International Alliance Financial Leasing Co., Ltd. (SEHK:1563) entered a memorandum of understanding to acquire a stake in Yantai Nanshan University from Nanshan Group Co., Ltd. on April 19, 2021. As of July 6, 2022, International Alliance Financial Leasing Co., Ltd entered into an agreement with Nanshan Group for CNY 566 million. Due Diligence Review Period commenced from the date of the signing of the MOU and ending on sixty (60) days after signing of the MOU.

On June 18, 2021 both agreed to extend the Due Diligence Review Period for sixty (60) days. As of August 17, 2021, both parties agreed to extend the due diligence review period for more sixty days. Completion shall take place on the date on which the last of the Completion Conditions is satisfied.