HONG KONG--(BUSINESS WIRE)--China Chuanglian Education Group Limited (“the Company” or “China Chuanglian Education”, HKEX stock code: 2371) is pleased to announce that, Beijing Chuanglian Education Investment Company Limited (“Beijing Chuanglian Education”), a subsidiary of the Company, entered into a share transfer agreement with YU Le, an independent third party, in relation to the acquisition of the shares representing 50% equity interest in Shenzhen Chuanglian Xinghui Technology Company Limited (“Chuanglian Xinghui”), at consideration of RMB5 million. After the Acquisition, the equity interest of Chuanglian Xinghui that Beijing Chuanglian Education owned will increase from 20% to 70%.
Chuanglian Xinghui is a new and developing internet technology company engaging in online education development, and operates a website under its self-owned brand“ijiaoyin Education Platform” (www.ijiaoyin.com). It is an education system that operates across three major information media in computers, mobile phones and televisions.
Beijing Chuanglian Education also entered into cooperation agreement with Dongfang Jiaying Television Cinema Media Share Company (“Dongfang Jiaying”) in relation to jointly cooperate in the “examination online” channel programmes. The Cooperation Agreement has a term of 10 years. Dongfang Jiaying is solely responsible for the programme integration, broadcast and operational management of the “examination online” cable digital paid channel. The broadcast coverage of the “examination online” channel is China, currently covering the cable television network in various cities of each Chinese province.
Meanwhile, Beijing Chuanglian Education entered into a strategic cooperation framework agreement with Qingkong Zijing (Beijing) Technology Company Limited (“Zijing Education”) in relation to jointly cooperate in the areas of provision of courses, enterprise internal training, etc. so as to promote the cultivation of well-rounded talents in the financial sector and enhance the quality and professionalism of the practitioners. Zijing Education is a brand under PBC School of Finance and is the online education platform of Tsinghua University PBC School of Finance.
Lu Xing, Chairman of the Company said that, “As a result of the increasing popularity of the internet in the PRC, the demand for online education is expected to increase in the foreseeable future. The Group intends to create a tri-networks platform, and further strengthen its presence in the online education market. We believe that, leveraging on the Company’s experience in the development and operation of online platforms, the Company would create a new stream of revenue, enhance its diversity of business development, as well as gradually establish the Company as an influential brand in the education sector”
About China Chuanglian Education
The
Group is principally engaged in the online education business and
internet advertisement industry in the PRC. The Group owns cross-media
platform that facilitates online training, smart management of online
education and exchange of education resources with the capacity of
supporting large-scale online users and mobile users using online
education simultaneously. Currently, the platform provides online
education and training service to two types of users: 1) those who
require on-the-job training and further education due to career
development; 2) those who prepare for professional qualification
examinations to obtain relative qualification certificates. For the year
ended 31 December 2015, our services have over 70 online training
platforms cover provinces and cities across China and among different
industries with over 5 million paid users, are expected to have
sustainable growth in the future.