Minsheng Edu 2

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This is a proposed repeat investment, with IFC having made an equity investment of US$25 million in 2017 (IFC Project No. 38573) in Minsheng Education Group Company Limited (together with its subsidiaries, referred to as “the company” throughout this document). The company, publicly listed on the Hong Kong Stock Exchange (1569.HK), is a leading education provider in China offering undergraduate programs and vocational education, with campuses in Chongqing, Inner Mongolia, Shandong, and Yunnan, with total enrollment of over 74,450 students across China. Most of Minsheng’s enrolled students are in Chongqing and the frontier regions of Yunnan and Inner Mongolia. The company plans to expand by acquiring existing universities and vocational schools in China, in the frontier regions of Jiangxi and Anhui. Under this new project, IFC is looking at a loan investment of RMB 750 million (approximately US$100 million equivalent) in Chongqing Minsheng Education Management Co., Ltd. (the Borrower), a wholly owned subsidiary of the Company, to support its expansion through acquisitions as well as campus upgrades and expansions.