logo
  

China Online Education Group To Sell Its Online English Tutoring Businesses In China Mainland

China Online Education Group (COE), a platform focused on English education, said on Friday that it has inked a deal with Dasheng Holding Limited, controlled by its Chief Executive Officer Jiajia Jack Huang, to allow Huang to acquire all of the firm's online English tutoring businesses in the China Mainland with all associated liabilities and assets.

The transaction is expected to conclude on or around June 30.

Following the closing of the transaction, Dasheng will grant a right to the company to purchase certain newly issued shares of up to 99 percent of the outstanding shares of the entities holding the China Mainland Business with an exercise price of $1, the Warrant, may be exercised within five years from the closing.

The China Mainland Business is run by the subsidiaries of and variable interest entities controlled by China Online Education (HK) limited (COE HK).

Pursuant to the share purchase deal, Dasheng will acquire all of the equity interests of COE HK.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Specialty athletic retailer Foot Locker, Inc. reported Friday a second-quarter net profit that plunged from last year, hurt by a sales decline amid markdowns. Quarterly sales met Street estimates. The company also trimmed it adjusted earnings and sales growth guidance for the full-year 2022. Google's hundreds of employees have signed a petition sent to executives demanding extension of abortion care benefits to contract workers. The workers also called to halt donations given to anti-abortion politicians and to expand travel benefits. The petition, circulated by the Alphabet Workers Union, has been signed by over 650 employees at Google's parent company Alphabet Inc. Apple Inc. has released an emergency security update noting that some of its iPhones, iPads and Macs had certain vulnerabilities. The tech major said the flaws potentially allow full admin access to devices. The models affected by the issue include iPhone 6S and later models, several models of the newer iPads, and Mac computers running macOS Monterey and above. The flaws also affect the iPod Touch
RELATED NEWS
Follow RTT