$New Oriental (EDU.US)$announced that on July 25, 2024, the buyer, Yuhui Dong, and the seller, Beijing New Oriental Xun Cheng Network Technology Co., Ltd., and the target company have entered into a sale agreement with Huitongxing (Beijing) Technology Co., Ltd. The seller agrees to sell and the buyer agrees to acquire the target company's 100% equity for RMB 76.5855 million.
Dongfang Zhenxuan (01797) announced that on July 25, 2024, the buyer Dong Yuhui, the seller Beijing New Oriental Xuncheng Network Technology Co., Ltd. and the target company have entered into a sales agreement with Hui Tong Xing (Beijing) Technology Co., Ltd. The seller agreed to sell while the buyer agreed to acquire 100% equity of the target company with a price of RMB 76.5855 million.
The target company, a wholly-owned subsidiary of the seller, was established in December 2023 under Chinese law and mainly engages in live e-commerce business under this brand. As of the date of this announcement, the target company is a wholly-owned subsidiary of the seller.
Directors, including independent non-executive directors, believe that the sale terms are on a commercial basis or better, and are fair, reasonable and in the best interests of the company and shareholders of the Group, and they are made in the ordinary and regular course of business of the Group.