Leader Education Limited(1449.HK), a China-based private higher education service provider, updated its prospectus and planned to issue 167 million shares at a price of HK $ 2.1-2.6 per share. The company is expected to be listed in Hong Kong on August 6.

This March, Leader Education Limited has submitted a prospectus to the Hong Kong Stock Exchange. The prospectus shows that the company operated only one school, Heilongjiang College of Business and Technology in Harbin City. The college mainly provides undergraduate courses in 26 majors, covering engineering, commerce, railways, economics, art, and fine art.

According to the Frost & Sullivan Report, the company ranked eighth among all private higher education service providers in Heilongjiang Province in full-time student enrollment in the 2018/2019 academic year with a market share of approximately 7.5%. And the following table from the prospectus shows the revenue combined with other financial information as of and for the years ended August 31, 2017, 2018, and 2019.

The company states that the funds raised this time will be used in four aspects:about 40% will be mainly invested in campus expansion, 30% will be used for loan repayment, 20% will be mainly used to acquire other schools to expand the school network, and the remaining funds will be simply used for general corporate purposes or working capital.