AIM-quoted EuropAsia Education owns 12 per cent of Ample Gains Investment (AGI), which is headed by prominent Chinese private university player Mr Sun. AGI has a 25-year licence to manage the Shandong Institute, which today announced a 61 per cent pre-tax profits increase to £3.5 million on turnover also up 61 per cent to £4.9 million.

The institute runs diplomas and undergraduate courses in foreign languages, computer science, IT, international commerce and trade and hospitality and tourism. It recently completed the first phase of its drive to increase student numbers from 5,000 to 20,000 by 2007.

EuropAsia, which began life as StartIT.com, was floated on AIM six years ago by Insinger and Hoodless Brennan at 5p and has fallen ever since. Unimpressed by last year’s 19 per cent reduction in losses to £287,144 and fivefold turnover growth to £360,200, the market has the shares languishing at 1.05p.