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December 28, 2021

Bright Scholar Education Holdings Ltd — Moody’s downgrades Bright Scholar’s CFR to B2; outlook remains negative

Rating Action: Moody’s downgrades Bright Scholar’s CFR to B2; outlook remains negativeGlobal Credit Research – 28 Dec 2021Hong Kong, December 28, 2021 — Moody’s Investors Service has downgraded Bright Scholar Education Holdings Ltd’s corporate family rating (CFR) and senior unsecured rating to B2 from B1.The outlook remains negative.”The downgrade reflects the faster-than-expected discontinuation of Bright Scholar’s kindergartens and school operations, the high uncertainties over the company’s evolving business model and the resultant weaker business profile and smaller scale,” says Shawn Xiong, a Moody’s Assistant Vice President and Analyst.”The negative outlook reflects the execution risks involved in restructuring its business, and the time required for the recovery of revenues in its overseas schools,” adds Xiong.On 14 May 2021, China’s State Council announced “the Implementing Regulations of the Private Education Promotion Law”, which came into effect on 1 September 2021.On 15 November 2021, Bright Scholar announced that it would hold an extraordinary general meeting (EGM) of shareholders on 10 December 2021 to discuss and approve a business disposal plan in response to amendments to the regulation. On 13 December 2021, the company announced that it had adjourned the EGM of shareholders.On 21 December 2021, in its fiscal year 2021 results announcement, Bright Scholar announced that it will classify a list of schools and kindergartens, over which it had lost control on 31 August 2021, as discontinued operations.The announcement also stated that Bright Scholar was in negotiations with the affected entities for possible future cooperation in the provision of operation services as well as management services such as consultation for school operations, catering and accommodation, property management and maintenance, administrative management, student recruiting and school branding.RATINGS RATIONALEBright Scholar’s B2 CFR reflects the company’s asset-light business model of operating its overseas schools, complementary education services in China and net cash position.The rating also considers the risks stemming from Bright Scholar’s small scale, its evolving business model and the execution risks involved in restructuring its business.For fiscal year ended 31 August 2021, Bright Scholar’s continuing operations contributed around RMB1.4 billion in revenue, while its discontinued operations contributed around RMB2.3 billion. At the same time, the company’s continuing operations reported a company-adjusted EBITDA loss of around RMB30 million for FY2021.The discontinued operations will significantly reduce the company’s scale and shift its business model to providing management services to the affected schools and kindergartens. These include consultation for school operations, catering and accommodation, property management and maintenance, administrative management, student recruiting and school branding.Moody’s expects Bright Scholar to retain the affected schools and kindergartens for management services due to their long-standing relationships with them. However, its contracts with the schools will be more susceptible to competitive bidding and pricing pressure over the medium to long term compared with school fees.Additionally, management services fees, which are received after services have been rendered, are not as advantageous from a cash flow perspective compared with school fees, which are collected in advance.Bright Scholar has adequate liquidity. It had a cash balance of around RMB845 million and restricted cash of around 669 million as of 31 August 2021. Additionally, Bright Scholar had also received RMB2,029 million due to the company from the affected schools and kindergartens as of 21 December 2021, according to the company’s results announcement.As a result, Moody’s expects Bright Scholar will have adequate liquidity to cover its short-term debt of RMB754 million and its USD300 million bonds due in July 2022.Bright Scholar’s ratings also considers the following environmental, social and governance (ESG) factors.From a social perspective, China’s recent policy change highlighted the regulatory risks the company is exposed to, which drove the rating action.The company’s ownership is concentrated in its founder and chairman, who held a stake of 77.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} as of 31 August 2020. However, the company’s listed and regulated status tempers this risk.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSMoody’s could return the outlook to stable if (1) Bright Scholar successfully executes on its business restructuring; (2) the trajectory of its revenue, earnings and cash flow profile becomes clearer; and (3) the company maintains a net cash position with continued funding access.Moody’s could downgrade the ratings if the company is unable to transition to providing management services to the affected schools and kindergartens following the disposal; if the company is unable to access funding; or if it loses its net cash position.Prolonged uncertainties around the company’s management service contracts will also be negative to the ratings.The principal methodology used in these ratings was Business and Consumer Services published in November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1287897. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Bright Scholar Education Holdings Ltd listed on the New York Stock Exchange in May 2017. It operates several overseas schools, for-profit kindergartens in China and offers complementary education services. The family of Country Garden’s founder and chairman owned a 77.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} stake in Bright Scholar as of August 2020.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Moody’s considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody’s. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entity is participating and the rated entity or its agent(s) generally provides Moody’s with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody’s Policy for Designating Non-Participating Rated Entities.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.At least one ESG consideration was material to the credit rating action(s) announced and described above.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating. Shawn Xiong Asst Vice President – Analyst Corporate Finance Group Moody’s Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Clement Cheuk Yiu Wong Associate Managing Director Corporate Finance Group JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Releasing Office: Moody’s Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. 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December 26, 2021

