Beijing Lanxum inks deal with Beijing Normal
The booth of Beijing Lanxum Technology Co Ltd at an exhibition in Beijing, June 30, 2018. [Photo/VCG]
Beijing Lanxum Technology Co Ltd, part of the first batch of educational technology companies listed on the growth enterprise market, just signed a deal with Beijing Normal University to deepen their cooperation in Chinese literature and culture research and teaching.
This is the company's latest effort to improve their products, after its acquisition of Chinese Future in February for 481 million yuan ($72.7 million). The deal was regarded as a win-win, as both companies have rich experience teaching Chinese traditional culture and literature courses.
Education was one of the most active sectors for investors last year. Industry statistics show education-related spending accounted for 3 to 19 percent of family income. The market scale of the education industry is around 2.24 trillion yuan, among which the preschool education sector takes 380 billion yuan and primary and middle school account for 680 billion yuan.
As projected, the annual net profit of Chinese Future as a subsidiary of Lanxum will not be less than 60 million yuan, 78 million yuan, 101 million yuan and 132 million yuan respectively in the following four years.
Wang Jiaqi contributed to this story.