First High-School Education Group Co, a large operator of private high schools in Western China, has acquired a 51% equity interests in Beijing Tomorrow Future Plus Education Technology Co, for ¥76.5 million (£8.5 million) from an original shareholder that was controlled by a related party of the company.
Beijing Tomorrow is a technology-driven education company that provides full-time live AI online teaching services.
First High-School Education Group has a network of 19 schools, offering 14 high school programmes, seven middle school programmes, and four tutorial school programmes for Gaokao repeaters.
Shaowei Zhang, chairman and chief executive of First High-School Education Group, said: “We are thrilled about this acquisition and what it entails for First High-School Education Group. Technology-enabled education is key to drive education development in the future, fostering an expanded, intelligent learning environment beyond traditional classroom models through the use of big data, artificial intelligence, and advanced digital technologies.
“By combining full-time premium AI driven teaching online with strong operations and management strategies offline, high-quality education resources can be optimised in both efficiency and scale. This combination would not only help to further drive our profitability, but also to improve the overall quality of our education system, especially for China’s Central and Western regions where there are strong needs for further educational development. This acquisition will undoubtedly strengthen our leading position and competitiveness in the private education sector.”
Date published: 4 June 2021