BEIJING, Oct. 17, 2013 /PRNewswire/ -- ChinaEdu
Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"), a leading
online educational services provider in China, today announced
that on October 14th the Company
conducted a search at the Beijing Administration of Industry and
Commerce concerning Beijing Hongcheng Education Technology Limited,
which is a variable interest entity ("VIE") of ChinaEdu, as part of
the Company's regular review of its corporate structure. The search
revealed that a 28% equity share of the VIE (the "Share") held by
Xueshan Yang, who is a nominee shareholder of the Company, was
frozen by Beijing's First
Intermediate People's Court (the "Court") under a Notice to Assist
in Enforcement (the "Notice"). It was held in the Notice that civil
judgments regarding two loan contract disputes between the Beijing
Xisi Branch of China Construction Bank Corporation and Xueshan Yang
have taken effect, and pursuant to relevant regulations of Civil
Procedural Law of the People's Republic
of China, the Share held by Xueshan Yang was frozen and can
not be pledged, sold, transferred, deregistered or changed in any
manner between April 25, 2013 and
April 24, 2015. The Company contacted
the Court and such fact was confirmed by the Court's judge who
filed the notice with the Beijing Administration of Industry and
Commerce.
Based on information obtained by the Company, the fact that the
Share had been pledged to the Company before such Notice was filed
and the fact that Xueshan Yang was a nominee shareholder who had
entered into a series of contractual arrangements with the Company
and provided any and all power of attorney and shareholder rights
to the Company before the Notice, management does not believe the
freezing of the above mentioned nominee shareholder's equity in the
VIE will cause any material impact to the operations of the
Company.
About ChinaEdu
ChinaEdu Corporation is an educational services provider in
China, incorporated as an exempted
limited liability company in the Cayman
Islands. Established in 1999, the Company's primary business
is to provide comprehensive services to the online degree programs
of leading Chinese universities. These services include academic
program development, technology services, enrollment marketing,
student support services and finance operations. The Company's
other lines of businesses include the operation of private primary
and secondary schools, online interactive tutoring services and
providing marketing, support for international and elite curriculum
programs and online learning community for adult students.
The Company believes it is the largest service provider to
online degree programs in China in
terms of the number of higher education institutions that are
served and the number of student enrollments supported. The Company
currently has entered into collaborative alliances with 13
universities, ranging from 15 to 50 years in length. The Company
has also entered into technology agreements with 8 universities.
Besides, ChinaEdu performs recruiting services for 23 universities
through a nationwide learning center network.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including certain plans, expectations, goals, and
projections, which are subject to numerous assumptions, risks, and
uncertainties. Forward-looking statements involve known and unknown
risks, uncertainties and contingencies, many of which are beyond
our control which may cause actual results, levels of activity,
performance or achievements to differ materially from any future
results, levels of activity, performance or achievements expressed
or implied by such forward-looking statements. The Company's actual
results could differ materially from those contained in the
forward-looking statements due to a number of factors, including
those described under the heading "Risk Factors" in the Company's
Annual Report on Form 20-F for the year ended
December 31, 2012, and in documents subsequently filed by the
Company from time to time with the Securities and Exchange
Commission. Unless required by law, the Company undertakes no
obligation to (and expressly disclaim any such obligation to)
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
For investor and media inquiries, please contact:
Helen Plummer
Senior Investor Relations Coordinator
ChinaEdu Corporation
Phone: +1 908-442-9395
E-mail: helen@chinaedu.net
Simon Mei
Chief Financial Officer
ChinaEdu Corporation
Phone: +86 10 8418-7301
E-mail: simon@chinaedu.net
SOURCE ChinaEdu Corporation