China Online Education Spins Off China Mainland Business

  • China Online Education Group COE has entered into a definitive share purchase agreement with Dasheng Holding (HK) Limited, controlled by China Online chairman & CEO Jiajia Jack Huang.
  • Under the agreement, Jiajia Jack Huang, through Dasheng, will acquire the company's online English tutoring businesses in the China mainland, including all associated liabilities and assets, for $1.
  • After the closing of the transaction, Dasheng will grant a right to the company to purchase certain newly issued shares of up to 99% of the outstanding shares of the entities holding the China Mainland Business with an exercise price of $1.
  • The deal is expected to be completed on or around June 30, 2022.
  • Upon the closing, China Online expects to shift from a negative net assets position to a positive net assets position.
  • Price Action: COE shares are trading higher by 8.89% at $1.47 in premarket on the last check Friday.

Posted In: BriefsNewsPenny StocksEducationMoversTrading IdeasGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.