Beijing Kaiwen Education Technology Co., Ltd. (SZSE:002659) signed share purchase agreement to acquire 75% stake in Hainan Entrepreneurship Alliance Education Investment Management Co., Ltd. from Beijing Yinye Jintai Venture Capital Partnership (Limited Partnership) for approximately CNY 110 million on December 12, 2020. Beijing Kaiwen Education Technology Co., Ltd. will pay the consideration within 3 working days after receiving the confirmation letter of meeting the prerequisites and confirming that the prerequisites agreed in the agreement have been met. As of September 30, 2020, Hainan Entrepreneurship Alliance Education Investment Management Co., Ltd. recorded total assets of CNY 1 billion and net assets at a loss of CNY 104 million. As of December 31, 2019, Hainan Entrepreneurship Alliance Education Investment Management Co., Ltd. recorded total assets of CNY 972.9 million and net assets at a loss of CNY 59.97 million, operating loss of CNY 70.6 million and net loss of CNY 55.37 million. As of December 12, 2020, Beijing Kaiwen Education Technology Co., Ltd. Board of Directors approved the deal. Beijing Kaiwen Education Technology Co., Ltd. (SZSE:002659) cancelled the acquisition of 75% stake in Hainan Entrepreneurship Alliance Education Investment Management Co., Ltd. from Beijing Yinye Jintai Venture Capital Partnership (Limited Partnership) on January 8, 2021. The transaction was cancelled as the conditions in the original agreement were not met.