On February 6, 2026, the Hong Kong International Arbitration Centre (HKIAC) issued a partial award (the Partial 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 Minsheng Education Group Company Limited (Minsheng Education). Wilson Sonsini represents the Claimants in the arbitration.

The dispute that was submitted for arbitration concerns certain put option for the sale of 49 percent shares in Leed International Education Group Inc. under a Share Purchase Agreement (the SPA) entered into between 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 (over US$300 million).

As admitted in Minsheng Education’s announcement on February 8, 2026, the Partial Award provides that, among others, specific performance of the relevant clause of the SPA be ordered together with payment of damages by Minsheng Vocational for breach of the SPA and such consequential relief, including interest as may be just.

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 associates Ava Shelby and Athena Yu.