changes in the Company’s revenues and of certain cost or expense items, its ability to raise additional funds, its ability to maintain and develop its activities, the variability of operating results, its ability to maintain and improve its brand, its development and the introduction of new products and services, the number of students entrusted by the schools, the successful integration of companies, technologies and assets acquired in its software and services portfolio, marketing and business development initiatives, reliance on key personnel, the ability to attract, hire and retain personnel who have the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property, following current or future litigation or arbitration, including those relating to copyrights and other intellectual property rights , and other risks detailed in the Company’s filings with the United States 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 some thirds. 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, known and unknown, and are based on current expectations and projections regarding future events and financial trends that the company believes could affect its financial condition, results of operations, its business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may”, “will”, “will”, “will”, “expect”, “anticipate”, “aim”, “estimates”, “intends”, “plans”, “believes”, “potential”, “continues”, “endeavours”, “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 in other filings with the SEC.All information provided in this press release is as of the date of this press release. press, and Hailiang Education undertakes no obligation to update forward-looking statements, except as required by applicable law.
For more information please contact:
Sir. Litao Qiu
Hailiang Education Group Inc.
E-mail: [email protected]
M/s. Tina Xiao
Ascent Investor Relations LLC
E-mail: [email protected]
SOURCEHailiang Education Group Inc.