, holding 4.99% of the issued shares of MindChamps PreSchool, has been the cornerstone investor of MindChamps PreSchool since its initial public offering in Singapore in November 2017.
intends to use the net proceeds from the Convertible Bonds issuance for the development of its education operation business and financial services business including investment in educational institutions and projects, launch of educational consultancy and management services, acquisition of overseas financial service licences, and expansion of the scope and scale of service of its existing financial service business.
He Qingrong, Deputy Chief Executive Officer of CFCG
, who oversees the Group's international business development, said, "The online education user population has been rapidly growing consistently alongside the development of the Internet and related technologies.
In recent years, CFCG
has pursued a diversification direction, through the collaboration of its financial services business units, with the business focus on education and investment, to create a platform of operation, investment and financing in the education sector guided by its strategic "Education Investment plus Financial Services".
According to the MOUs, Shenzhen First Capital International Commercial Consultancy Company Limited, a subsidiary of CFCG
, intends to acquire 70% of stake in Kunming Professional College of Arts and 51% of stake in Jinan Shijiyinghua Experiment School from independent third parties.