On 19 April 2024 (after trading hours), Heilongjiang College of Business and Technology entered into the Finance Lease Agreement (Haitong) 2024 and the Special Item Agreement (Haitong) 2024 with Haitong Unitrust in respect of the Finance Lease Arrangement (Haitong) 2024. The principal terms of the Finance Lease Arrangement (Haitong) 2024 are summarized as follows: Finance Lease Agreement (Haitong) 2024. Date: 19 April 2024 (after trading hours).

Parties: (i) Heilongjiang College of Business and Technology (as the lessee), and (ii) Haitong Unitrust (as the lessor). Sale Price: The total sale price is RMB 20,000,000 which was determined after arm's length negotiations with reference to the valuation price as at 25 March 2024 of RMB 23,493,953.7 and the fair market price of the similar assets. The sale price, after deducting the deposit of RMB 200,000, shall be paid by Haitong Unitrust to Heilongjiang College of Business and Technology in one lump sum within 30 business days upon the request of Heilongjiang College of Business and Technology after the fulfilment of the following conditions: Heilongjiang College of Business and Technology having issued the undertaking letter in respect of the ownership of the Leased Assets (Haitong) 2024; Heilongjiang College of Business and Technology having issued the take-over certificate in respect of the Leased Assets (Haitong) 2024; and Heilongjiang College of Business and Technology having issued the receipt of the sale price.

The Leased Assets (Haitong) 2024 comprises of teaching equipment, cooking equipment, server equipment, etc. The unaudited book value of the Leased Assets (Haitong) 2024 as at 25 March 2024 amounts to approximately RMB 25,118,446. The ownership of the Leased Assets (Haitong) 2024 shall be transferred to Haitong Unitrust on the payment date of the sale price (after deducting the deposit) by Haitong Unitrust.

Upon the expiry of the lease term, provided that there are no default events or the default events have been rectified, Heilongjiang College of Business and Technology is entitled to request Haitong Unitrust to transfer the ownership of the Leased Assets (Haitong) 2024 back to Heilongjiang College of Business and Technology in consideration of the payment of a retention money of RMB 100 by Heilongjiang College of Business and Technology. The Finance Lease Agreement (Haitong) 2024 shall come into effect after it is duly stamped or signed by the legal representatives of the parties and upon the payment of the sale price (after deducting the deposit) by Haitong Unitrust. Lease Term: 36 months.

The total lease payment is approximately RMB 23,210,000, which was determined after arm's length negotiations with reference to the prevailing market interest rates and trading terms of the similar finance lease arrangements. The actual amount of the lease interest shall be adjusted by Haitong Unitrust quarterly based on the one-year loan prime rate as published by the National Interbank Funding Center. The total lease payment shall be paid by Heilongjiang College of Business and Technology to Haitong Unitrust pursuant to the lease payment schedule as set out in the Finance Lease Agreement (Haitong) 2024 in 12 installments during the lease term.

The total deposit is RMB 200,000, which shall be used to set off the final portion of the lease payment to be made by Heilongjiang College of Business and Technology provided that Heilongjiang College of Business and Technology has paid the rest amount of the lease and other payables and there are no default events or the default events have been rectified. Heilongjiang College of Business and Technology and Haitong Unitrust also entered into the Special Item Agreement (Haitong) 2024 on 19 April 2024 (after trading hours), pursuant to which the parties agreed that the following conditions shall also be fulfilled before Heilongjiang College of Business and Technology makes the request for the payment of the sale price under the Finance Lease Agreement (Haitong) 2024: (i) Heilongjiang College of Business and Technology having issued the payment notice to Haitong Unitrust; (ii) Heilongjiang College of Business and Technology having provided the original valuation report issued by a qualified third-party valuation firm in terms of the Leased Assets (Haitong) 2024 to Haitong Unitrust; (iii) Heilongjiang College of Business and Technology having provided its effective internal resolutions in terms of the Finance Lease Arrangement (Haitong) 2024 to Haitong Unitrust; (iv) each of Mr. Liu and Ms. Dong having signed the guarantee agreement; and each of Harbin Xiangge, Heilongjiang Liankang, Harbin Junfengda, Nantong Junhua and Nantong Junhua School having signed the guarantee agreement and having provided their respective effective internal resolutions in terms of their joint liability guarantees for the Finance Lease Agreement (Haitong) 2024 to Haitong Unitrust. By entering into the Finance Lease Arrangement (Haitong) 2024, the Group would gain access to financial resources to fund the construction of Hanan Campus and support its general working capital needs while the Group's operation would not be adversely affected by the sale of the Leased Assets (Haitong) 2024, because such assets are immediately leased back to the Group.

There is no transfer of possession or use of the assets to Haitong Unitrust under the Finance Lease Arrangement (Haitong) 2024. According to the International Financial Reporting Standards, the transactions contemplated under the Finance Lease Arrangement (Haitong) 2024 do not constitute a disposal of assets and will not give rise to any gain or loss to be recorded in the Group's income statement. Upon expiry of the lease term, the Group could pay the nominal retention money to have the Leased Assets (Haitong) 2024 transferred back to the Group.

Therefore, in substance and in terms of accounting treatment, the Finance Lease Arrangement (Haitong) 2024 are in effect the largely similar to borrowing a secured loan.