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Virscend Education Company Limited 成實外教育有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1565)

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Virscend Education Company Limited 成實外教育有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1565) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Virscend Education Company Limited 成實外教育有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1565) ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019 The board (the “Board”) of directors (the “Directors”) of Virscend Education Company Limited (the “Company”) is pleased to announce the unaudited consolidated results of the Company and its subsidiaries for the six months ended 30 June 2019. This announcement, containing the full text of the 2019 interim report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to information to accompany preliminary announcements of interim results. By order of the Board of Virscend Education Company Limited Wang Xiaoying Chairwoman Sichuan Province, the PRC, 27 August 2019 As at the date of this announcement, the executive Directors are Ms. Wang Xiaoying, Mr. Ye Jiayu, Mr. Yan Yude and Mr. Deng Bangkai; and the independent non-executive Directors are Mr. Sit Chiu Wing, Mr. Chan Kim Sun and Mr. Wen Ruizheng. CONTENTS 4 6 2 7 Corporate Information Financial Highlights Company Proile Management Discussion and Analysis 26 27 20 28 Unaudited Interim Unaudited Interim Condensed Consolidated Condensed Consolidated Statement of Proit or Statement of Corporate Governance/ Unaudited Interim Loss Comprehensive Income Other Information Condensed Consolidated Statement of Financial Position 31 33 30 Unaudited Interim Notes to Interim 51 Condensed Consolidated Condensed Consolidated Statement of Cash Flows Financial Statements Unaudited Interim Deinition Condensed Consolidated Statement of Changes in Equity VIRSCEND EDUCATION COMPANY LIMITED 2 COMPANY PROFILE The Group is a leading provider of pre-school to grade 12 (“K-12”) and university private education services. Through our schools, we provide education services to students in every age group from kindergarten through university. As at 30 June 2019, we had enrollment of an aggregate number of approximately 45,580 students, including approximately 29,227 students at our K-12 schools and 16,353 students at the university, and we employed an aggregate of approximately 3,013 teachers. We currently operate eighteen schools in four cities and a county in Sichuan Province, namely Chengdu City, Panzhihua City, Zigong City, Qu County and Ya’an City. Through these schools, we offer formal education with comprehensive education programs from kindergarten through university. We are one of the few private education companies in Southwest China that offer complete K-12 and university education. This allows us to attract students at an early age and create a stable student pipeline for our schools at each grade within the K-12 system. The Group aspires to provide a pathway to first-tier universities in China and reputable colleges and universities abroad for interested students. For the Gaokao administered in 2017, 2018 and 2019, approximately 94.6%, 94.7% and 95.1% of the Group’s graduating high school students who participated in such examinations achieved scores that allowed them to apply to and be accepted by first-tier universities in China. Through over 19 years of operating private schools in Sichuan Province, we believe that we have established a strong reputation, which helps us attract high-quality students and teachers and pave the way for our success. We intend to maintain and strengthen our market position in the private fundamental education industry in China. INTERIM REPORT 2019 VIRSCEND EDUCATION COMPANY LIMITED 3 COMPANY PROFILE OUR SCHOOL NETWORK IN SOUTHWEST CHINA AND USA Chengdu Experimental Foreign Languages Longfor Xichen School West Campus CISISU Yuanzhu Campus (University) Chengdu Experimental Deyang Campus Foreign Languages School West Campus (Phase II New Campus) Gaoxin Campus Chengdu Foreign Languages School Quxian Campus Chengdu Experimental Foreign Languages School CFLS Primary School CEFLS Primary School Guangyuan Chengdu Foreign Aba Tibetan and Qiang Bazhong Language Kindergarten Autonomous Prefecture Mianyang Dazhou Nanchong Deyang Ya’an Campus Guang’an Wulongshan Campus Chengdu Suining Ganzi Tibetan Autonomous Prefecture Ziyang Meishan Ya’an Xinjin Campus Neijiang Zigong Purun Campus Leshan Zigong Luzhou Yibin Meishan Campus Liangshan Yi Guiyang Autonomous Prefecture Guiyang Campus California, USA Panzhihua Panzhihua Campus Luzhou Campus Schools currently