Beijing Kaiwen Education Technology Co., Ltd. (SZSE:002659) signed an agreement to acquire remaining 42.88% stake in Beijing Kaiwen Ruixin International Education Technology Co., Ltd. from Li Yongyuan, Liu Yang Boya, Xu Qiong and Meng Qingchun for CNY 14.8 million on July 21, 2020. Li Yongyuan will sell 39.15% stake, Liu Yang Boya will sell 1.42% stake, Xu Qiong will sell 1.42% stake and Meng Qingchun will sell 0.89% stake in Beijing Kaiwen Ruixin. As a result of the transaction, Beijing Kaiwen will hold 100% stake in Beijing Kaiwen Ruixin. For the year ended December 31, 2019, Beijing Kaiwen Ruixin reported Total Assets of CNY 18.87 million, Net Assets of CNY 17.73 million, Revenue of CNY 8.15 million, Operating Profit of CNY 0.18 million and Net Loss of CNY 0.03 million. The transaction is approved by board of directors of Beijing Kaiwen Education and does not require shareholders’ approval.