New Oriental Education & Technology Group Inc. (EDU)

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Chinese private school operator New Oriental seeks to raise up to US$1.54 billion in secondary Hong Kong listing
* New Oriental is selling 8.51 million shares in its offering, and has set a maximum price of HK$1,399 for the retail tranche of the deal
* The company plans to use the proceeds to investing in technologies to enhance students’ learning experience and for expansion and acquisitions

Bloomberg
Published: 6:45pm, 28 Oct, 2020

New Oriental Education & Technology Group, a Chinese tutoring, test preparation and private school operator, is looking to raise as much as HK$11.9 billion (US$1.54 billion) in its second listing in Hong Kong.

New Oriental is selling 8.51 million shares in its offering, according to a company statement on Wednesday. It has set a maximum price of HK$1,399 for the portion of the deal being marketed to Hong Kong’s retail investors, which represents a premium of almost 7 per cent over Tuesday’s closing price of US$168.81 for its American depositary shares. One ADS represents one ordinary share.

New Oriental is part of a trend of US-listed Chinese firms that are conducting share sales in Hong Kong as a way to broaden their investor base and as a hedge against deteriorating relations between Washington and Beijing.

Tensions have spilled over into the capital markets, with the US threatening to delist Chinese companies on the grounds American regulators do not have access to their audit papers.

More than US$15 billion has been raised this year through such second listings in Hong Kong, including the blockbuster deals of e-commerce giant JD.com and NetEase, China’s second largest gaming company.

This week, US-listed data centre company GDS Holdings completed its Hong Kong share sale of US$1.67 billion.

More details in https://www.scmp.com/business/companies/...aise-us154
Specuvestor: Asset - Business - Structure.
Reply
#1
Chinese private school operator New Oriental seeks to raise up to US$1.54 billion in secondary Hong Kong listing
* New Oriental is selling 8.51 million shares in its offering, and has set a maximum price of HK$1,399 for the retail tranche of the deal
* The company plans to use the proceeds to investing in technologies to enhance students’ learning experience and for expansion and acquisitions

Bloomberg
Published: 6:45pm, 28 Oct, 2020

New Oriental Education & Technology Group, a Chinese tutoring, test preparation and private school operator, is looking to raise as much as HK$11.9 billion (US$1.54 billion) in its second listing in Hong Kong.

New Oriental is selling 8.51 million shares in its offering, according to a company statement on Wednesday. It has set a maximum price of HK$1,399 for the portion of the deal being marketed to Hong Kong’s retail investors, which represents a premium of almost 7 per cent over Tuesday’s closing price of US$168.81 for its American depositary shares. One ADS represents one ordinary share.

New Oriental is part of a trend of US-listed Chinese firms that are conducting share sales in Hong Kong as a way to broaden their investor base and as a hedge against deteriorating relations between Washington and Beijing.

Tensions have spilled over into the capital markets, with the US threatening to delist Chinese companies on the grounds American regulators do not have access to their audit papers.

More than US$15 billion has been raised this year through such second listings in Hong Kong, including the blockbuster deals of e-commerce giant JD.com and NetEase, China’s second largest gaming company.

This week, US-listed data centre company GDS Holdings completed its Hong Kong share sale of US$1.67 billion.

More details in https://www.scmp.com/business/companies/...aise-us154
Specuvestor: Asset - Business - Structure.
Reply


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