China New Higher Education Group Limited announced the further acquisition of the remaining 10% equity interest of Songming Xinju, the sole shareholder of the Guangxi Schools Sponsor, at the consideration of RMB 64 million. Following the completion of the 51% equity interest acquisition in January 2019 and the second acquisition of the 39% equity interest of Guangxi Schools in July 2020, so far the Group acquired the 100% equity interest of Guangxi Schools. Guangxi Schools are full-time higher vocational education college approved by the Ministry of Education. Based on the local social development as well as the demand for technical and skilled talents, the Guangxi Schools provide more than 30 majors covering preschool education, nursing, e-commerce, computer network technology, etc. The Guangxi Schools have extensive school-enterprise cooperation with various renowned and high-quality enterprises across the nation, and the level of education and teaching has been steadily improved. In 2020, the Guangxi Schools ranked first in Guangxi in terms of employment rate, and were awarded the honorary title of the outstanding unit of employment and entrepreneurship for graduates of colleges and universities in Guangxi. Prior to this acquisition, the Group have improved the quality of Guangxi Schools by means of strengthening internal construction, increasing teaching investment, optimizing campus environment and enhancing the experience of students and teachers, that Guangxi Schools' education quality has been improved significantly, the level of education and teaching has been steadily improved, the operational efficiency has been significantly enhanced, and the strength of the schools has been rapidly improved after the previous two acquisitions of the equity interest of Guangxi Schools. The further acquisition of the remaining 10% equity interest will enable the Group to give full play to its strength in centralized school operation, further unleash the potential of Guangxi Schools, enhance the quality of its education, and better serve the social and economic development of the Guangxi Autonomous Region while achieving the Group's high-quality development goals.