Jiangxi Chinese Media Lanhai International Investment Co., Ltd. and Jiangxi Dongxu Investment Group Co.,Ltd. entered into an Share transfer framework agreement to acquire 16.6% stake in Qtone Education Group Co.,Ltd from Chen Chichang, Lin Xiaoya, Quanding Capital Management Co., Ltd and Zhongshan Fenghui Capital Management Co., Ltd.
February 27, 2020
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Jiangxi Chinese Media Lanhai International Investment Co., Ltd. and Jiangxi Dongxu Investment Group Co.,Ltd. entered into an Share transfer framework agreement to acquire 16.6% stake in Qtone Education Group (Guangdong) Co.,Ltd (SZSE:300359) from Chen Chichang, Lin Xiaoya, Quanding Capital Management Co., Ltd and Zhongshan Fenghui Capital Management Co., Ltd on February 27, 2020. Jiangxi Chinese Media Lanhai International Investment Co., Ltd. and Jiangxi Dongxu Investment Group Co.,Ltd. singed transfer agreement to acquire 16.6% stake in Qtone Education Group (Guangdong) Co.,Ltd from Chen Chichang, Lin Xiaoya, Quanding Capital Management Co., Ltd and Zhongshan Fenghui Capital Management Co., Ltd on September 7, 2020. At the same time of the signing of the formal agreement for the initial transfer, the sellers will entrust not more than 16.6% of Qtone Education Group (Guangdong) Co.,Ltd’s total share capital. Within 5 days after the signing of the Share transfer framework agreement, Jiangxi Chinese Media Lanhai International Investment Co., Ltd. and Jiangxi Dongxu Investment Group Co.,Ltd. shall remit CNY 50 million to serve as the sincerity gesture for the transaction. As of April 30, 2020, the signing date of the formal "Share Transfer Agreement" of this transaction was postponed to three and a half months from the date of signing of this framework agreement as the buyers had not completed the industrial and commercial establishment registration procedures. As of June 11, 2020, the signing date of the formal "share transfer agreement" of this transaction was postponed to three and a half months from the date of signing of this framework agreement as the buyers had not completed the industrial and commercial establishment registration procedures.
As on August 28, 2020, a supplementary share transfer framework agreement is signed as per which the date of signing of agreement is extended to before September 15, 2020. The transaction is subject to signing of formal agreement and approval from the State Administration of Market Regulation. The signing of the Share transfer framework agreement has been approved at Chinese Universe Publishing and Media Group Co., Ltd general manager office meeting.
QTONE EDUCATION GROUP (GUANGDONG).,LTD. , formerly GUANGDONG QTONE EDUCATION CO., LTD is primarily engaged in the provision of family education information services. The Company operates in three segments, including Family Interaction Updating, Education Software as a Service (EdSaaS) and Continuing Education. The Company mainly operates its business in domestic market.
Jiangxi Chinese Media Lanhai International Investment Co., Ltd. and Jiangxi Dongxu Investment Group Co.,Ltd. entered into an Share transfer framework agreement to acquire 16.6% stake in Qtone Education Group Co.,Ltd from Chen Chichang, Lin Xiaoya, Quanding Capital Management Co., Ltd and Zhongshan Fenghui Capital Management Co., Ltd.