On September 8, 2026, the Hong Kong International Arbitration Centre (HKIAC) issued a final award (the Final Award) in a dispute between Leed Education Holding Limited, National Education Holding Limited, and Hyde Education Holding Limited (collectively, the Claimants) and Minsheng Vocational Education Company Limited (the Respondent), a subsidiary of Hong Kong-listed Minsheng Education Group Company Limited (Minsheng Education). Wilson Sonsini Goodrich & Rosati acts for the Claimants in the arbitration.

The dispute that was submitted for arbitration concerns a put option for the sale of 49 percent shares in Leed International Education Group Inc. under a Share Purchase Agreement (the SPA) entered into among the parties in 2018. Such put option was exercised by the Claimants against the Respondent on October 15, 2021, with an exercise price of RMB 2,180,735,567.50.

In an announcement published a day after the issuance of the Final Award, Minsheng Education acknowledged that the Final Award ruled specific performance against the Respondent in respect of the sale of the option shares upon the Claimants’ exercise of the put option pursuant to the relevant terms of the SPA at an exit price of RMB 2,180,735,576.50, together with payment of interests thereon and approximately RMB67.3 million in arbitration costs.

The Wilson Sonsini team acting for the Claimants in this matter is led by partners Weiheng Chen and Matthew Reed and China partner Draco Ng, and includes associate Ava Shelby.