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Public company info - China 21st Century Education Group Limited , 01598.HK
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China 21st Century Education Group Limited, 01598.HK - Company Profile
Chairman Li Yunong
Share Issued (share) 1,167,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Other Support Services
Corporate Profile Business Summary: Focusing on the operation and content incubation of the education industry, and adhering to the corporate mission of “promoting the development of the education industry with contents and technologies”, the Company has addressed itself to improving the efficiency and customer experience of education operation by virtue of technologies empowerment, and currently has diversified sources of revenue covering full-time vocational education and continuing education, K12 tutorial programs, preschool education and online education. Performance for the year: Revenue increased by approximately 16.0% from approximately RMB202.0 million for the year ended 31 December 2018 to approximately RMB234.2 million for the year ended 31 December 2019. The amount of gross profit increased by approximately RMB19.0 million from RMB102.3 million for the year ended 31 December 2018 to RMB121.3 million for the year ended 31 December 2019. The Company’s profit for the year grew from approximately RMB69.4 million for the year ended 31 December 2018 to approximately RMB82.8 million for the year ended 31 December 2019. Business Review Acquisitions and investments On 28 February 2019, the Group entered into a strategic investment agreement with Beijing Ying Yu New Media Interaction Technology Co., Ltd.* (北京英育新媒互動科技有限公司) (“Ying Yu New Media”) to invest RMB2,000,000 in Ying Yu New Media to acquire 2% of its equity interest. Ying Yu New Media, established in June 2016, is a company mainly engaged in the development and consultancy of technology and corporate management services, and focusing on the integration, research and consultancy of investment and financing resources in the education industry. On 5 September 2019, Zerui Education entered into an equity transfer agreement with, among others, Zhejiang Peijian Technology Co., Ltd.* (浙江培尖科技有限公司) (“Zhejiang Peijian”) and the five individual shareholders of Zhejiang Peijian in the PRC (“Peijian Individual Shareholders”), pursuant to which Zerui Education agreed to acquire and Peijian Individual Shareholders agreed to sell a total of 51% equity interests in Zhejiang Peijian at the total consideration of approximately RMB23.5 million. As of the date of this annual report, Zhejiang Peijian had completed the procedures for change in business registration, and its operating results have been consolidated into the Group’s financial statements since 22 November 2019. On 6 September 2019, Shijiazhuang Saintach entered into an equity transfer agreement with Ningbo Xuenuo Enterprise Management Co., Ltd.* (寧波學諾企業管理有限責任公司) (“Ningbo Xuenuo”), pursuant to which Shijiazhuang Saintach agreed to acquire and Ningbo Xuenuo agreed to sell 19% of equity interests in Hangzhou Yimai Enterprise Management Consultancy Co., Ltd.* (杭州一脈企業管理諮詢有 限責任公司) (“Hangzhou Yimai”) held by Ningbo Xuenuo at the total consideration of RMB3.8 million. On the same day, Shijiazhuang Saintach also entered into an equity transfer agreement with Hebei Zhiqirui Education Technology Co., Ltd.* (河北智齊銳教育科技有限公司) (“Hebei Zhiqirui”), pursuant to which Shijiazhuang Saintach agreed to acquire and Hebei Zhiqirui agreed to sell 51% of equity interests held by Hebei Zhiqirui in Hangzhou Yimai at the total consideration of RMB10.2 million. Upon completion of the transactions, Hangzhou Yimai became a subsidiary of the Company and held as to 70% by Shijiazhuang Saintach and as to 30% by Ningbo Xuenuo, respectively. As of the date of this annual report, Hangzhou Yimai had completed the procedures for change in business registration, and its operating results have been consolidated into the Group’s financial statements since 25 September 2019. Zhejiang Province was one of the pioneer provinces for the New Gaokao (or college entrance examination) Revolution in 2014. This has enriched Zhejiang Peijian and Hangzhou Yimai with extensive experience in New Gaokao. Entering into the above equity transfer agreements will improve the development of the Group’s businesses in relation to New Gaokao under the culture and education business sector, optimize the Group’s regional layout and allow the Group to utilize the resources of Zhejiang Peijian and Hangzhou Yimai, including the established brands, good reputation, cooperation channels and a “light-asset” business model that is easy to expand and replicate, which will coordinate with the existing resources of the Group. Cooperation projects On 1 April 2019, Shijiazhuang Institute of Technology under vocational education segment entered into a strategic cooperation agreement with the Dundalk Institute of Technology in Ireland, Great Britain to carry out teaching activities and student exchanges, develop cooperation channels suitable