XJ International (HKG:1765) unit Chengdu Dingtaiheng Enterprise Management agreed to sell Zhangshu City Yude Education Management to Hainan Aifusheng Technology for around 123.5 million yuan, a Thursday Hong Kong bourse filing said.
The buyer has also agreed to repay 244.9 million yuan of a shareholder's debt and 1.6 million yuan of other debts owed by the target firm and its units to Chengdu Dingtaiheng Enterprise Management.
The firm will use proceeds from the disposal to improve the operation of its existing schools.
Zhangshu City Yude Education Management engages mainly in education management and education industry investment.
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