The board of directors of Wisdom Education International Holdings Company Limited announced to update the shareholders of the Company and potential investors on the recent development in relation to the business of the Group. The Group has entered into a cooperation agreement with the local government of Mianyang City of Sichuan Province in relation to the proposed establishment of a high school in Mianyang City. Pursuant to the cooperation agreement, the Group will construct a high school on a parcel of land with a total site area of approximately 90 mu (equivalent to approximately 60,000 square metres), with a total capacity of approximately 3,000 students. Mianyang City is the unique Science and Technology City with approval of the Central Committee of the Communist Party and the State Council of the People's Republic of China, and the second large economy in Sichuan Province. The quality of high school education of Mianyang City maintains a leading position in Sichuan Province in the past 19 years. The Group believes the cooperation agreement has demonstrated the recognition of the Group's strength of high school operation by the local government of Mianyang City, and will be of mutual benefit to the Group and the education of Mianyang city. As the establishment of the proposed high school is subject to certain government approvals and further agreements (if necessary), it may or may not proceed as contemplated or at all. Accordingly, shareholders of the Company and potential investors are advised to exercise caution when trading in the shares of the Company.