for each other, promote the exchange of academic programs and teaching information, and explore the 3+X cooperation model for the majors of early childhood education, construction engineering and costing, computer technology and engineering measurement. On 31 July 2019, the Company entered into a strategic cooperation agreement with Zhonghai Ruanyin Investment Management Co., Ltd. (“Zhonghai Ruanyin”) regarding a merger and acquisition fund (the “Fund”) for the education industry, with the purpose of jointly establishing the model of “Industry plus Financing (產融結合)”. Pursuant to the strategic cooperation agreement, the Company and Zhonghai Ruanyin will jointly set up the Fund with a total size of RMB3.0 billion and the Company will leverage its resources with respect to education and continuously engage in the investment and merger and acquisition revolving around the Company’s strategic layout of development. Through the Fund, the Company will extend and integrate its industry chain, and make it a leading education platform in the PRC. On 5 December 2019, the Company formally entered into a cooperation framework agreement with Huawei Technologies Co., Ltd.* (華為技術有限公司) (“Huawei Company”). Both parties will strengthen their industry-academia research and exploration in new engineering, jointly promote professional development such as the Internet of Things, big data and artificial intelligence, focus on the future development trends of the industry to promote cooperation on talent training and education, and closely cater to the talent demand of businesses within Huawei Company’s ICT industry chain. The group’s Schools As of 31 December 2019, the Company owned 21 schools, including 1 private college under vocational education segment (Shijiazhuang Institute of Technology), 6 Saintach Tutorial Schools under qualityoriented education segment (consisting of 11 Saintach Tutorial Centers), 2 Peijian Tutorial Schools, 4 Shinedao Tutorial Schools and 8 Saintach Kindergartens, and was entrusted with the operation of the west campus of Sifang College of Shijiazhuang Tiedao University. Prospects: Centering on the overall national objective for education modernization, we, as a large private education service provider, will exert great efforts to develop vocational education and quality-oriented education, and sustain a diversified industrial layout. The group will attach greater importance to content development, specialty construction and the improvement of teaching quality and operational efficiency, continue to provide customers with quality education services and good customer experience, and take advantage of various technologies to empower customers to learn more efficiently and effectively. Meanwhile, The group will apply The group’s information-based education products to more schools, kindergartens and institutions, gradually achieve commercial output and accumulate larger bases of customers and students. The group will actively build and promote The group’s quality-oriented education business for children and young customer groups between 0 and 18 years old, helping to cultivate a wider range of abilities such as logical thinking, hands-on skills and creativity for young children and cultivate the learning abilities targeting at the revolution of new college entrance examination for mature teenagers. The group will proactively consolidate and integrate the abilities relating to research and training of faculty, upgrade of product research and development and improvement of operational efficiency of Saintach Education, Shinedao Education and Peijian Education. The group will create a more convenient and efficient learning environment for students by leveraging The group’s high-quality faculty and course products as well as internet tools and technologies. The group will continue to maintain a light-asset operation model, achieve output management by centering on content development and technology empowerment, and accelerate the development of The group’s online education business. The group will develop the vocational education business for adolescents aged above 15 and adult customers. Through deepening faculty research and training, designing academic subjects, specialty construction and specialty development as well as standardized and well-regulated teaching management and implementing the applicationoriented and high-skilled talents cultivation mode of “Vocational Skills + Working Certificates + Graduation Certificates” (「專業技能+崗位證書+畢業證書」), The group strive to maintain a high employment rate. The group will invest in and acquire some high-quality vocational colleges and training institutions as appropriate, and ramp up industryeducation integration and school-enterprise cooperation for vocational education, to cultivate talents who are equipped with such technologies and skills as urgently required in The group’s state’s development. Meanwhile, The group will be more active to keep abreast of and establish The group’s presence in overseas education business as appropriate.

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