Summary by Moomoo AI
New Oriental Education & Technology Group Inc. (New Oriental) and East Buy Holding Limited (East Buy) have mutually agreed to terminate a previously proposed subscription agreement, which would have seen New Oriental subscribe for new shares in East Buy under a specific mandate. The termination agreement was executed on January 31, 2024, effectively canceling the subscription and all related transactions. Consequently, the extraordinary general meeting (EGM) scheduled for February 7, 2024, to approve the subscription, along with the associated book closure period, has been canceled. Despite the termination, New Oriental and Mr. Yu Minhong, a director and CEO of East Buy and a director of New Oriental, have expressed their confidence in East Buy's future prospects. They have committed to purchasing East Buy shares...Show More