香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內 容所導致或因倚賴該等內容而產生的任何損失承擔任何責任。 XJ International Holdings Co., Ltd. 希教國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1765） 有關出售目標主體的 須予披露交易 出售事項 董事會欣然宣佈，於2025年8月11日（交易時段後），買方、賣方與目標公司訂立 股權轉讓協議，據此，賣方已有條件同意轉讓而買方已有條件同意以暫定約為人 民幣21.17百萬元的轉讓代價收購目標公司100%股權及其附屬實體權益；及買方 已有條件同意代表目標主體向賣方及其關聯方償還暫定付款金額約為人民幣 51.10百萬元的股東債務及暫定金額約為人民幣27.72百萬元的其他債務的還款， 惟可根據股權轉讓協議的條款及條件進行調整，且買方已同意根據股權轉讓協議 就目標主體履行義務提供不可撤回的連帶擔保。 由於有關出售事項所得款項總額的最高適用百分比率（定義見上市規則）超過5% 但低於25%，根據上市規則第14.06(2)條，出售 ...

Summary of Huatu Shanding Conference Call Company Overview - **Company**: Huatu Shanding - **Industry**: Education and Training, specifically focused on exam preparation for civil service and other competitive exams Key Points and Arguments 1. **Network Upgrade Strategy**: Huatu Shanding is upgrading city-level networks with populations over one million to delivery points, with Shandong's 16 cities set to complete upgrades by September, enhancing competitiveness against local institutions [2][6] 2. **Unified Operational Strategy**: The company employs a unified regional operation, standardized products, and long-cycle rigorous supervision of written exam courses to improve student performance and resource utilization, addressing cost and management risks [2][7] 3. **Popularity of Direct Train Class Model**: The Direct Train class model is popular in cities, with class sizes exceeding 100 students and gross margins over 60%. The expansion model is designed based on local population and enrollment numbers, achieving profitability within the same year of establishment [2][8][10] 4. **Intellectual Property Protection**: The company addresses intellectual property protection issues by ensuring research and teaching capabilities and updating materials to maintain a competitive edge and student trust [2][12] 5. **AI Tools Integration**: AI tools such as intelligent question banks and interview evaluations enhance preparation efficiency, but traditional in-person teaching remains irreplaceable. AI tools are offered as part of membership services to improve user engagement [2][17][16] 6. **Exam Pass Rates**: Huatu's high-end long-cycle class has a written exam pass rate of 15%-20% and an interview pass rate exceeding 40%, significantly higher than industry averages [2][18] 7. **Judicial and Regulatory Issues**: The company disclosed ongoing legal issues involving shareholder matters and regulatory communications, clarifying that these do not impact business operations [4] 8. **Market Competition Dynamics**: The competitive landscape has shifted due to policy changes allowing graduates to take exams within two years of graduation, leading to increased demand for full-time preparation and intensifying competition among large and local institutions [5][6] 9. **Cost Management**: The company manages costs effectively, with teacher salaries and property costs kept low, ensuring profitability even with increased student numbers [11][19] 10. **Pricing Strategy**: Pricing for the Direct Train classes is set approximately 10% higher than smaller institutions, reflecting the quality of courses and overall preparation costs, which are deemed acceptable by students [13][25] 11. **AI Product Usage Goals**: The company aims for 10 million product calls in 2025, focusing on enhancing product functionality and user habits [3][24] 12. **Response to Local Competition**: Huatu Shanding emphasizes local delivery capabilities over vertical project advantages, adapting to the competitive landscape by enhancing regional operational strengths [26][27] Additional Important Information - **Employee Compensation**: Employee salaries consist of a standardized base salary and profit-sharing bonuses, with variations based on performance and position [22] - **Market Trends**: The average consumer price in the industry is declining, impacting profit margins, but the company has managed to increase gross margins through larger class sizes [20] - **Impact of Increased Enrollment**: While increased student numbers may slightly lower pass rates, it does not significantly affect overall revenue or pass rates due to the company's market share [21]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 希教國際控股有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01765 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | 本月底法定/註冊 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內 容所導致或因倚賴該等內容而產生的任何損失承擔任何責任。 XJ International Holdings Co., Ltd. 希教國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1765） 希教國際控股有限公司 及 (II)根據上市規則第14.36條作出的公告 本公告乃根據上市規則第14.36條作出。 茲提述(i)希教國際控股有限公司（「本公司」）日期為2024年11月29日的公告，內容乃 有關出售事項的主要交易；及(ii)本公司日期為2024年12月19日、2025年1月28日、 2025年2月28日、2025年3月31日、2025年4月30日、2025年5月30日及2025年6月30 日的公告（統稱「該等公告」），內容乃有關延遲寄發通函。除另有說明外，本公告所 用詞彙與該等公告所使用者具有相同涵義。 如該等公告所述，一份載有（其中包括）(i)有關股權轉讓協議的資料，(ii)出售事項的 進一步詳情及(iii)股東特別大會通告及上市規則所規定其他 ...

