Summary by Moomoo AI
EAST BUY and New Oriental Education Technology Group Limited (EAST BUY) announce that the Special Meeting of Shareholders originally scheduled for 7 February 2024 has been cancelled and the agreement to subscribe for New Oriental Selection Shares under a special mandate has been terminated. The decision is based on commercial considerations, including the recent share price of Oriental's selection of shares, and believes that there is no need for further financing. New Oriental and its Director and Chief Executive Officer, Mr. Yu, remain confident in the future prospects of Oriental Selection and have committed to purchase the Eastern Selection Shares with a combined value of HK$700 million on the market to increase their respective selected shareholdings in Oriental. This will increase...Show More