Shanghai Xinnanyang Only Education & Technology Co.,Ltd (SHSE:600661) agreed to acquire remaining 49% stake in Shanghai Yulun Education Technology Development Co., Ltd. for CNY 83.3 million on April 26, 2023. The transaction will be completed in two phases, the first phase is to acquire 29% stake in Yulun Education after confirming the completion of the performance commitment and the second phase of transaction is to acquire 20% stake in Yulun Education. The transaction has been approved by Board of Directors of Shanghai Xinnanyang Only Education & Technology Co.,Ltd. As of June 9, 2023, Shanghai Xinnanyang Only Education & Technology has paid CNY 49.3 million and has completed the acquisition of 29% stake.