Kaiwen Education: Badachu Holdings transfers 28.84% stake at 4.06 yuan per share, Haidian Education and Hai Kai Holdings each acquire 14.42%

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Summary · why it matters

Kaiwen Education announced that Badachu Holdings transferred its 28.84% stake in the company at 4.06 yuan per share, for a total consideration of approximately 700.4 million yuan, split equally between Haidian Education Company and Hai Kai Holdings, both subsidiaries of the Haidian District State-owned Assets Supervision and Administration Commission, with each party acquiring 14.42%. Previously, in September 2024, Badachu Holdings had planned to transfer a 14.84% stake to Haidian State-owned Investment at 3.69 yuan per share, but that plan is no longer proceeding. In April 2026, the company adjusted its voting rights structure, with Badachu Holdings and Haidian State-owned Investment entrusting the voting rights of their relevant shares to Haidian Education, which then held a total of 30% voting rights and became the controlling shareholder. After the completion of this internal state-owned asset transfer and registration, Haidian Education, Hai Kai Holdings, and Haidian State-owned Investment will act in concert, and the voting rights entrustment agreement effective in April will automatically terminate upon the transfer registration date. The transaction is an internal transfer among state-owned enterprises under the same actual controller, does not trigger a mandatory tender offer, and the control of the listed company remains unchanged, with the controlling shareholder still being Haidian Education and the actual controller still being the Haidian District State-owned Assets Supervision and Administration Commission. This integration implements the requirements of Haidian's state-owned enterprise reform. Going forward, Kaiwen Education will be operated under the unified management of Haidian Education, advancing the centralized integration and professional operation of district-level education-related state-owned assets.

Impact on assets 1

Others▲ · 1 stocks

Off-coverage companies 4

八大处控股集团有限公司Private▼ Negative
Capitalrelevance

Badachu Holdings sells its entire 28.84% stake, exiting as shareholder.

北京海淀教育科技有限公司Private▲ Positive
Capitalrelevance

Haidian Education acquires 14.42% stake and becomes controlling shareholder with unified management.

北京海开控股(集团)有限公司Private▲ Positive
Capitalrelevance

Hai Kai Holdings acquires 14.42% stake, increasing its investment in Kaiwen Education.

北京市海淀区国有资产投资集团有限公司Private▲ Positive
Capitalrelevance

Haidian State-owned Investment's previous transfer plan terminated, but remains a concert party; no direct impact.

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