Chinese K-12 education provider BESTSTUDY EDU went public in a HK IPO priced at HK$2.4
by Alexandra 2018-12-27
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Chinese K-12 (kindergarten to class 12) education provider Beststudy Education Group (short for Beststudy) (03978.HK) was listed on the main board of the Hong Kong Stock Exchange this morning. It is reported that, Beststudy submitted its prospectus to Hong Kong on 29th June, and passed the listing hearing on 6th December. The offering price for Beststudy set at HK$2.4 and aimed to raise $363 million. According to Beststudys' prospectus, their earnings for 2017 reached ¥1.142 billion, and the annual profit was ¥0.75 billion. As for 2018 counting at 30th June, their earnings reached ¥723 million in six months and its annual profit would be ¥822 million. It is written in the prospectus that, according to the number of enrollments and earnings in 2017, Beststudy is the largest K-12 education provider in Southeast China and the fifth largest provider in China, providing a wide range of K12 extracurricular education services and products. Beststudy was born in 1997 with its business mainly concentrated in Guangzhou. known as "South China Tiger" in K-12 training industry, Beststudy has a market share of 1.6% in South China. Along with Beststudy, other training institutes, such as "Huatu Education”, a training institute for public service examination, online education institutions “Hujiang Education”, a comprehensive online education platform and "New Oriental Online", are also waiting for listing in Hong Kong in line.