April 30, 2024

CGIF Accelerates the Guaranteed THB Debentures Issued by XJ International Holdings Co., Ltd.

Manila, 30 April 2024 – XJ International Holdings Co., Ltd. (“XJ”, formerly known as Hope Education Group Co. Ltd.), as guarantor of the US$350,000,000 Zero Coupon Guaranteed Convertible Bonds Due 2026 issued by Tequ Mayflower Limited (the “CBs”), announced on the Hong Kong Stock Exchange that CB holders have the option to require XJ to redeem all or some of the CBs on 2 March 2024 (the “Optional Redemption Date”), it had received redemption option notices in respect of US$315,100,000 in outstanding aggregate principal amount of the CBs (“Relevant CBs”), and it did not make payments for the Relevant CBs pursuant to the redemption options on the Optional Redemption Date. As a result, an event of default occurred in respect of the CBs on 2 March 2024.

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