Hailiang Feng offered a preliminary non-binding proposal letter to acquire remaining 12.72% stake in Hailiang Education Group Inc. for $46.9 million on December 23, 2021. On May 9, 2022, Hailiang Feng signed definitive agreement to acquire remaining 12.72% stake in Hailiang Education Group Inc. The Proposed Transaction, if completed, would result in the Company becoming a privately-held company owned by the Buyer, and the Company's ADSs would be delisted from the NASDAQ Stock Market. The Company's board of directors acting upon the unanimous recommendation of a special committee of independent directors established by the Board has approved the transaction and resolved to recommend that the Company's shareholders vote to authorize and approve the same. The shareholders meeting of Hailiang Education Group is scheduled on September 15, 2022. As on September 15, 2022, Hailiang Education's shareholders approved the deal. The transaction is currently expected to close during the third quarter of 2022.

Kroll, LLC, operating through its Duff & Phelps Opinions Practice, is serving as the financial advisor and provided fairness opinion to the Special Committee. Orrick, Herrington & Sutcliffe LLP is serving as U.S. legal counsel to the Special Committee. Hunter Taubman Fischer & Li LLC is serving as U.S. legal counsel to the Company. Conyers Dill & Pearman LLP is serving as Cayman Islands legal counsel to the Company. Fang Liu of VCL LAW LLP is serving as U.S. legal counsel to the Buyer Group.

Hailiang Feng completed the acquisition of remaining 12.72% stake in Hailiang Education Group Inc. on September 15, 2022.