Scholar Education Group's (HKG:1769) shares rose over 1% in the Friday afternoon trade after chairman and controlling shareholder Chen Qiyuan bought an additional stake in the company, according to a late Thursday filing with the Hong Kong bourse.

Chen purchased a total of 263,000 shares from the open market between June 17 and June 19 for HK$1 million, or HK$3.78 apiece, through Sky Noon International.

Following the acquisition, Chen holds 219,658,000, or 38.89%, shares in the educational services company.