EQS-News / 23/06/2020 / 10:38 UTC+8
China New Higher Education has early received prepayments for Xinjiang
project
(Hong Kong, June 22, 2020) China New Higher Education Group Limited ("China
New Higher Education", together with its subsidiaries, the "Company"; stock
code: 2001.HK) is pleased to announce that the Company had received the
payment of the first instalment of RMB100 million by the counterparties on
20 April 2020, as at the date of the announcement, the second instalment of
RMB36.79 million has been received by the Company as agreed in the
settlement agreement.
In late 2019, the Company obtained the positive judgement in favour of the
Company's Xinjiang project claims. The counterparties then approached the
Company to enter into a settlement agreement, which agreed to pay back the
Company's prepayments, amounting to approximately RMB137 million, by
instalments. The Company has early received the second instalment as at the
date of the announcement. The counterparties had fully repaid the Company's
prepayments according to the amount as agreed in the settlement agreement.
Meantime, the recovery of prepayments for Xinjiang project will reverse the
provision that the Company made previously, resulting in one-off
non-operational profit which will increase net profit in 2020, maintaining
sufficient cashflow level and building a solid foundation for future
development.
-End-
About China New Higher Education Group Limited:
China New Higher Education Group Limited is a leading private formal higher
education group in China with 20 years of education industry experience,
specializing in providing higher education which focuses on applied
sciences. The Group endeavors to help each student maximize their potential
and live their life to the fullest. Since 2009, the Group has been operating
schools in different provinces and regions, and its current school network
covers 7 provinces in China, including Yunnan, Guizhou, Hubei, Heilongjiang,
Henan, Guangxi, and Gansu.
The Group provides high quality higher education in a wide selection of
fields in applied sciences. Its courses are designed to equip students with
practical and readily applicable skills, helping to prepare them for the job
market. As a leader in high-quality employment, the Group won the title of
the Top 50 National Employment of the MOE, with an average employment rate
of above 97%. The Group became a constituent stock of the Hang Seng
Composite Small Cap Index and the Hang Seng Consumer Goods & Services Index
in the Hang Seng Composite Index Series in August 2017, and was included as
a constituent stock of the MSCI China Small Cap Index in November 2017 and
included as a constituent stock of Shenzhen and Hong Kong Stock Connect in
March 2018.
This press release is distributed by Wonderful Sky Financial Group Limited
on behalf of China New Higher Education Group Limited.
For further information, please contact:
Wonderful Sky Financial Group Limited
Aileen Wang / Georgina Zhao
Tel: (852) 3970 2226/ (852) 3970 2236
Email: newhigheredu@wsfg.hk
File: China New Higher Education has early received prepayments for Xinjiang
project [1]
23/06/2020 Dissemination of a Marketing Press Release, transmitted by EQS
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The issuer is solely responsible for the content of this announcement.
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(END) Dow Jones Newswires
June 22, 2020 22:38 ET (02:38 GMT)
