BEIJING, May 10, 2021 /PRNewswire/ -- First High-School
Education Group Co., Ltd. ("First High-School Education Group" or
the "Company") (NYSE: FHS), the largest operator of private high
schools in Western China and the
third largest operator in China[1], today announced the
appointment of Mr. Pengwei Luo ("Mr.
Luo") as a director of the Company's board of directors (the
"Board"), effective from May 10,
2021. Upon the effectiveness of Mr. Luo's appointment, the
Board will consist of five directors, including two independent
directors.
Mr. Luo is the founder and the managing director of Spring River
Greater China Fund, which he founded in 2014. Mr. Luo manages and
supervises the daily operation of ten asset management companies
since July 2020. From 2010 to 2014,
Mr. Luo served as a portfolio manager at Yinhua Fund Management
Co., Ltd. From 2005 to 2009, Mr. Luo served as a portfolio manager
at the asset management department at Huatai United Securities Co.,
Ltd. From 2002 to 2004, Mr. Luo worked as a project manager at the
investment banking group of Guotai Junan International Holdings
Limited, a company listed on the Hong Kong Stock Exchange (stock
code: 1788). Mr. Luo received a master's degree in economics from
Jiangxi University of Finance and
Economics in 2001.
On April 29, 2021, Spring River
Greater China Fund filed Schedule 13G disclosing its beneficiary
ownership of 6.7% in First High-School Education Group. On
May 8, 2021, the Company entered into
an option to buy agreement with Spring River Greater China Fund,
pursuant to which, it was granted an option and right to buy an
equivalent of 1,850,000 American Depositary Shares ("ADSs"), as
represented by Class A ordinary shares of the Company during the
option period for the full price equivalent to US$10.00 per ADS.
Mr. Shaowei Zhang, Chairman and
chief executive officer of First High-School Education Group
commented: "The assignment of Mr. Luo from Spring River Greater
China Fund reflects investor confidence in the Company's long-term
growth and potential value. We are greatly honored to have Mr. Luo
to join our Board. He is a highly accomplished and widely respected
leader in finance with extensive experience in business operation
and corporate and regulatory authority. We are confident that he
will provide valuable perspectives on the business strategy and on
compliance for First High-School Education Group."
[1] In
terms of student enrollment as of December 31, 2019, according to
an industry report commissioned by First High-School Education
Group and prepared by China Insights Industry Consultancy
Limited.
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About First High-School Education Group
First High-School Education Group is the largest operator of
private high schools in Western
China and the third largest operator in China1. First High-School Education
Group has a network of 19 schools, offering 14 high school
programs, seven middle school programs and four tutorial school
programs for Gaokao repeaters, as of December 31, 2020. All of schools of the Company
are strategically located in Western
China. The Company aspires to become a leader and innovator
of private high school education in China. For more information, please visit
https://ir.diyi.top/.
Forward-Looking Statements
Statements in this press release about future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
"forward-looking statements" within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, statements relating to the expected trading
commencement and closing dates. The words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "should," "target," "will,"
"would" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: the
uncertainties related to market conditions and the completion of
the public offering on the anticipated terms or at all, and other
factors discussed in the "Risk Factors" section of the preliminary
prospectus filed with the SEC. Any forward-looking statements
contained in this press release speak only as of the date hereof,
and the Company specifically disclaims any obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
For Investor and Media Inquiries Please Contact:
In China:
First High-School Education Group
Lillian Liu
Tel: +86-13062818313
E-mail: liuyi@longspringedu.com
The Blueshirt Group
Ms. Susie Wang
Phone: +86 138-1081-7475
Email: susie@blueshirtgroup.com
In the United States:
The Blueshirt Group
Ms. Julia Qian
Phone: +1 973-619-3227
Email: Julia@blueshirtgroup.com
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SOURCE First High-School Education Group Co., Ltd