QuantaSing Group (QSG) said late Tuesday it plans a major restructuring, exiting its online learning and consumer businesses to focus solely on its pop toy operations.

The company said it will divest online learning operations in China and abroad through the termination of its variable interest entity agreements and the sale of related units for 162 million Chinese yuan ($22.7 million) and $2.5 million, with the buyer also assuming the entities' net liabilities.

As part of the restructuring, QuantaSing proposed rebranding as Here Group and updating its ticker to HERE, subject to shareholder approval at an extraordinary general meeting on Nov. 6.

Following the divestiture, the company will continue operating exclusively through its Shenzhen Yiqi Culture unit, it said.