Nanchang Economic and Technological Development Zone Chinese Xushun Enterprise Management Partnershi entered into a share transfer agreement to acquire 6.9% stake in Qtone Education Group (Guangdong) Co.,Ltd (SZSE:300359) from Zhongshan Fenghui Capital Management Co., Ltd., Quanding Capital Management Co., Ltd., Chen Chichang and Lin Xiaoya for approximately CNY 350 million on September 7, 2020. Under the terms of the transaction, Nanchang Economic will acquire 43.7 million shares in Qtone at an offer per share of CNY 8. Nanchang Economic and Technological Development Zone Chinese Xushun Enterprise Management Partnershi completed the acquisition of 6.9% stake in Qtone Education Group (Guangdong) Co.,Ltd (SZSE:300359) from Zhongshan Fenghui Capital Management Co., Ltd., Quanding Capital Management Co., Ltd., Chen Chichang and Lin Xiaoya on October 29, 2020. Post completion, Nanchang Economic and Technological Development Zone Chinese Xushun Enterprise Management Partnershi holds 43.7 million shares equivalent to 6.8911% stake, Zhongshan Fenghui Capital Management Co., Ltd hold 0% stake, Quanding Capital Management Co., Ltd. hold 5.03% stake, Chen Chichang hold 13.7% stake and Lin Xiaoya hold 1.94% stake in Qtone Education Group (Guangdong) Co.,Ltd. Chen Chichang and concerted action parties have entrusted the voting rights corresponding to 105.32 million shares held by himto Nanchang Economic and Technological Development Zone Chinese Xushun Enterprise Management Partnership (Limited Partnership).