Zhongshan Transportation Development Group Co.,Ltd. entered into a share transfer agreement to acquire 9.18% stake in Qtone Education Group (Guangdong) Co.,Ltd (SZSE:300359) from Quanding Capital Management Co., Ltd. and Chen Chichang for approximately CNY 310 million on December 6, 2019. Zhongshan Transportation Development Group Co.,Ltd. entered into a share transfer supplement agreement to acquire 9.18% stake in Qtone Education Group (Guangdong) Co.,Ltd from Quanding Capital Management Co., Ltd. and Chen Chichang for approximately CNY 310 million on December 17, 2019. As per the terms of the agreement, Zhongshan Transportation Development Group Co.,Ltd. will acquire 58.26 million shares representing 9.19% stake at CNY 5.35 per share. As per the terms of the supplement agreement, Zhongshan Transportation Development Group Co.,Ltd. will acquire 58.22 million shares representing 9.18% stake at CNY 5.35 per share. Payment will be done in 2 installments. The first installment of 60% of the transactional price payable within 3 days since signing of the agreement. The other 40% stake will be paid within 17 days since signing of the agreement. Zhongshan Transportation Development Group Co.,Ltd. completed the acquisition of 9.18% stake in Qtone Education Group (Guangdong) Co.,Ltd (SZSE:300359) from Quanding Capital Management Co., Ltd. and Chen Chichang on December 24, 2019.