Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Chinese Robot Startup Unitree Gears Up for Market Debut
LATEST
Chinese Robot Startup Unitree Gears Up for Market Debut
China Enforces AI Content Labeling Rules to Curb Misuse
Tech Brief (Sept. 2): China Rolls Out Mandatory AI Labeling
Meituan Enters Open-Source AI Race With LongCat Model
Tech Brief (Aug. 29): SenseTime Reports Strong AI Growth
All Hail the Driverless Taxis as China Eyes a $183 Billion Market
Tech Brief (Aug. 27): Cambricon Reports $128 Million Profit, Stock More Than Doubles Since July
Tech Brief (Aug. 26): Musk’s xAI Sues Apple and OpenAI Over Alleged AI Market Monopoly
Exclusive: NetEase’s Youdao CEO Explains How AI Agents Could Build a Future of Virtual Teachers
Ant Group Teams up With Top Beijing Hospital to Launch AI Healthcare Lab
Didi and Meituan Clash in Brazil as Food Delivery Battle Goes to Court
Google Denies Rumors It Is Resuming Full Services on Chinese Mainland
China Proves a Winner in the Gaming Market as Growth Hits a Five-Year High
China’s Booster Robotics Lands New Funding as it Hits a Winning Streak
Amazon to Shut Down Shanghai AI Lab Amid Strategic Shift
Cover Story: A New Gold Rush Begins in China’s Hard Tech Sector
Humanoid Robotics Startup Robot Era Secures $69 Million Series A Funding
China’s Zhipu AI Secures $140 Million Investment From Shanghai State Funds Amid IPO Push
In Depth: AI Agents Trigger the Next Tech Battlefield in China
Cover Story: Alibaba Fights Tencent for Dominance Over AI in China
Vocational Training Provider Seeks $675 Million in Biggest Education IPO

By Wei Yiyang and Han Wei / May 30, 2019 03:34 AM / Business & Tech

Photo: IC Photo

Photo: IC Photo

A Chinese culinary training specialist is planning to bring its recipes to the Hong Kong stock market to tap the appetite of global investors.

China East Education Holdings Ltd., China’s largest vocational training provider, said it plans to raise as much as HK$5.3 billion ($675 million) by selling 435.8 million shares in Hong Kong, which would be the world’s largest initial public offering in the education sector. The company would price the shares between HK$9.80 and HK$12.26 apiece, according to China East Education’s filing Wednesday.

The company, based in Hefei, Anhui province, is set to debut on the Hong Kong stock exchange June 12.

China East Education operates 139 vocational schools across China. Its 2018 revenue, mainly from tuition fees, rose 14.6% to 3.3 billion yuan. Profit slid 22% to 515 million yuan. The company attributed the profit drop to rising costs for expansion. Culinary training is the main revenue source of the company, contributing about 60%.

China East Education plans to use nearly half of the proceeds for land and property investment to expand its campuses in cities including Beijing, Shanghai and Guangzhou, according to the prospectus. The rest of the funds will be invested in curriculum research, equipment updates and business operations.

China East Education in November submitted an application to open a school in California in its first attempt to tap the overseas vocational education market, according to the prospectus.

Share this article
Open WeChat and scan the QR code