Group 1 - The article provides a list of companies listed on the Hong Kong stock market along with their dividend distribution dates and shareholder meeting dates [1][4][5] - Notable companies mentioned include China Railway, Green Town China, and Budweiser APAC, which are scheduled for dividend payments [4][5] - The document outlines various companies' actions regarding capital increases and dividend distributions, indicating ongoing corporate activities in the market [4][5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內 容所導致或因倚賴該等內容而產生的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 XJ International Holdings Co., Ltd. 希教國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1765） (I)終止於2025年7月10日建議的供股；及 (II)經修訂建議按於記錄日期每持有十二(12)股現有股份獲發 一(1)股供股股份的基準以非包銷基準進行供股而毋須獲得清洗豁免 本公司的財務顧問 道勤資本有限公司 本公司的配售代理 東方滙財證券有限公司 終止原有供股 董事會欣然宣佈，於刊發該公告後，本公司收到股東（不包括汪先生、希望教育 投資有限公司、特驅集團（香港）有限公司及Maysunshine Holdings Limited）的 回應，彼等關注如未有按比例悉數認購供股股份，彼等的股權將可能被攤薄。鑑 於該等關注事項，該等股東已表明擬於股東特別大會上就相關決議案投反對票。 – 1 – 為 ...

僅供在美國境外分派予「美籍人士」（定義見1933年美國證券法（經修訂）（「證券法」）S規例）以外的人 士。不得在或向發佈、刊發或分派本公告即屬違法的任何其他司法權區或向位於或居於該等司法 權區的任何人士發佈、刊發或分派。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。本公告僅供說明用途，並不構成在美國或根據任何有關司 法權區的證券法律登記或符合資格前作出有關要約、招攬或銷售將屬違法的任何其他司法權區要 約出售或招攬要約購買任何證券。在並無根據證券法項下適用登記規定登記或取得其豁免下，本 公告所指的證券不得在美國或向或為任何美籍人士（定義見證券法）的利益提呈發售或出售。證券 將不會在美國進行公開發售。 （「發行人」） 發行 XJ International Holdings Co., Ltd. 希教國際控股有限公司 （於開曼群島註冊成立之獲豁免有限公司） （「本公司」或「擔保人」） 無條件及不可撤回地提供擔保的 有關 由 Tequ Mayflower L ...

Investment Rating - The report maintains a positive outlook on the higher education sector, indicating a "Buy" recommendation for specific companies such as New Higher Education, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [30]. Core Insights - The report anticipates a turning point in educational investment, with improved operational efficiency expected in the higher education sector. It notes that while revenue growth for higher education companies is generally slowing due to a deceleration in student enrollment, tuition fee increases are becoming the primary driver of revenue growth [3][12]. - The report predicts that the average revenue growth rate for six higher education companies in FY25 will be 8.8%, a decline of 2.8 percentage points from the previous year and a drop of 11.8 percentage points from the five-year average [4][13]. - The report highlights that the average tuition fee growth for FY25 is expected to remain stable at 9.3%, which is an increase of 1.2 percentage points compared to the five-year average [4][12]. Summary by Sections Market Review - The education index increased by 2.9% during the week, outperforming the Hang Seng Index by 0.4 percentage points. Year-to-date, the education index has risen by 14.21%, lagging behind the Hang Seng Index by 7.23 percentage points [11]. Financial Projections - The report forecasts that the average gross profit growth for the six higher education companies in FY25 will be 3.7%, a decrease of 1.1 percentage points from the previous year and a drop of 14.4 percentage points from the five-year average. The average gross profit margin is expected to be 43.6%, down 2.9 percentage points from the previous year [5][18]. - The average number of teachers is projected to grow by 2.9% in FY25, continuing to outpace student enrollment growth. Teacher salaries are expected to increase by an average of 14.7%, indicating a trend towards hiring higher-caliber talent [5][18]. Cost Management - The average sales expense ratio for FY25 is projected to be 2.5%, remaining stable compared to the previous year. The average management expense ratio is expected to rise to 11.8%, while the average financial expense ratio is anticipated to decrease to 3.7% [6][22]. Operational Efficiency - The report suggests that the operational efficiency of higher education companies is expected to bottom out, with quality improvements in education becoming the main theme of the industry. It predicts that the cost growth for higher education companies will align with student enrollment growth in the coming year [8][27]. - The report also indicates that as educational investment peaks, the resumption of dividends from higher education companies is anticipated [29].

Group 1 - The core viewpoint of the news is that the restructuring plan for the $271 million zero-coupon convertible bonds of Xijiao International Holdings has been overwhelmingly approved, with 95.94% of eligible bondholders consenting to the special resolution [1] - The restructuring plan aims to reduce debt principal by 39% through a 61% discount, thereby improving the company's balance sheet [1] - The company has actively engaged with creditors and repurchased approximately $78.9 million of bonds to reduce the outstanding balance to $271 million [1] Group 2 - The revised documents for the restructuring will be signed around July 30 and will be implemented on the "effective date of restructuring" once conditions are met [2] - The debt restructuring process demonstrates the company's proactive approach in seeking solutions during challenging times, providing valuable insights for other companies in the industry [2]

Group 1 - The company, Xijiang International Holdings Limited, announced a restructuring plan for its $271 million zero-coupon convertible bonds due in 2026, aiming to improve its balance sheet by reducing debt principal by 39% through a 6.1 discount scheme [1][2] - The company has already repurchased approximately $78.9 million of the convertible bonds, leaving an outstanding balance of $271 million [1] - The restructuring aims to address challenges posed by the current macroeconomic environment and fluctuations in the education industry, incorporating flexible terms such as early redemption options to alleviate short-term liquidity pressure [1] Group 2 - Qualified bondholders agreeing to the special resolution will receive a 1.0% consent fee, and the plan includes waiving potential default clauses, creating a win-win situation for both parties [2] - The signing of the formal restructuring agreement marks further progress in the company's efforts to manage its convertible bond situation, reflecting a proactive approach to overcoming challenges [2] - Successful implementation of the $271 million convertible bond restructuring is expected to provide the company with greater financial flexibility for business transformation and to capitalize on recovery opportunities in the education sector [2]