Kingsun Optoelectronic to Acquire Multinational Education Enterprise NIT Group

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After halting trade on the Chinese bourse for four consecutive months, Kingsun Optoelectronics recently announced its Hong Kong subsidiary will be acquiring China’s leading international education enterprise NIT Group for RMB 2.9 billion (US $41.76 million).

Kingsun Optoelectronics initially is leaning towards working with the Hong Kong branch or related organizations to launch a fund or acquire other investment company shares to complete the acquisition business transaction.

The state-backed education enterprise, NIT Group, founded the AIDI International School in Beijing with approval from government agencies Beijing Municipal Education Commission, Ministry of Education, and the Australian government. The school is a joint venture between the Chinese and Australian government, and the first school in China to teach all courses in English.  School programs are accredited by education institutes in U.S., Australia, UK and Canada.

The school that comprehensively ranges from kindergarten to grade 12 has more than 3,000 students and more than 11,000 students graduated have embarked for further studies in U.S., UK, Australia, Canada, New Zealand, and other countries. More than 90% of its students obtained undergrad degrees or graduate degrees abroad, and above 70% of students immigrated to another foreign country. The school has been deemed as one of the most successful education partnerships between China and Australia.

The approval of China’s updated Regulations on the Implementation of Non-state Education Promotion has provided a legal foundation and direction for private organizations in the education industry in China, stated Kingsun Optoelectronics. The LED company projected in the future the education industry will enter an accelerated growth phase, with the recent business transaction further accelerating company business and deployment in the private education sector. These plans will be implemented to improve company overall market competitiveness, and assist its sustainability.

Kingsun Optoelectronics suspended trade on China’s bourse on Dec. 13, 2016, stating its wholly-owned subsidiary was in the process of acquiring shares from the education institute, which it expects will be approved by shareholders. The assets acquired will be listed under the education industry. In 2015, Kingsun Optoelectronics announced its total assets reached RMB 3.24 billion, the acquisition of the education institute for RMB 2.9 billion exceeded 50% of the company’s assets, which meets Shenzhen Stock Exchange (SSE) listed company regulations.

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