On July 13, 2020, Beijing Kaiwen Education Technology Co., Ltd. (SZSE:002659) closed the transaction. The company has issued 99,713,397 A shares at a price of CNY 4.73 per share for a total gross proceeds of CNY 471,644,367.81. The transaction included participation from Badachu Holding Group Ltd. Co.

subscribed for 9,971,340 shares for a total amount of CNY 47,164,438.20, China Merchants Fund Management Co.,Ltd. subscribed for 9,000,000 shares for a total amount of CNY 42,570,000, Chinasoft Dacheng New Power Private Equity Investment Fund subscribed for 9,000,000 shares for a total amount of CNY 42,570,000, Guangzhou Huamei Future Education Consulting Service Co., Ltd. for 9,000,000 shares for a total amount of CNY 42,570,000, Soochow Fund Management Co., Ltd. subscribed for 16,110,000 shares for a total amount of CNY 76,200,300, Shanghai Dazheng Investment Ltd. subscribed for 9,100,000 shares for a total amount of CNY 43,043,000, Zhong Fan Investment Management Co., Ltd. subscribed for 27,000,000 shares for a total amount of CNY 127,710,000, Taikang Life Insurance Co., Ltd. subscribed for 9,000,000 shares for a total amount of CNY 42,570,000 and Guosen Securities Co., Ltd. (SZSE:002736) subscribed for 1,532,057 shares for a total amount of CNY 7,246,629.61. The shares are subject to a lock period of 36 months for eight major investors participated in the transaction till July 15, 2023 and for the reamining investors it will be locked until January 15, 2021.