March 26, 2018 – China Xinhua Education Group Ltd. (“China Xinhua Edu.”, stock symbol: 02779.HK) successfully launched its IPO through the Hong Kong Stock Exchange, making it the first education company’s stock to be listed on the HKEX main board. There was a total of 400 million shares offered globally with each share priced at HK$3.26.
China Xinhua Edu. is the largest private higher education company in the Yangtze River Delta with two schools under its management: Anhui Xinhua University and Anhui Xinhua School. They have been enjoying promising performance and steady growth during the past three years. As of September 30, 2017, there are 22,670 full-time students pursuing college and junior college degrees and 5,605 students continuing education programs in the university while 5,360 students are registered full-time in the secondary school. In addition, China Xinhua Edu. has collaborated with overseas institutes to further advanced study programs, such as the American College of Xinhua University in Florida. As an additional step to expand the campus network, on November 20, 2017 China Xinhua Edu. reached an agreement with Anhui Medical University to co-run the affiliated Clinic Medicine College.
As the designated legal consultants from China, Jingtian & Gongcheng team dedicated their legal service to China Xinhua Edu. throughout the entire IPO process. It is the third time Jingtian & Gongcheng has assisted a China-based firm specialized in higher education services to go public in Hong Kong, Minsheng Education Group (“Minsheng Edu.”, stock symbol: 01569.HK) being the first and China New Higher Education the second (“China New Higher”, stock symbol: 02001.HK).
To date there have been 8 HKEX newly listed companies based in China who offer pre-college and college degree programs, among which Jingtian & Gongcheng assisted in 5 IPOs, 4 of which the firm acted as the appointed legal adviser. In total, 75% of all the higher education service provider corporations that have gone public on the Hong Kong Stock Exchange were assisted by Jingtian & Gongcheng ‘s superb legal team.
