China-based private higher educator Heyang Education Group Holdings recently submitted its IPO application for debuting on the Main Board of the HKEX, with CMB International Capital and Founder Securities as its joint sponsor for the purposed Hong Kong listing.
As reported by IFR, the company is eyeing to raise US$200M via its initial public offerings.
According to the prospectus, Heyang Education aims to use the proceeds from the listing to construct a new campus for its college and new high schools, to finance strategic acquisitions and investments, and for working capital replenishment, interest-bearing debt repayments, as well as general corporate purposes.
Founded in 2002 and headquartered in Hebei province, Heyang Education offers bachelor’s degree programs, junior college to bachelor’s degree transfer programs, and junior college diploma programs. Heyang’s total revenues and net profit from continuing operations reached RMB571.65 million and RMB255.79 million for the 2020 fiscal year ended August 31, 2020, soaring 18.74% year-on-year and 11.51% year-on-year, with a three-year CAGR of 20.10% and 24.69%, respectively.