New Oriental Education & Technology Group Inc. will seek to raise up to US$1.54 billion in a secondary listing of shares in Hong Kong, the latest in a line of U.S.-listed Chinese companies offering shares closer to home.
Beijing-based New Oriental said Wednesday that it plans to sell 8.51 million new shares at up to 1,399 Hong Kong dollars (US$180.52) a share. At that price, the company would raise up to HK$11.91 billion in the offering.
The company said it plans to use the proceeds from the offering to expand its business, make acquisitions and invest in technologies to enhance student learning, among other things. Credit Suisse, BofA Securities and UBS are the joint sponsors and joint global coordinators for the offering.
Listed on the New York Stock Exchange in 2006, New Oriental describes itself as the largest provider of private educational services in China, offering a range of educational programs, services and products such as K-12 after-school tutoring, test preparation, language training for adults, online education and pre-school education.
New Oriental's offering would follow a string of sizable stock sales in Hong Kong by big Chinese companies whose securities already trade in New York, including Alibaba Group Holding Ltd., JD.com Inc. and NetEase Inc.
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