21st Century Education (01598) announced that on December 19, 2023, the tenant Shijiazhuang Polytechnic Vocational College and the lessor Changjiang Joint Financial Leasing Co., Ltd. signed a financial after-sales leaseback agreement. The lessor should purchase leased assets from Shijiazhuang Polytechnic Vocational College at a total cost of RMB 35 million; and the lessor agreed to lease the leased assets back to Shijiazhuang Polytechnic Vocational College for a period of 36 months. The total rental payment is estimated to be about RMB 38.99 million (excluding the repurchase cost of RMB 100 million). The first instalment payment is due to the lessor in 12 installments. Payment is made 3 months after payment of fees, and payment is made every 3 months thereafter.
The leased assets include teaching equipment (such as smart desks, interactive touch panels, robot teaching training equipment, computers, printers, etc.), air conditioning equipment, and network switches, etc., all owned by Shijiazhuang Polytechnic Vocational College and used in its daily business processes.