Herbalife Nutrition Provides Best-In-Class Education and Tools for Its Independent Distributors and Wins Multiple Prestigious Industry Awards

LOS ANGELES, Dec. 21, 2021 /PRNewswire/ — Herbalife Nutrition, a premier worldwide nutrition business, is celebrating technological know-how awards from two separate businesses for its cellular application that offers interactive schooling and resources to the Company’s unbiased distributors to further more establish their position as dependable wellness coaches. The business gained a Brandon Corridor Team HCM gold award for the Greatest Advance in Mobile Understanding Technology and Best Progress in Learning Management Technologies for External Training. Independently, the company acquired the silver award for The Very best Use of Cell Understanding at eLearning Network’s Mastering Systems Awards.

Our distributors have confidence in us to equip them with the instruments and information to support them develop and increase their organizations

“Our distributors have confidence in us to equip them with the applications and knowledge to enable them build and improve their organizations, and with facts pretty much at their fingertips, our distributors are capable to give well-informed and personalised support to their shoppers, boosting their job as reliable wellness coaches,” claimed Dr. Kent Bradley, Chief Health and fitness and Nourishment Officer, Herbalife Diet.

In 2019, the enterprise introduced its new award-successful cellular app, HN Develop, which gives new distributors, in the to start with 90 times of joining Herbalife Nutrition, with foundational awareness, continuing on-desire training, and collaborative sources. The trainings are developed to support enhance products expertise, construct business acumen, and assistance the distributor’s skill to create their business additional efficiently and correctly.

The app hosts eLearning modules, podcasts, and on-need movies, as effectively as badges, certificates, and the means to share information with other customers. The app was released as a pilot exam in three countries, and nowadays it is obtainable in 38 international locations.

3-thirty day period information collected by the corporation indicated the users of the HN Grow app outperformed non-customers in revenue in nations around the world where it has released. Collected info also indicated that the application is meeting unique requires of distributors as app people ended up getting much more products and making their function as trusted wellness coaches, implying they were improved informed than non-application users.

The awards from both of those Brandon Corridor and eLearning Community were being judged by impartial market gurus and executives based mostly on the products innovation, differentiators, benefit proposition, and measurable impact.

For more data, make sure you check out IamHerbalifeNutrition.com.

About Herbalife Diet Ltd.
Herbalife Nutrition (NYSE: HLF) is a world wide corporation that has been transforming people’s lives with wonderful nourishment items and a business prospect for its impartial distributors because 1980. The Firm gives higher-high quality, science-backed products, sold in around 90 nations around the world by entrepreneurial distributors who deliver just one-on-one coaching and a supportive neighborhood that conjures up their clients to embrace a much healthier, extra active life-style. As a result of the Company’s world marketing campaign to eradicate starvation, Herbalife Diet is also dedicated to bringing nourishment and instruction to communities all around the entire world.

Cision

See primary content material to obtain multimedia:https://www.prnewswire.com/information-releases/herbalife-diet-gives-ideal-in-class-education and learning-and-applications-for-its-impartial-distributors-and-wins-many-prestigious-sector-awards-301448407.html

Source Herbalife Ltd.

December 25, 2021

Los Angeles Foster Teens Are Gifted Cryptocurrency and 1 Year of NFT and Crypto Education

.Paak Home Co-Founder, and Founder of Global Management Team, Carrie Lyn Hosts United Good friends of Little ones Foster Youth.

