Hailiang Education Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company at US$14.31 per ADS

HANGZHOU, China, Dec. 23, 2021 /PRNewswire/ -- Hailiang Education Group Inc. (Nasdaq: HLG), ("Hailiang Education" or the "Company" or "We"), an education and management services provider for primary, middle, and high schools in China, today announced that its board of directors (the "Board") received a preliminary non-binding proposal letter (the "Proposal"), dated December 23, 2021, from Mr. Hailiang Feng, the founder of the Company, to acquire all of the outstanding ordinary shares (the "Shares") of the Company, including Shares represented by American depositary shares (the "ADSs," each ADS representing sixteen ordinary shares), that are not already owned by Mr. Hailiang Feng and his affiliates (the "Buyer") for a purchase price of US$14.31 per ADS in cash (representing a premium of approximately 25% over the closing price of the Company's ADSs on December 22, 2021) (the "Proposed Transaction"). The Proposed Transaction, if completed, would result in the Company becoming a privately-held company owned by the Buyer, and the Company's ADSs would be delisted from the NASDAQ Stock Market. A copy of the Proposal is attached hereto as Exhibit A.

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