Clover Wealth Management Limited has signed non-binding proposal letter to acquire Ambow Education business assets in China from Ambow Education Holding Ltd. (NYSEAM:AMBO) for $10 million on September 13, 2022. As on November 23, 2022, Clover Wealth Management Limited has entered into a share purchase agreement to acquire Ambow Education business assets in China from Ambow Education Holding Ltd. (NYSEAM:AMBO) for $12 million. Along with the proposed sale of its operations in China, the Company also announced that KJ Tan, Ambow's Chief Financial Officer, has resigned, effective September 19, 2022. Jin Huang, President and Chief Executive Officer of Ambow, will serve as Acting Chief Financial Officer until a replacement is appointed. As of November 23, 2022, Clover Wealth Management and Ambow Education Holding entered into a share purchase agreement on November 23, 2022. The Sale is subject to customary conditions precedent. The Sale is conditioned upon receiving approval from Ambow's shareholders. Clover Wealth Management will pay $12 million to Ambow Education Holding for all of the equity interests in the Ambow Education business assets in China. As on December 22, 2022, Ambow Education Holding Ltd. Shareholders approved the transaction.

Clover Wealth Management Limited completed the acquisition of Ambow Education business assets in China from Ambow Education Holding Ltd. (NYSEAM:AMBO) for $12 million on December 31, 2022. As of April 27, 2023 representing consideration receivable from disposal of Ambow China after $6 million has been received as of December 31, 2022, an additional $2 million was received in March 2023, with the remaining balance of $4 million will be received in September 2023 according to the schedule in the purchase agreement.