Showcased Impression for Worldwide Management Team

Featured Image for Global Management Group — Featured Image for World wide Management Team

Highlighted Image for Global Administration Team

LOS ANGELES, Dec. 24, 2021 (World NEWSWIRE) — .Paak Household co-founder, and founder of World-wide Administration Group, Carrie Lyn hosts United Buddies of Little ones Foster Youth in 8th Once-a-year Holiday getaway High Tea and presents cryptocurrency for every of them.

This Holiday Substantial Tea is organized to elevate far more very well-rounded, self-knowledgeable, accountable, youthful women of all ages that split limitations for our Upcoming Planet, though providing them an working experience and entry to assist that they could not ever have had prior to.

Saturday, December 18, 2021, at The Getty, Los Angeles

Just about every of the Ladies were being VIP Visitors, climbing to the event, presenting solutions to their 6 thoughts furnished prior to the occasion. This year’s theme of issues was based on Mental wellbeing recognition, coming out of quarantine and economical literacy as it pertains to cryptocurrency and NFTs.

A lot of of the women did not know everyone else there, and but were being able to bond and share hardships and factors they identified to be beneficial to “get as a result of” difficult situations. This was a risk-free area to be vulnerable and discover from every single other’s experiences.

The Girls realized nothing of Cryptocurrency, but Lyn was capable to give them illustrations that lit their eyes up with understanding. The girls were being gifted cryptocurrency belongings that will be doubled soon after completion of a 1-year cryptocurrency and NFT instructional software she is providing for them.

Topping off the event, just about every of them were gifted an awesome ALO Yoga bag full of goodies and have been ready to investigate the Getty.

Notable Sponsors Bundled: The Cynthia Basis, Xyion, Let’s Give, Alo Yoga, 8AM, VeeFriends/Gary Vee and a lot more.

“My mission in lifestyle is to generate an impact that will last lengthier than my lifestyle on Earth.” – Carrie Lyn

Lyn initial tapped in with United Pals of Kids for her .Paak Property Past the Streets initiative that focused on the fact that “Your instances do NOT ascertain your Result.” With that, she noticed even far more so the require and worth that she could provide to the youth.

It is really extraordinary with how fingers-on Lyn is, no matter of the advancement of these impactful occasions. We will be hunting out for what is actually to occur in 2022!

To get included email Carrie@globalmgmtg.com.

Linked Illustrations or photos

Image 1

This information was issued by the press launch distribution support at Newswire.com.

Attachment

December 24, 2021

Hailiang Education Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company at US$14.31 per ADS

HANGZHOU, China, Dec. 23, 2021 /PRNewswire/ — Hailiang Instruction Group Inc. (Nasdaq: HLG), (“Hailiang Education and learning” or the “Firm” or “We”), an education and learning and management solutions provider for main, center, and higher educational facilities in China, nowadays announced that its board of directors (the “Board”) acquired a preliminary non-binding proposal letter (the “Proposal”), dated December 23, 2021, from Mr. Hailiang Feng, the founder of the Corporation, to obtain all of the fantastic common shares (the “Shares”) of the Business, like Shares represented by American depositary shares (the “ADSs,” each individual Adverts representing sixteen everyday shares), that are not presently owned by Mr. Hailiang Feng and his affiliates (the “Customer”) for a buy value of US$14.31 for every Advertisements in cash (representing a high quality of about 25{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in excess of the closing value of the Firm’s ADSs on December 22, 2021) (the “Proposed Transaction”). The Proposed Transaction, if concluded, would consequence in the Organization getting a privately-held organization owned by the Customer, and the Company’s ADSs would be delisted from the NASDAQ Inventory Industry. A copy of the Proposal is attached hereto as Show A.

(PRNewsfoto/Hailiang Education Group Inc.)

The Organization has fashioned a distinctive committee of the Board, composed of Mr. Ken He, Mr. Xiaohua Gu, and Mr. Xiaofeng Cheng, each an impartial and disinterest director, to take into consideration the Proposal and the Proposed Transaction.

The Business cautions that the Board has just received the Proposal and has not created any decisions with regard to the Proposal and the Proposed Transaction. There can be no assurance that the Purchaser will make any definitive present to the Firm, that any definitive agreement relating to the Proposal will be entered into in between the Firm and the Purchaser, or that the Proposed Transaction or any other comparable transaction will be accredited or consummated.

The Business does not undertake any obligation to supply any updates with respect to this or any other transaction, except as expected less than applicable regulation.

About Hailiang Training Group Inc.

