On November 3, 2022, AIWAYS Holdings Limited, a global new energy vehicle brand, and China Liberal Education Holdings Limited, a China-based education company, announced that they have entered into an agreement and plan of merger, pursuant to which AIWAYS will merge with a wholly-owned subsidiary of CLEU, and the issued and outstanding share capital of AIWAYS will be cancelled in exchange for newly issued shares of CLEU on the terms and conditions set forth therein in a transaction exempt from the registration requirements under the Securities Act of 1933, as amended. The transaction values AIWAYS at an equity value of US$5.5 billion and CLEU at an equity value of approximately US$37.9 million. Upon consummation of the transaction, AIWAYS will become a wholly-owned subsidiary of CLEU.

Wilson Sonsini Goodrich & Rosati represented AIWAYS in the transaction. The Wilson Sonsini team includes:

Corporate
Dan Ouyang
Ke Li
Meichen Liu
Rujin Ruan
Zhonghan Wang

Tax
Myra Sutanto Shen
Anthony Yanez

For more information, please see CLEU’s press release.