Q&k announces disposal of wfoe

Shanghai, china., oct. 26, 2021 (globe newswire) -- q&k international group limited (nasdaq: qk) (“q&k” or the “company”), a leading technology-driven long-term apartment rental platform in china, today announced that it has sold all of its equity interest in shanghai qingke investment consulting co., ltd. (the “former wfoe”), which was a wholly-owned subsidiary of the company in china prior to the disposition, to wangxiancai limited, which is beneficially owned by the legal representative and executive director of one of the company's subsidiaries, a related party (the “disposal”). the former wfoe has a series of contractual arrangements with shanghai qingke e-commerce co., ltd, the company's former variable interest entity, through which the company carried out certain rental apartment operation business. the disposal was performed to dedicate the company's business resources to operate higher-quality rental apartments through its subsidiaries in china. as a result of the disposal, the company no longer conducts any operation through a variable interest entity.
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