Hailiang Education (Nasdaq: HLG) is a single of the greatest main, middle, and higher faculty instructional support companies in China. The Firm generally focuses on giving distinguished, specialized, and internationalized instruction. Hailiang Education is dedicated to furnishing students with higher-good quality most important, center, and superior university, and international instructional companies and really valuing the good quality of students’ life, review, and progress. Hailiang Training adapts its schooling companies based on its students’ particular person aptitudes. Hailiang Training is devoted to increasing its students’ tutorial abilities, cultural accomplishments, and international perspectives. For additional info, make sure you go to http://ir.hailiangedu.com.

Ahead-On the lookout Statements

This push launch incorporates information and facts about Hailiang Education’s see of its potential anticipations, ideas, and prospective customers that represent ahead-wanting statements. These forward-on the lookout statements are designed less than the protected harbor provisions of the U.S. Personal Securities Litigation Reform Act of 1995. All statements other than statements of historical points in this announcement are forward-wanting statements, which includes but not restricted to the subsequent: common financial circumstances in China, levels of competition in the instruction field in China, the anticipated development of the Chinese non-public instruction industry, Chinese governmental guidelines relating to non-public academic providers and providers of this kind of services, wellness epidemics and other outbreaks in China, the Firm’s company plans, the Company’s potential business enterprise progress, benefits of functions, and fiscal ailment, expected variations in the Firm’s earnings and certain value or price merchandise, its means to elevate more funding, its capability to sustain and increase its enterprise, variability of functioning benefits, its skill to keep and boost its brand, its advancement and introduction of new goods and services, the variety of students entrusted by universities, the productive integration of obtained businesses, technologies and assets into its portfolio of computer software and companies, internet marketing and other organization growth initiatives, dependence on important personnel, the capability to draw in, employ the service of, and retain staff who possess the specialized abilities and encounter important to fulfill the prerequisites of its clients, and its capability to guard its intellectual assets, the end result of ongoing, or any long run, litigation or arbitration, which include those relating to copyright and other intellectual property legal rights, and other risks in-depth in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Hailiang Instruction may well also make published or oral forward-on the lookout statements in its periodic studies to the SEC, in its once-a-year report to shareholders, in push releases and other published elements, and in oral statements made by its officers, administrators, or workers to third events. Statements that are not historic details, which include statements about Hailiang Education’s beliefs and anticipations, are forward-searching statements. Ahead-wanting statements involve inherent risks and uncertainties, whether recognised or mysterious, and are based on recent expectations and projections about future events and money developments that the Corporation believes may well affect its money issue, outcomes of operations, business enterprise approach, and financial requirements. Traders can detect these forward-hunting statements by terms or phrases this sort of as “may well,” “will,” “will make,” “will be,” “hope,” “foresee,” “intention,” “estimate,” “intend,” “prepare,” “imagine,” “likely,” “continue,” “endeavor to,” “is/are likely to,” or other identical expressions. More information concerning these and other dangers is integrated in our annual report on Variety 20-F and other filings with the SEC. All info provided in this press release is as of the day of this press launch, and Hailiang Training undertakes no obligation to update any ahead-searching statements, apart from as may well be expected under relevant legislation.

For additional data, remember to call:
Mr. Litao Qiu
Board Secretary
Hailiang Instruction Group Inc.
Telephone: +86-571-5812-1974
E-mail: ir@hailiangeducation.com

Exhibit A

December 23, 2021
The Board of Directors
Hailiang Education Group Inc. (the “Company”)
28/F Hailiang Building, 1508 Binsheng Highway
Binjiang District, Hangzhou City
Zhejiang 310051
People’s Republic of China

Dear Sirs:

I, Hailiang Feng, the Founder of the Company, am pleased to submit this preliminary non-binding proposal (this “Proposal”) to obtain all the outstanding common shares (the “Shares”) of the Company, including all the Shares represented by American depositary shares (“Adverts”, just about every symbolizing sixteen (16) Shares), that are not currently owned by me and my affiliates in a heading-private transaction (the “Acquisition”), which will end result in the delisiting of the Ads of the company from the NASDAQ.

I consider that the Acquisition supplies an interesting opportunity to the Company’s shareholders. Our proposed obtain cost of US$14.31 for every Ads in income represents a top quality of close to 25{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} above the closing selling price of the Firm’s ADSs on December 22, 2021.

