<p>Kingswood Education announced on August 25 that in April 2023, the company invested a total of RMB 130 million in Zhonghao Xinying Technology Co., Ltd. through capital increase and equity transfer. As of the date of this announcement, the company holds a 5.53% equity stake in Zhonghao Xinying, and the company does not have a controlling relationship with Zhonghao Xinying, which is not included in the consolidated financial statements, and its impact on the company's profits is not significant</p>

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<p>Kingswood Education announced on August 25 that in April 2023, the company invested a total of RMB 130 million in Zhonghao Xinying Technology Co., Ltd. through capital increase and equity transfer. As of the date of this announcement, the company holds a 5.53% equity stake in Zhonghao Xinying, which does not constitute a controlling relationship, and is not included in the consolidated financial statements, nor does it have a significant impact on the company's profits</p>

Kingswood Education: The company does not have a controlling relationship with Zhonghao Xinying