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Related Party Transactions
 12 Months Ended
Feb. 29, 2024
Related Party Transactions [Abstract]  
Related Party Transactions

14. RELATED PARTY TRANSACTIONS

The table below sets forth the major related parties and their relationships with the Group:

 

Name of related parties

 

Relationship with the group

Four Seasons Online Education (Cayman) Inc.("FSOL")

Equity method investee of the Group

Shanghai Yanjin Information Technology Co., Ltd. ("VIP Sing")

Equity method investee of the Group

Four Seasons Online Education (HK) Inc.("FSOL (HK)")

 

Equity method investee of the Group

Shanghai Fuxi Network Co., Ltd.("Fuxi Network")

 

Equity method investee of the Group

Shanghai Jiaxin Travel Agency ("Jiaxin Travel")

 

Entity controlled by Tian Peiqing, Chairman of the Group

Shanghai Jing’an Dangdai Art Training School ("Dangdai")

 

Entity Sponsored by Shanghai Jiaxin Travel Agency, Entity controlled by Tian Peiqing, Chairman of the Group

Huangshan Culture Investment Group Co., Ltd. ("Huangshan Culture")

 

Non-controlling interest shareholder of VIE's subsidiary

Ju Yiming, Yang Huining, Ma Lichao, Yang Hongguan, Tao Jingyu

 

Non-controlling interest shareholders of VIE's subsidiaries

Shanghai Four Season Online School ("SHFSOS")

 

Entity Sponsored by Shanghai Jiaxin Travel Agency, Entity controlled by Tian Peiqing, Chairman of the Group

East China Normal University Electronic and Audio-visual Publishing House ("ESNU E&A Publishing")

 

Wholly-owned subsidiary of the non-controlling shareholder of the Group

Shanghai Jiading Four Seasons Bole Training School ("Bole")

 

Entity Sponsored by Shanghai Jiaxin Travel Agency, Entity controlled by Tian Peiqing, Chairman of the Group

East China Normal University Publishing House ("ESNU Publishing")

 

Non-controlling interest shareholders of VIE's subsidiaries

 

The Group entered into the following transactions with its related parties:

 

 

 

For the Years Ended

 

 

 

February 28

 

 

February 28

 

 

February 29

 

 

 

2022

 

 

2023

 

 

2024

 

 

 

RMB

 

 

RMB

 

 

RMB

 

 

USD

 

Services provided to related parties

 

 

 

 

 

 

 

 

 

 

 

 

Jiaxin Travel (1)

 

 

—

 

 

 

—

 

 

 

1,153

 

 

 

160

 

SHFSOS (2)

 

 

—

 

 

 

7,381

 

 

 

884

 

 

 

123

 

Dangdai (3)

 

 

—

 

 

 

124

 

 

 

246

 

 

 

34

 

ESNU Publishing (4)

 

 

—

 

 

 

155

 

 

 

56

 

 

 

8

 

Bole (5)

 

 

—

 

 

 

—

 

 

 

30

 

 

 

4

 

Fuxi Network

 

 

949

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

949

 

 

 

7,660

 

 

 

2,369

 

 

 

329

 

Purchases of services provided by related parties

 

 

 

 

 

 

 

 

 

 

 

 

SHFSOS (2)

 

 

—

 

 

 

127

 

 

 

253

 

 

 

35

 

ESNU E&A Publishing (4)

 

 

—

 

 

 

532

 

 

 

146

 

 

 

20

 

Total

 

 

—

 

 

 

659

 

 

 

399

 

 

 

55

 

Short-term lease from related parties

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense to Bole (5)

 

 

—

 

 

 

—

 

 

 

1,085

 

 

 

151

 

Lease expense to Huangshan Culture (6)

 

 

108

 

 

 

91

 

 

 

—

 

 

 

—

 

Dangdai (3)

 

 

—

 

 

 

—

 

 

 

3,025

 

 

 

420

 

Total

 

 

108

 

 

 

91

 

 

 

4,110

 

 

 

571

 

Loan to related parties

 

 

 

 

 

 

 

 

 

 

 

 

Dangdai (7)

 

 

—

 

 

 

122

 

 

 

3,785

 

 

 

526

 

Bole (7)

 

 

—

 

 

 

—

 

 

 

300

 

 

 

42

 

Non-controlling interest shareholders of subsidiaries (7)

 

 

—

 

 

 

—

 

 

 

583

 

 

 

81

 

Others (7)

 

 

—

 

 

 

—

 

 

 

95

 

 

 

13

 

Total

 

 

—

 

 

 

122

 

 

 

4,763

 

 

 

662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain from disposal of deferred revenue and Dangdai to Jiaxin Travel (8)

 

 

4,048

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

4,048

 

 

 

—

 

 

 

—

 

 

 

—

 

 

(1) The Group provided tourism service to Jiaxin Travel.