The terms and ailments upon which I am well prepared to pursue the Acquisition are set forth underneath. My affiliates and I beneficially very own around 87.28{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of all the issued and fantastic Shares of the Business, which represent about 87.28{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the mixture voting electric power of the Firm, dependent on the Company’s newest fantastic number of shares as publicly disclosed. I am confident in our means to consummate an Acquisition as outlined in this Proposal.

1. Customer. My affiliate marketers and I will be the purchaser in the Acquisition. As the controlling shareholder of the Firm, I am intrigued only in pursuing the Acquisition and am not fascinated in advertising our Shares or in participating in any other transaction involving the Corporation.

2. Obtain Value and Acquisition Construction. My proposed thought payable for the Acquisition is US$14.31 for every Ads (the “Offer Rate”), in cash. Each individual Adverts represents sixteen (16) Shares. I expect to variety a specific intent acquisition motor vehicle (“Merger Sub”) and apply the Acquisition by a statutory merger less than the Cayman Islands organization law of the Merger Sub with the Organization.

3. Financing. I am assured that I can well timed protected suitable funding to consummate the Acquisition.

4. Owing Diligence. I consider that we will be in a position to entire customary thanks diligence for the Acquisition in a well timed manner and in parallel with discussions on definitive agreements.

5. Definitive Agreements. I am well prepared to negotiate and finalize definitive agreements (the “Definitive Agreements”) expeditiously. This proposal is subject to execution of the Definitive Agreements. These paperwork will include things like provisions standard for transactions of this style.

6. Confidentiality. I will file suitable documents, if any, as required by regulation. I am sure you will agree that it is in all of our interests to make sure that our discussions relating to the Acquisition carry on in a private manner, unless otherwise expected by law, until eventually I have executed the Definitive Agreements or terminated our conversations.

7. Approach. I think that the Acquisition will provide worth to the Company’s shareholders. I acknowledge of class that the Board will assess the proposed Acquisition independently just before it can make its willpower no matter if to endorse it. In this regard, I feel it would be in the very best passions of the Enterprise for the Board to build a unique committee of impartial administrators to look at and consider this Proposal and the Acquisition.

8. No Binding Dedication. This letter constitutes only a preliminary indicator of my desire, and does not represent any binding give, agreement or dedication with regard to an Acquisition. These types of a commitment will end result only from the execution of Definitive Agreements, and then will be on the terms supplied in such documentation.

In closing, I would like to convey my dedication to working alongside one another with the Board and its special committee to convey this Acquisition to a productive and well timed conclusion. Must you have any questions regarding this Proposal, remember to do not wait to make contact with us.

Sincerely yours,

Hailiang Feng

Cision

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December 23, 2021

Financial Education Empowers FIs, Customers

Economical institutions (FIs) that offer you fiscal schooling to individuals uncover that it allows to make have confidence in, Alexis Castorina, head of purchaser education and learning for Early Warning^®, told PYMNTS.

“The more money establishments can spend in training over-all, the extra belief they’re heading to develop and the more benefit they’re likely to deliver to their clients — and continue to keep them as prospects,” Castorina reported.

Economic literacy has normally been important, but for the duration of the pandemic, it’s come to be even extra so. Currently, the aim is on elevating underserved communities, finding folks again into the economic method, selling pandemic-associated economic restoration and making increased client protections towards fraud.

“This past 12 months, President Biden basically had a proclamation on national economic functionality,” Castorina reported. “He’s called for the community and private sectors to truly double down on the efforts to give superior-high-quality money instruction and to do it in this kind of a way that much better understands and supports the distinctive desires of various communities.”

Developing Awareness and Overcoming Hurdles

With monetary schooling, people can choose actions to attain their plans, make far better choices and steer clear of starting to be a victim of abusive fiscal procedures. An comprehension of matters like primary budgeting and how to set up credit history sets a great tone for the consumer’s in general financial lifetime.

“Whenever you have that education and learning and you fully grasp how the process works and the optimistic behaviors, it definitely can have a significant result on your favourable results and what that appears to be like like for your fiscal long term,” Castorina explained.

When there are advantages to education, there are also difficulties in offering it. For a single matter, even though digital is convenient, some people master greater in man or woman. For another, there is no normal curriculum.

