Summary by Moomoo AI
GUANGCHENG EDUCATION INTERNATIONAL HOLDINGS LIMITED (“GUANGCHENG EDUCATION”) ANNOUNCED THAT THE PRINCIPAL TRANSACTION FOR THE ORIGINAL SALE OF CLASS A PARTICIPATING SHARES WAS TERMINATED ON JANUARY 4, 2024. This Termination Agreement is based on commercial grounds and is mutually agreed between the Buyers and Sellers. Prior to termination of the Agreement, the prerequisites under the Purchase Agreement item were not met and the relevant due diligence was not completed. The Termination Agreement provides that the parties waive and revoke all obligations, duties and responsibilities and will not materially affect the business, operations, or financial condition of Bright Education. Kwong Cheng Education will continue to look for other opportunities to realize the value of Class A Participation Shares.