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
Analysis: Alibaba’s New Processor Shows Applications Are Key to AI Chip Success
Satellite Maker Spacety Kicks Off IPO as China’s Commercial Space Race Heats Up
Beijing Humanoid Robotics Hub Raises $100 Million in First Funding Round
LATEST
Satellite Maker Spacety Kicks Off IPO as China’s Commercial Space Race Heats Up
Beijing Humanoid Robotics Hub Raises $100 Million in First Funding Round
Analysis: Alibaba’s New Processor Shows Applications Are Key to AI Chip Success
Aerofugia Raises Nearly $150 Million to Get Flying Taxis Certified
Alibaba Pledges $432 Million in Lunar New Year AI Subsidy War
In Depth: Megvii Co-Founder Is Back Riding the Latest AI Wave
China Fines Kuaishou Unit $3.8 Million for E-Commerce Violations
Chips Drive China’s Electronics Exports
Robots Take the Stage at China’s Spring Festival Gala
Alibaba Unveils New AI Chip to Rival Nvidia’s China Offerings
ASML Expects China Revenue Drop Following Backlog-Fueled Surge
China’s Telecom Industry Stalls as Traditional Revenue Dries Up
TikTok Outage Puts New U.S. Operations to the Test
Moonshot AI Gets More Into Agents With New Model
Texas Doubles Down on China Tech Ban, Adding AI and E-Commerce Giants
Chinese GPU-Maker Challenges Nvidia in Three-Year Development Plan
In Depth: Tencent Bets Its AI Future on 28-Year-Old From OpenAI
Alibaba Sets Sights on ChatGPT and Gemini With New AI Model
China’s AI App Developers Lure New Users With Digital Red Envelopes
StepFun Raises $717 Million, Outpacing Newly Listed AI Rivals
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