51Talk spins off mainland China business

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Pinwan, June 24, according to Sina Technology, 51Talk announced today that it has signed a definitive share purchase agreement with Dasheng Holding (HK) Limited, an entity controlled by the company’s chairman and CEO Huang Jiajia.

Pursuant to the agreement, Huang Jiajia, through Dasheng Holding (HK) Limited, will acquire all of Worry-Free English’s online English tutoring business in mainland China for US$1, including all related liabilities and assets. The transaction is expected to close on or around June 30, 2022.

51Talk’s overseas business outside mainland China and its related assets and liabilities are not part of the transaction, and this part of the business will be the strategic focus of Worry-Free English in the future. Upon completion of the transaction, Worry-Free English is expected to change from a negative net worth status to a positive net worth.

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