We are pleased to announce that our Group have entered into the preliminary agreement to purchase a commercial property at Enterprise Square, Kowloon Bay, Kowloon, Hong Kong (the “Property”) (the “Acquisition”).
The Property is intended to be used as the Group’s permanent information technology base for all-round research and development of education technology and support services, including but not limited to cloud computing for education, adaptive online learning and machine learning, as well as big data analysis application in assessment and learning behaviour tracing. Such information technology base and infrastructure is expected to enable the Group to ride on the evolving online learning behavior of students and other individuals and cultivate an effective online-to-offline integrated learning mode in the Group’s education service spectrum.
Given the COVID-19 pandemic since early 2020 and the rapid evolvement and changes in market conditions, our Board considers that the Acquisition could empower and align with its latest strategic direction in the development of education and related services by way of information technology, such as exploring the applicability of artificial intelligence and 5G technology in education and digital transformation in its business, such as telecommuting.
The completion of the Acquisition is subject to the execution of the formal agreement, the fulfilment of conditions precedent as stipulated in the formal agreement, and the satisfactory verification and requisition in respect of the title to the Property. Please refer to the relevant announcement of the Group from time to time.
