BEIJING, June 1, 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 third
largest operator in China[1], announced today the
acquisition of 51% equity interests in Beijing Tomorrow Future Plus
Education Technology Co., Ltd. ("Beijing Tomorrow"), a
technology-driven education company, for a consideration of
RMB76.5 million from an original
shareholder that was controlled by a related party of the Company.
The transaction was closed in late May
2021.
Mr. Shaowei Zhang, Chairman and
chief executive officer of First High-School Education Group,
commented: "We are thrilled about this acquisition and what it
entails for First High-School Education Group. Technology-enabled
education is key to drive education development in the future,
fostering an expanded, intelligent learning environment beyond
traditional classroom models through the use of big data,
artificial intelligence, and advanced digital technologies. By
combining full-time premium AI driven teaching online with strong
operations and management strategies offline, high-quality
education resources can be optimized in both efficiency and scale.
This combination would not only help to further drive our
profitability, but also to improve the overall quality of our
education system, especially for China's central and western regions where
there are strong needs for further educational development. This
acquisition will undoubtedly strengthen our leading position and
competitiveness in the private education sector."
About Beijing Tomorrow
Beijing Tomorrow is a technology-driven education company that
provides premium full-time live AI online teaching services
supported by strong offline operations and management strategy for
large-scale resource sharing and learning efficiency. Beijing
Tomorrow adopts a unique "three-teacher classroom" model consisting
of master instructor livestream classes and personalized counseling
offline with character-building guidance. The "three-teacher
classroom" framework, combined with enriching activities and
optimized campus management, creates an ideal environment for
efficient learning and comprehensive development.
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.
[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.
For Investor and Media Inquiries Please Contact:
In China:
First High-School Education Group
Lillian Liu
Tel: +86-13062818313
E-mail: liuyi@dygz.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