Puxin Limited (NYSE: NEW) plans to dispose tutoring services related to academic subjects (the "K-12 Academic AST Services") at all learning centers across China (the "Disposal"). The Company is in discussion with potential buyers of the proposed disposal. The proposed transaction will be determined after negotiations between the Company and the potential buyers, subject to definitive agreements to be entered into by the relevant parties. There can be no assurance regarding the ultimate timing of the proposed transaction or that the transaction will be completed. In the third quarter of 2021, revenues from the Company's Academic AST Services accounted for approximately 59% of its total revenues.