Normally, the to start with step in beating these hurdles requires making consciousness that fiscal training is significant. Numerous FIs husband or wife with influencers to generate a fiscal education campaign, then stage people to assets this kind of as on the internet studying products. Ideally, they inquire shoppers about their objectives so the monetary establishment can then determine the suitable setting up issue.

“It really is dependent on the place the buyer is on their journey, their level of money capability knowledge and then the info that the economic establishment has in buy to fundamentally place collectively a learning program and counsel that client on what it is specifically that they are seeking for,” Castorina reported.

Reasserting a Purpose as the Consumer’s Source of Info

FIs can also enjoy a additional energetic function in the instruction process. For example, Zelle^® has partnered with social impression corporation EVERFI to develop a method that teaches teenagers how digital banking works and how to defend identities on the internet. As of the previous school 12 months, it has arrived at 66,000 college students in colleges in 47 states.

“There are matters that economical institutions can do like that, which also places their brand entrance and heart to say, ‘Bank X is seriously critical about this, and here’s how we’re backing it up to exhibit that we’re dedicated,’” Castorina said.

Whilst the economical establishment has usually been the middle of a consumer’s monetary daily life, that is modified with the rise of FinTechs. Right now, a client might have an account with a classic FI, but also have accounts with unique 3rd-celebration apps that discipline different segments of their life or transactions they want to make.

This proliferation of services and providers has built things just that considerably more challenging and puzzling for shoppers.

“So, what is really critical suitable now is for the money establishment to reassert their part as the resource for the consumer as it relates to a amount of distinct locations in their fiscal life and genuinely spend in money instruction, so that they can be the source of information that a shopper turns to when they do have inquiries about a new existence minute, like obtaining a household,” Castorina stated.

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NEW PYMNTS Data: AUTHENTICATING IDENTITIES IN THE Digital Financial system – DECEMBER 2021

About:Extra than half of U.S. customers believe biometric authentication approaches are speedier, a lot more convenient and far more reputable than passwords or PINs — so why are considerably less than 10{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} making use of them? PYMNTS, in collaboration with Mitek, surveyed much more than 2,200 customers to better determine this perception as opposed to use hole and detect techniques companies can boost usage.

December 22, 2021

A Bilingual Teacher’s Unusual Journey from Finance to Education

Like most educators, Raissa Lee had to put in a lot of work to be able to work with children, but her path to becoming a teacher started when she was a child herself.

Growing up in a small Missouri town, she knew early on she wanted to be a teacher; she worked hard in school, often staying with neighbors or friends because her parents worked long hours. Lee’s parents, who came to the U.S. from China, made it very clear that despite her desire to become a teacher, her future career options should be limited to the lucrative titles of doctor, lawyer, accountant or engineer. Her peers and even teachers resisted the idea too, with a dash of racism to boot. As the only Asian in her class, she remembers comments on her appearance and being called racial slurs.

“This was in the eighties when there weren’t a lot of Asians living in Missouri,” Lee says.

Lee tried to make it work and explored her parents’ dream careers. She decided she could not be a doctor because the sight of blood made her squeamish. When she went to study to become a lawyer, she says she was told that she needed to learn to be a liar, but that didn’t sit well with her either. Finally, she settled for a career in finance because she knew she could be good at it, and she was right. Eventually, she came to excel in the financial sector, but no matter how much money she made, she felt empty inside and remembered that little girl who wanted to teach.

Educator Raissa Lee of ABC Mom teaches kids about the five senses in Mandarin and English with a Mr. Potato Head picture. — Raissa Lee teaches kids about the five senses in Mandarin and English with a Mr. Potato Head picture. | Courtesy of Raissa Lee

After rejecting an opportunity to continue working in finance, Lee decided to follow her dream and went back to school (keeping her parents’ concerns about her financial security in education in the back of her mind). She earned a degree in international relations and got her Multiple Subject Teaching Credential with a BCLAD (Bilingual Crosscultural, Language, and Academic Development) Mandarin Emphasis from California State University, Fullerton in 2002. Then, she got a master’s degree in Elementary Curriculum & Instruction with an early education emphasis. Finally, with her degrees in hand, she started her teaching career in the Irvine Unified and Newport Mesa Unified school districts, but even then, she faced resistance.

Earning the trust and love of a child is such a gift. This job is not just babysitting. …We are [shaping] the brains of our future.

