Online Learning Platform QuantaSing Acquires Kelly's Education For Unknow Sum

Chinese online learning service provider QuantaSing Group Limited QSG has acquired Kelly's Education, an online language education platform headquartered in Hong Kong, for an undisclosed sum.

Kelly's Education provides personalized online language education for children aged 3-15, primarily in Hong Kong.

The acquisition marks QuantaSing's entry into the global online education market and the language learning sector.

After the completion of the transaction, Kelly's Education will become a wholly-owned subsidiary of the company.

"We plan to broaden our course offerings, including Chinese language learning, and diversify our revenue streams by appealing to a wider age group," said Chairman and CEO Peng Li.

The company hosts online platforms like QiNiu for financial literacy, JiangZhen for lifelong learning, and QianChi for senior citizens' interests.

QuantaSing held $128.3 million in cash and equivalents as of June 30, 2023.

Price Action: QSG shares closed at $5.99 on Friday.