HLG - HLG STOCK NEWS

On September 15, 2022, Hailiang Education Group Inc. (Nasdaq: HLG) announced that its shareholders voted overwhelmingly (over 99.99%) to approve the merger agreement with Hailiang Education International Limited and HE Merger Sub Limited. An impressive 88.53% of ordinary shares participated in the vote. The merger will result in Hailiang becoming a privately held company, with its American Depositary Shares (ADSs) being delisted from NASDAQ. The board of directors was also re-elected to continue until the merger is finalized.

Hailiang Education Group Inc. (Nasdaq: HLG) has announced an extraordinary general meeting (EGM) for shareholders on September 15, 2022, to approve the re-election of five directors and the proposed merger with Hailiang Education International Limited. The merger will make Hailiang a privately held company and result in the delisting of its American depositary shares (ADSs) from NASDAQ. Shareholders recorded by September 1, 2022, can attend the EGM. The announcement encourages stakeholders to review associated proxy materials for important details.

Hailiang Education Group Inc. (Nasdaq: HLG) received two notices of deficiency from Nasdaq regarding non-compliance with listing rules. The Company failed to file its semi-annual financial report for 1H 2022 and hold its 2022 annual meeting. The notices allow 60 days to submit a compliance plan, with potential extensions of up to 180 days. The delays are attributed to the Company's focus on a privatization transaction, expected to close in Q3 2022, which could lead to delisting from Nasdaq.

Hailiang Education Group Inc. (Nasdaq: HLG) announced a definitive Merger Agreement with Hailiang Education International Limited, implying an equity value of approximately US$368.89 million. Each ordinary share will be exchanged for US$0.894375 in cash and American Depositary Shares (ADSs) for US$14.31, representing a premium of 24.98% to the pre-announcement price. The merger is expected to close in Q3 2022, subject to shareholder approval. The involved parties control approximately 87.28% of voting rights, facilitating the process.

Hailiang Education Group Inc. (Nasdaq: HLG) received a preliminary non-binding proposal from founder Hailiang Feng on December 23, 2021, to acquire all outstanding ordinary shares not already owned by him for $14.31 per American depositary share (ADS), a 25% premium over the previous day's closing price. If the transaction proceeds, Hailiang Education will become privately held, and its ADSs will be delisted from NASDAQ. A special committee of independent directors has been formed to evaluate the proposal, but no decisions have been made yet.

Hailiang Education Group (HLG) reported a successful fiscal year 2021 with revenue of RMB1,375.8 million (US$213.1 million), a 33.9% increase from FY2020. Gross profit soared 44.8% to RMB647.2 million (US$100.2 million), with net profit rising 38.0% to RMB483.0 million (US$74.8 million). The company expanded its managed school network from 0 to 27 over four years, enrolling 43,897 students. However, new regulations imposed significant operational constraints, affecting future growth prospects. An impairment loss of RMB252.2 million (US$39.1 million) was recognized due to loss of control over compulsory education services.

Hailiang Education Group Inc. (Nasdaq: HLG) has entered into cooperation and management agreements with two public schools in China: Chongshi Department of Longkou No.1 Middle School and Jingdong No.1 Middle School. Starting from September 6, 2021, the company will provide education and management services, enhancing teaching quality through shared resources. The collaboration marks Hailiang's first venture into public high school services and aims to promote educational revitalization in county areas. Hailiang Education emphasizes its commitment to high-quality education and expanding its footprint in the Chinese market.

Hailiang Education Group Inc. (Nasdaq: HLG) announced a cooperation agreement with Yantai Nanshan Donghai Foreign Language School and Longkou Donghai Kindergarten on July 11, 2021. This marks Hailiang Education's first venture in providing management services to private schools in Shandong Province, China. With nearly 4,000 students enrolled, these institutions offer a range of educational services from kindergarten through high school. The collaboration aims to extend the company’s school network and enhance its educational offerings through advanced systems and management practices.

Hailiang Education Group Inc. (Nasdaq: HLG) announced a strategic cooperation agreement with Hangzhou Hikvision Digital Technology on July 1, 2021. This partnership aims to enhance the 'Smart Campus System' by combining Hailiang's educational experience with Hikvision's video technology. A 'Smart Campus Joint Laboratory' will be established for software innovation in education, alongside cooperative research studies on the application of video technology in evaluating students' aptitudes and mental health education.