Raissa Lee

As a teacher in Irvine, Lee learned how challenging it was to work with kids in advanced placement, or the Alternative Program for Academically Advanced Students. She says parents were often aggressive to her because they didn’t deem her qualified to teach their children. There was even an instance when parents tried to set up a camera in her classroom, but she never gave up.

“One mom told me ‘I don’t think you can teach my child math. He only got a B.’” Lee says. “So she pulled him from my class.”

Now, almost 20 years later, she continues to teach. “My heart was always in education. You have to do what you feel called to, so here I am!” she says.

As the owner, operator — and sometimes sole employee — of ABC Mom, which stands for American-Born Chinese Mom, Lee spends her days bringing culturally aware learning experiences to families with paths similar to her own.

She says she started ABC Mom because she “really wanted to create a place where children are safe and loved, just like they would be at home.”

1/7 Recently, Raissa Lee and her students made homemade tortillas for lunch. | Courtesy of Raissa Lee

2/7 Raissa Lee teaches kids about sorting sweet and salty food during a Thanksgiving pijama day activity. | Courtesy of Raissa Lee

3/7 When students were focusing on symphonies, Raissa Lee organized a field trip to the Segerstrom Center for the Arts. | Courtesy of Raissa Lee

4/7 Raissa Lee’s students learn about students about human body systems and X-rays. | Courtesy of Raissa Lee

5/7 A few of Raissa Lee’s students pose dressed as snowflakes. | Courtesy of Raissa Lee

6/7 Raissa Lee visits Irvine’s City Hall with her students. | Courtesy of Raissa Lee

7/7 Raissa Lee visits local police officers with her students to thank them for their work.

Most of her students come from Chinese and other Asian backgrounds, but some are from Latin America and even Europe; and for Lee, they’re all practically family.

Lee says ABC Mom’s goal goes beyond just educating children. It involves parents too, which is why she’s created a multitude of resources to help immigrant families prepare their kids for the American school system; she says there’s a huge disparity in early education that stems from kids’ backgrounds.

She offers a STEM-based curriculum and a Dual Language Mandarin English immersion learning experience, but to combat that disparity for all her kids, she created an entire infrastructure guiding families and kids to success. Her system includes weekly check-ins, virtual parent book clubs and even a podcast she made herself.

“A lot of these families that come from culturally different backgrounds don’t have the coaching, the strategies or the resources to understand how to help a child grow socially and emotionally,” Lee says.

It’s an involved job to say the least. At the onset of the pandemic, Lee didn’t want her husband and sons to help her because she feared exposing them to illness, and soon, like many other caregivers, she became the only staff member at ABC Mom. She says she insisted on doing everything herself. From cleaning and sanitizing the rooms and equipment the children would use throughout the day, to preparing meals and the daily activities, she realized quickly that she was pushing her limits.

The stress caught up to her and she says she started feeling discomfort and pain. After visiting the doctor, she found out there was a blood clot in her lungs. She knew it was time to figure out an alternative plan to make ABC Mom run smoothly, for the sake of her health and her business. So, she relented and allowed her family to help her. With her husband waking up early each morning to prepare healthy meals for the children and her sons helping her keep the house clean and sanitized, she was able to get back on track and focus on the children and their education.

2021 Raissa Lee Family Pic ABC Mom — Raissa Lee smiles with her family. | Courtesy of Raissa Lee

That lesson of taking care of oneself has definitely stuck with her and she’s been learning to do less. When she first started her program, she says, “I said I was going to do these monthly events, potlucks etc. and the licensing person I talked to said ‘Don’t do that, you’re just going to burn yourself out.””

She says other early educators like her need to take better care of themselves, especially during precarious times like the pandemic, and that support from the community is the key to success.

“You have to have that understanding that education is important [and] continued investment as an educator and care provider is essential,” Lee says “And then you also have to have the help to get you there.”

ABC Mom Educator Raissa Lee takes her kids on a nature walk — Raissa Lee’s students go on nature walks as often as Lee can take them. | Courtesy of Raissa Lee

It hasn’t been easy, but she is passionate about her work and sees her job as a privilege, as well as a welcome responsibility. “Earning the trust and love of a child is such a gift,” she says. “This job is not just babysitting. …We are [shaping] the brains of our future.”