First High-School Education Group Co., Ltd., the largest operator of private high schools in Western China and third-largest operator in China, recently announced it has acquired 51% equity interests in Beijing Tomorrow Future Plus Education Technology Co., Ltd., a technology-driven education company.
According to a press statement, the deal, which was RMB76.5 million ($11.9 million) from an original shareholder that was controlled by a related party of the company, was closed in late May 2021.
Beijing Tomorrow is a technology-driven education company that provides premium full-time live AI online teaching services supported by strong offline operations and management strategies for large-scale resource sharing and learning efficiency. The company adopts a unique "three-teacher classroom" model consisting of the master instructor, livestream classes, and personalized counseling offline with character-building guidance. The "three-teacher classroom" framework, combined with enriching activities and optimized campus management, creates an ideal environment for efficient learning and comprehensive development.
Commenting on the acquisition, Shaowei Zhang, Chairman & CEO of First High-School Education Group, said in a statement,
"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 optimized 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."
First High-School Education Group is the largest operator of private high schools in Western China and the third-largest operator in China in terms of student enrolments. The company has a network of 19 schools, offering 14 high school programs, seven middle school programs, and four tutorial school programs for Gaokao repeaters, as of December 31, 2020. All of the schools of the company are strategically located in Western China. The company is on a mission to become a leader and innovator of private high school education in China.