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Shares of New Oriental Commence Trading on the Main Board of the Stock Exchange of Hong Kong
HONG KONG, November 9, 2020 -- New Oriental Education & Technology Group Inc. (the “Company” or “New Oriental”), the largest provider of private educational services in China, has commenced trading of its shares on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”) today under the stock code 9901.
New Oriental shares recorded satisfactory performance on its first day of trading in Hong Kong, opened at HK$1,381, approximately 16.1% higher than the offer price of HK$1,190; and closed at HK$1,365, up approximately 14.7% against the offer price.
Michael Yu, Founder and Executive Chairman of New Oriental Education & Technology Group, said at the listing ceremony: "From ringing the bell to list in the U.S. 14 years ago, to the gong-hitting ceremony today for our Hong Kong listing, the journey has seen both the development of New Oriental and my state of mind experienced many great changes, but what remains unchanged is our determination to stay true to our founding mission for education. New Oriental's choice of secondary listing in Hong Kong is a strategic move that surfs on the tide of the times, having considered the company's future development plans and other macro factors. We hope to leverage this opportunity to break new ground for New Oriental, with the aim of providing students with higher quality and more diversified educational products and services, and making greater contributions to the progress of the development of China's education."
Michael Yu continued: "The secondary listing of New Oriental in Hong Kong once again demonstrates our confidence in Hong Kong as a global capital and financial center, as well as our confidence and expectation in Hong Kong's long-term prosperity and stability. We believe Hong Kong’s increasingly significant role as a global financial hub will enable New Oriental to achieve breakthroughs and reach new milestones."
The final offer price of the Company’s Global Offering of 8,510,000 new common shares has been set at HK$1,190 per share. The net proceeds from the Global Offering that the Company will receive, after deduction of the underwriting fees and other estimated expenses payable in connection with the Global Offering and assuming that the over-allotment option is not exercised, are estimated to be approximately HK$9,967.7 million. New Oriental plans to use the net proceeds for investments in technologies to enhance its students' learning experience, its business growth and geographic expansion, strategic investments and acquisitions, and general corporate purposes and working capital needs.
The Company’s ADSs, each representing one common share, will continue to be listed and traded on NYSE. The Hong Kong-listed shares will be fully fungible with the ADSs listed on NYSE.
Credit Suisse, BofA Securities and UBS are the joint sponsors and joint global coordinators for the proposed Offering
Photo 1: New Oriental’s Founder and Executive Chairman, Michael Minhong Yu (left), and Chief Executive Officer, Chenggang Zhou (right), strikes the ceremonial gong, marking the Company’s listing on the Main Board of SEHK.
Photo 2: New Oriental’s Founder and Executive Chairman, Michael Minhong Yu, delivers speech at the listing ceremony.
Photo 3: (From left to right) New Oriental's Chief Financial Officer, Stephen Zhihui Yang, Founder and Executive Chairman, Michael Minhong Yu, and Chief Executive Officer, Chenggang Zhou, officiate New Oriental’s listing ceremony.
About New Oriental
New Oriental is the largest provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental’s program, service and product offerings consist of K-12 after-school tutoring, test preparation, language training for adults, pre-school education, primary and secondary school education, education materials and distribution, online education, and other services. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK) respectively. New Oriental’s ADSs, each of which represents one common share. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.
For more information about New Oriental, please visit http://www.neworiental.org/english/.
For investor and media inquiries, please contact:
New Oriental Education and Technology Group Inc.
Rita Fong / Ms. Charlotte Cheung
Tel: +852 3768 4548 / +852 3768 4732
Email: firstname.lastname@example.org / email@example.com