First High-School Education Group Announces Acquisition of Majority Stake in a Tech-driven Education Company
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, 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.”
Source: First High-School Education Group Co., Ltd