The Group is a leading provider of formal private education services. The Group mainly conducts its business through 15 entities providing high school, higher education and non-academic education services in five cities in Sichuan Province, China, the Hong Kong Special Administrative Region, and Irvine in the United States. In the 2023-2024 school year, the total number of students enrolled in the Group's own schools was 30,339, including 8,455 students enrolled in high schools, 21,884 students enrolled in Chengdu Foreign Languages Institute (formerly known as Chengdu University of Sichuan Foreign Studies, the “University”) and 9,903 online schools, and we employed a total of 1,481 teachers in China. Additionally, the Group established Virscend University. Virscend University is located in Irvine, California (“California”), USA. Virscend University obtained the WASC “Candidate Qualification” certification in March 2021, and is expected to obtain full accreditation in March 2024. Virscend University currently offers an MBA program with 43 graduates since 2018. We currently operate 9 high schools and 1 university in five cities in Sichuan Province, China. We provide formal education and comprehensive education courses through these schools. We are one of the few private education companies in southwest China providing high school and university education. The Group strives to pave the way for aspiring students to advance to top domestic universities and well-known foreign institutions. All independent high schools in the Group and schools providing compulsory education (collectively referred to as “Chengshi Foreign Schools”) that have ceased comprehensive accounting since August 31, 2021 are independent legal entities, but they still operate under the same brand name as the “branch schools” of the two flagship schools, Chengdu Foreign Language School and Chengdu Experimental Foreign Language School. In the college entrance examination held in 2023 (“2023 college entrance examination”), about 89.7% (2022:94.7%) of flagship school graduates obtained scores that they could apply for and advance to top universities in China. Twenty-four high school graduates received acceptance notices from Peking University or Tsinghua University (2022:47), while 83 high school graduates were sent to top universities (2022:75). In addition to flagship schools, about 77.8% of graduates from the remaining schools other than Chengshi obtained points in the 2023 college entrance examination that can be applied for university admission. The Group has set up international courses at various schools to provide students interested in attending overseas institutions and universities with Chinese/Overseas Standard High School Courses, Overseas Standard University Entrance Examination, Language Examination, or American University Advanced Placement (“AP”) courses. The relevant courses allow students to participate in overseas high school courses (taught by foreign teachers) and Chinese high school courses (taught by Chinese teachers). In 2023, one high school graduate received an acceptance letter from Williams College, the top liberal arts college in the US, and two high school graduates received an acceptance letter from Cambridge University in the UK. In 2023 and 2022, 168 students and 145 students received acceptance notices from the top 100 universities in the QS World University Rankings, respectively The university currently offers 34 undergraduate programs and 28 diploma programs. In Wu Shulian's “Ranking of Independent Colleges and Private Universities in China” in 2023, the university ranked fourth among all 397 independent colleges and private universities in terms of Chinese literature majors. Among all 397 independent colleges and private universities, undergraduate employment quality and further education rate ranked 29th and 30th. We have been operating private schools in Sichuan Province for over 20 years, and believe we have established a good reputation, which helps us attract outstanding students and teachers and achieve success. We intend to maintain and strengthen our market position in the private education industry in China.
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