operated Irvine by the Group as at 30 June 2019 Yibin Campus School to be established in September 2019 Virscend University Meinian Campus School to be established in September 2020 School to be established in September 2021 INTERIM REPORT 2019 VIRSCEND EDUCATION COMPANY LIMITED 4 CORPORATE INFORMATION BOARD OF DIRECTORS LEGAL ADVISORS EXECUTIVE DIRECTORS As to Hong Kong law: Luk & Partners Ms. Wang Xiaoying (Chairwoman of the Board) In Association with Morgan, Lewis & Bockius Mr. Yan Yude (Chief Executive Officer) Suites 1902-09, 19/F Mr. Ye Jiayu Edinburgh Tower Mr. Deng Bangkai The Landmark 15 Queen’s Road Central INDEPENDENT NONEXECUTIVE DIRECTORS Hong Kong Mr. Sit Chiu Wing Mr. Chan Kim Sun As to PRC law: Mr. Wen Ruizheng Jingtian & Gongcheng 34/F Tower 3, China Central Place AUDIT COMMITTEE 77 Jianguo Road Chaoyang District Mr. Chan Kim Sun (Chairman) Beijing Mr. Sit Chiu Wing The PRC Mr. Wen Ruizheng As to Cayman Islands law: REMUNERATION COMMITTEE Conyers Dill & Pearman Cricket Square Mr. Sit Chiu Wing (Chairman) Hutchins Drive Ms. Wang Xiaoying P.O. Box 2681 Mr. Wen Ruizheng Grand Cayman KY1-1111 Cayman Islands NOMINATION COMMITTEE Mr. Sit Chiu Wing (Chairman) AUDITOR Mr. Yan Yude Ernst & Young Mr. Wen Ruizheng Certified Public Accountant 22/F, CITIC Tower AUTHORISED REPRESENTATIVES 1 Tim Mei Avenue Ms. Wang Xiaoying Central Mr. Deng Bangkai Hong Kong COMPANY SECRETARY REGISTERED OFFICE Ms. Ng Sau Mei Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman, KY1-1111 Cayman Islands INTERIM REPORT 2019 VIRSCEND EDUCATION COMPANY LIMITED 5 CORPORATE INFORMATION HEADQUARTERS AND PRINCIPAL INVESTOR RELATIONS PLACE OF BUSINESS IN THE PRC Mr. Chen Keyu No. 23 He Xin Lu Investor Relations Manager Pidu District, Chengdu Email: [email protected] The PRC Address: No. 23 He Xin Lu, Pidu District Chengdu, the PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG COMPANY’S WEBSITE 31/F, Tower Two www.virscendeducation.com Times Square 1 Matheson Street STOCK CODE Causeway Bay 1565 Hong Kong CAYMAN ISLANDS SHARE REGISTRAR DATE OF LISTING AND TRANSFER OFFICE 15 January 2016 Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services Limited Shops 1712–1716 17th Floor, Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong PRINCIPAL BANK Industrial and Commercial Bank of China INTERIM REPORT 2019 VIRSCEND EDUCATION COMPANY LIMITED 6 FINANCIAL HIGHLIGHTS COMPARISON OF KEY FINANCIAL FIGURES Result of operation For six months ended 30 June 2019 2018 Change Percentage RMB’000 RMB’000 RMB’000 Change (%) Unaudited Unaudited Revenue 754,177 590,364 163,813 27.7 Gross profit 339,898 286,476 53,422 18.7 Profit for the period 237,076 219,431 17,645 8.1 Attributable to equity holders of the parent 236,235 212,571 23,664 11.1 Earnings per share Basic and diluted (RMB) 0.08 0.07 — — Financial ratio For six months ended 30 June 2019 2018 Unaudited Unaudited Gross profit margin (%) 45.1 48.5 Net profit margin (%) 31.4 37.2 INTERIM REPORT 2019 VIRSCEND EDUCATION COMPANY LIMITED 7 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW REVENUE During the Reporting Period, the Group has witnessed growth of the schools operated by the Group in terms of revenue. Revenue increased from approximately RMB590.4 million for the six months ended 30 June 2018 to approximately RMB754.2 million for the Reporting Period. The Group typically charges students fees comprising tuition fees, boarding fees and school canteen service fees, and tuition fees remained the major revenue, accounted for approximately 91.3% of the total revenue of the Company for the Reporting Period. The following table sets forth the gross revenue generated by each of the categories of the schools: Category of schools For six months ended 30 June 2019 2018 Change Percentage RMB’000 RMB’000 RMB’000 Change (%) Unaudited Unaudited Tuition fees High school - international program 22,038 21,606 432 2.0 High school - domestic program 162,251 137,351 24,900 18.1 Middle school 234,210 207,340 26,870 13.0 Primary school 139,880 83,771 56,109 67.0 Kindergarten 7,501 5,540 1,961 35.4 University 122,429 112,184 10,245 9.1 Total tuition fees 688,309 567,792 120,517 21.2 Boarding fees 26,774 22,572 4,202 18.6 Management and consultation service fees 163 — 163 — School canteen operations (i) 38,931 — 38,931 — Total 754,177 590,364 163,813 27.7 The increase of the total revenue of the Group was mainly due to the increase of the Group’s student enrolment and average tuition fee. Note: (i) The canteen operation of certain schools have been consolidated since March 2019. INTERIM REPORT 2019 VIRSCEND EDUCATION COMPANY LIMITED 8
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