Minsheng Education (01569) issued an announcement. The board of directors of the company was informed by Li Xuechun, chairman of the board of directors, executive director and ultimate controlling shareholder, that Minsheng Group Co., Ltd., which holds 90% of the shares, purchased 1 million shares of the company on the open market on March 20, 2024. The total cost was HK$277,400 (equivalent to an average price of HK$0.2767 per share).
Immediately following the increase in holdings, as of the date of this announcement, Minsheng Group held 3,024 billion shares of the company. Minsheng Group's shareholding share in the company has increased from about 71.66% of the company's total issued share capital to about 71.69%.
The increase in holdings shows that Mr. Li, as the ultimate controlling shareholder of the company, has full confidence in the company's future development prospects and fully supports the company's long-term development.