ST Tianyu (300205.SZ) announced on August 5th that the company plans to sign agreements with Jiaozuo Tianyu Cloud Education Technology Co., Ltd. (referred to as "Jiaozuo Tianyu Cloud") and other relevant parties to transfer the 75.98 million yuan accounts receivable of Jiaozuo Liberation Area Education Informatization Project to Jiaozuo Tianyu Cloud at a transaction price of 75.98 million yuan.
The company sold the equity of Wuhan Tianyu Education Technology Co., Ltd. in December 2021 and will no longer engage in smart education business. In order to speed up the clearance of historical issues in the smart education business, reduce the pressure of accounts receivable, and lock in project revenue in advance. After full negotiations by all parties, the company plans to sign the Debt Transfer Agreement with Jiaozuo Tianyu Cloud and Jiaozuo Liberation Area Education Bureau, and sign the "Supplementary Agreement" of the Transfer Agreement with Jiaozuo Tianyu Cloud, to transfer the 75.98 million yuan claims of the project to Jiaozuo Tianyu Cloud at a price of 75.98 million yuan, which will be responsible for all obligations and responsibilities of the project.
According to the Debt Transfer Agreement, Transfer Agreement, and Supplementary Agreement, Jiaozuo Tianyu Cloud should pay the company 75.98 million yuan for the debt transfer payment, and the company should pay Jiaozuo Tianyu Cloud the remaining contract payment of 74.4604 million yuan (after deducting the management fee). The two will offset each other, and the remaining unpaid payment of 1.5196 million yuan (management fee) will be paid by Jiaozuo Tianyu Cloud to the company separately or deducted directly from the payment for other smart education projects. The Debt Transfer Agreement will take effect after the company completes the internal decision-making/approval procedures and Jiaozuo Tianyu Cloud pays the price in full.
