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Hailiang Education Acquires Jinhua Hailiang Foreign Language School for RMB 34m
Tuesday 22 September 2020

China-based education and management services provider in the PRC Hailiang Education Group Inc. (NASDAQ: HLG) has signed a sponsorship transfer agreement to acquire Jinhua Hailiang Foreign Language School from its affiliate Hailiang Education Investment Group Co., Ltd. (JHFL) for a total consideration of RMB 34m (USD 5.01m), the company said.

JHFL is a private non-profit school sponsored by Hailiang Investment in 2018 and comprises primary and middle schools, which can accommodate up to 1,000 students.

JHFL's current curriculum system is in line with other independent schools of Hailiang Education, and its curriculum is based on the national basic education curriculum and integrates international bilingual education curriculum resources.

Hailiang Education said this acquisition adds one new school to its network of schools, increasing the number of affiliated schools under operation to 13. Based on the current development, the company expects that JHFL will reach full capacity in student enrollment by fiscal year ending June 2022.

This acquisition will facilitate the promotion of Hailiang Education's K-9 international education project in the local area, with promising prospects.

Hailiang Education Group Inc. (NASDAQ: HLG) is a primary, middle and high school educational service providers in China.

The company primarily focusses on providing distinguished, specialised, and internationalised education.
Date Published: 22/09/2020