Maanshan Fengzhi Education Technology Co., Ltd. entered into Sponsorship Transfer Agreement to acquire Maanshan College from Shenzhen Sunwin Intelligent Co., Ltd. (SZSE:300044) for CNY 550 million on July 15, 2021. As per terms, Maanshan Fengzhi Education Technology Co., Ltd. shall pay CNY 250 million upon the satisfaction of certain conditions such as all parties having passed the necessary resolutions approving the acquisition, no objection have been received from the relevant government authorities, a deposit in the sum of CNY 150 million has been paid to the as at the date of the Agreement, such deposit shall be used to settle part of the first payment. The second payment in the sum of CNY 120 shall be paid upon the satisfaction of first payment and the application for change of sponsor having been made and accepted by the competent authorities such that Maanshan Fengzhi will become the sole sponsor of the Maanshan College, the final payment in the sum of CNY 180 million shall be paid upon the satisfaction of second payment and completion. At the completion, the entire sponsorship interest in the Maanshan College will be wholly-owned by Maanshan Fengzhi. Zhou Yong is acting as a guarantor for the transaction. For the year ending March 31, 2021, Maanshan College had a total asset, net asset, EBIT and net profit of approximately CNY 983 million, CNY 237 million, CNY 39.1 million and 13.1 million respectively. The transaction is subjected to the approvals of relevant government authorities and shareholders of Shenzhen Sunwin Intelligent Co., Ltd.