Eh....
Cinderella II: "While the movie did surpass the $120 million mark, critical reception was mainly negative. Many critics agreed that it looked like pieced-together remains of a rejected television series, akin to Beauty and the Beast: Belle's Magical World and Atlantis: Milo's Return.[2] On Rotten Tomatoes, it currently holds an 11% approval rating based on 9 reviews."
It sounds like a cash-grab.
As for A Cinderella Story, looks like they already made a sequel, or five: A Cinderella Story was followed by five direct-to-video sequels, each presenting a separate modern-day version of the Cinderella story: The sequels use the themes and situations that also borrow from the Cinderella tale, but do not contain any characters from the first film.
Ok you did say "with the same characters" but I don't think there's any need to keep rehashing the same story.