China Liberal Education Holdings Limited (NasdaqCM:CLEU) entered into a definitive stock purchase agreement to acquire Wanwang Investment Limited from Thrive Shine Limited and Xiaoshi Huang for $60 million on February 1, 2022. The transaction is approved by the board of directors of China Liberal Education and closing is expected to occur on February 10, 2022. As on February 16, 2022, 100% of the equity interests in Wanwang has been successfully transferred from Xiaoshi Huang and Thrive Shine Limited to China Liberal, and the sole director of Wanwang and its affiliate, Wanzhong (Hong Kong) Education Investment Management Co., Ltd, has been updated to be Ms. Ngai Ngai Lam, Chairperson and Chief Executive Officer of China Liberal. China Liberal has wired part of the consideration for the Acquisition to the joint account held by Xiaoshi Huang and Ms. Ngai Ngai Lam pursuant to the terms of the Amendment. The releasing of the closing payment to Wanwang's seller is pending the closing of the Acquisition, which is scheduled to occur upon the completion of the audit of Wanwang's financial results for the fiscal year 2021. The closing of the Acquisition is expected to occur before May 2022.

China Liberal Education Holdings Limited (NasdaqCM:CLEU) completed the acquisition of Wanwang Investment Limited from Thrive Shine Limited and Xiaoshi Huang on September 2, 2022.