Lvjing Holding Co., Ltd. (SZSE:000502) agreed to acquire Jiangsu Jiayi Education Technology Co.,Ltd. from a group of shareholders for CNY 1.3 billion on March 13, 2020. Lvjing Holding Co., Ltd. intends to issue shares and make payments in the cash. Transactional price has been momentarily estimated as CNY 1.2 billion. Final formal transactional price will be defined between all parties after completion of assessment procedures. As of September 1, 2020, the number of shares to be issued is 135.16 million and the cash amount is CNY 320.9 million. In related transaction, Lvjing Holding Co., Ltd. will issue not more than 55.5 million shares in a private placement operation to actual controller Yu Feng for total expected proceeds not exceeding CNY 326.6 million. All proceeds will be used to pay for the cash part of the transactional price above mentioned and to pay for the fees of the related agencies. Shares will have a lock up period of 18 months since issuance date. Transaction is subject to approval from the CSRC and the shareholders’ meeting of Lvjing Holding Co., Ltd. On March 13, 2020, Lvjing Holding Co., Ltd. held the sixth meeting of the eleventh Board of Directors and reviewed and approved the proposal related to the reorganization plan for this transaction. The counterparties of this transaction have respectively fulfilled their respective approval procedures to consider and approve the present transaction. Huatai United Securities Co., Ltd. acted as financial advisor, Jun He Law Offices acted as legal advisor and Jonten Certified Public Accountants Co Ltd acted as an accountant to Lvjing Holding Co., Ltd. in the transaction respectively.