On 20 December 2018, Minsheng Vocational Education Company Limited (“Minsheng Vocational”), a wholly-owned subsidiary of Minsheng Education Group Company Limited (“Minsheng Education”, 01569.HK), has completed the acquisition of 51% of the issued share capital of Leed International Education Group Inc. (“Leed Group”), and therefore indirectly holds 51% of school sponsor interest of Yunnan University Dianchi College (“Dianchi College”). The consideration for this acquisition is cash payment and repayment of loan with a total amount of RMB 813,500,000 yuan. If Minsheng Vocational acquires the remaining 49% of shares in the future, the minimum consideration for such shares shall be RMB 981,500,000 yuan.

Minsheng Education was founded in 1998 and was listed on the main board of HKEX in March 2017 as the first listed private higher education group in China. Minsheng Education has invested in a number of higher education schools, secondary vocational schools and secondary schools in Chongqing, Inner Mongolia, Shandong, Hong Kong, Singapore and Australia, and is expanding its school network to Anhui and Hebei. Dianchi College, founded in 2000, was ranked second in Yunnan Province and twenty-first nationwide, in the category of the best comprehensive independent college of the 2018 PRC university rankings published by the China University Alumni Association.

Global Law Office acts as the legal adviser of Minsheng Education to provide a full range of legal services throughout the acquisition process of Leed Group, including assisting in the design and analysis of the transaction structure, negotiating on and modifying transaction documents, responding the questions raised by HKEX, issuing PRC legal opinions and assisting in the closing, etc. Our team is led by the partners, Mr. Jinrong Liu and Ms. Qiuning Kang, with support from our associates Ruiqing Zhu and Tingting Xu, etc.