Summary by Futu AI
NEW ORIENTAL EDUCATION TECHNOLOGY GROUP (NEW ORIENTAL) AND ITS AFFILIATES ORIENTAL SELECTION HOLDINGS LIMITED (ORIENTAL SELECTION) ANNOUNCED THAT THE SPECIAL GENERAL MEETING ORIGINALLY SCHEDULED FOR 7 FEBRUARY 2024 HAS BEEN CANCELLED AND TERMINATED THE TRANSACTION FOR SUBSCRIPTION OF ORIENTAL SELECTION SHARES UNDER A SPECIAL MANDATE. This decision was made by the Boards of Directors of both parties based on commercial considerations, in particular in view of the recent stock prices selected by Oriental. ORIENTAL SELECTION STATED THAT TERMINATION OF THE SUBSCRIPTION AGREEMENT WOULD NOT SIGNIFICANTLY ADVERSELY AFFECT THE COMPANY'S OPERATIONS AND FINANCIAL CONDITION AND WOULD NOT DILUTE OTHER SHAREHOLDERS' SHAREHOLDERS' SHAREHOLDERS' SHARE RATIOS. New Oriental and its Director Mr. Yu Minhong expressed confidence in the future prospects and business potential of...Show More