(2) The Group provided course design and development services, digital learning system, student management platform and promotional assistance service to SHFSOS, and charged service fee accordingly. The Group also purchased IT support service from SHFSOS.

(3) The Group sold textbooks for the course 'Math point to point' to Shanghai Jing'an Dangdai Art Training School ('Dangdai') and recognizes related revenue. The Group also rent operation space from Dangdai, and purchased school reception, management, and cleaning service from Dangdai.

(4) The Group charged service fee from ESNU Publishing for the copyright use of the Group's self-developed book series. The Group also purchased printing service for the self-developed book series from ESNU E&A Publishing.

(5) The Group provided labor outsourcing service to Bole and recognizes related revenue. The Group also rent operation space from Bole, which was within one year and recorded as short-term lease expense.

(6) The Group rent operation space from Huangshan Culture, which was within one year and recorded as short-term lease expense.

(7) The Group makes loans to related parties to support their daily operations. The loans are interest-free, unsecured, and due on demand.

(8) Due to the change in regulations, the Group ceased offering K-9 Academic AST services at the end of 2021. The Group disposed the deferred revenue related to K-9 Academic AST services that it received in advance from the students for the unconsummated lessons to Jiaxin Travel’s sponsored not-for profit entities with a consideration at RMB7,500. After disposal, all the rights and obligations related to the contracts of unconsummated lessons were transferred to Jiaxin Travel. The Group recognized gain of RMB 835 from the transaction for the year ended February 28, 2022.

In December 2021, the Group disposed its entire equity interest in Shanghai Jing’an Dangdai Art Training School (“Dangdai”) to Jiaxin Travel. No other form of consideration was received. The disposal was effected by the change of sponsor of Dangdai on December 31, 2021. Dangdai was in a net liability position at the time of disposal, and Jiaxin assumed all its liabilities, which led to the group recognizing a gain on disposal of RMB3,213 for the year ended February 28, 2022. The disposal was not a strategic shift of the business and would not have a major impact on the Group’s business, therefore the disposal did not qualify as discontinued operations.

The following tables present amounts due from and to related parties as of February 28, 2023 and February 29, 2024:

 

 

 

As of

 

 

 

February 28,

 

 

February 29,

 

 

 

2023

 

 

2024

 

 

 

RMB

 

 

RMB

 

 

USD

 

Amount due from related parties

 

 

 

 

 

 

 

 

 

SHFSOS (1)

 

 

6,471

 

 

 

4,240

 

 

 

589

 

Dangdai (2)

 

 

2,209

 

 

 

1,682

 

 

 

234

 

ESNU E&A Publishing (3)

 

 

1,859

 

 

 

1,759

 

 

 

244

 

Non-controlling interest shareholders of VIE's subsidiaries (4)

 

 

588

 

 

 

583

 

 

 

81

 

Total

 

 

11,127

 

 

 

8,264

 

 

 

1,148

 

Amounts due to related parties

 

 

 

 

 

 

 

 

 

FSOL (5)

 

 

—

 

 

 

1,276

 

 

 

177

 

Bole (6)

 

 

—

 

 

 

1,085

 

 

 

151

 

ESNU Publishing (7)

 

 

541

 

 

 

496

 

 

 

69

 

Non-controlling interest shareholders of VIE's subsidiaries (8)

 

 

283

 

 

 

503

 

 

 

70

 

Others

 

 

43

 

 

 

24

 

 

 

3

 

Total

 

 

867

 

 

 

3,384

 

 

 

470

 

 

(1) The amount represents the receivable from course design and development services, digital learning system, student management platform and promotional assistance service provided to SHFSOS.

(2) The amount mainly represents the loan lent to Dangdai and non-controlling interest shareholders.

(3) The amount represents the prepayments for book printing service provided by ESNU E&A Publishing.

(4) The amount represents the loans to non-controlling shareholders, which were interest-free, unsecured, and due on demand.

(5) The amount represents the Group’s deposit in bank on behalf of the FSOL (CAYMAN).

(6) The amount represents the Group's payable to Bole for rental services.

(7) The amount represents the advance from ESNU Publishing for copyright use.

(8) The amount represents the loans from non-controlling interest shareholders, which were non-interest bearing, unsecured, and due on demand.