Wednesday 19 February 2020

19 February 2020 - China-based ready-mix concrete company Huitao Technology Co., Ltd. (NASDAQ: HHT) has completed the acquisition of Chinese education provider Sunway Kids International Education Group Ltd, the company said.

Sunway Kids' shareholders have received 1,989,262 ordinary shares of HHT and will receive an aggregate cash consideration of USD 2m payable annually according to certain earn-out schedule based on Sunway Kids' financial performance in the next five years.

Huitao Technology Co is a holding company whose primary business operations are conducted through its wholly-owned subsidiaries Xin Ao Construction Materials, Inc. and Beijing Ao Hang Construction Materials Technology Co., Ltd., and our variable interest entity, Beijing Xin Ao Concrete Group and its subsidiaries.

The company engages in the production of advanced construction materials for large scale infrastructure, commercial and residential developments.

Sunway Kids Investment Holding Ltd. is an education and health service provider for children in China. It provides a well-structured system for early childhood education, including AI and robotic technologies, intellectual campus administration SAAS system and online education courses for kids and parents.

Based on the performance data analysis, Sunway Kids provides personalized growth plan for each child. Sunway Kids helps schools in increasing education quality as well as generating derivative revenues by providing targeted courses and AI lessons for kids.