Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Commitments and Contingencies

v3.20.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

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COMMITMENTS AND CONTINGENCIES

 

On April 27, 2017, the Group entered into a five-year agreement with Tsinghua University, under which ACG will support the research of the Research Institute of Future Education and Assessment at Tsinghua University under certain circumstances with funding support of RMB 50.0 million, out of which RMB 20.0 million will be paid in the following two years.

The future minimum payments under the non-cancelable agreements as of December 31, 2019 are:

 

 

 

Required Payments

Amount

 

 

 

RMB

 

Year ended December 31:

 

 

 

 

2020

 

 

10,000,000

 

2021

 

 

10,000,000

 

2022

 

 

 

2023

 

 

 

2024

 

 

 

 

 

 

20,000,000