Educator to seek US$1b in second listing

Business | Agencies and Avery Chen 11 Aug 2020

Chinese private school operator New Oriental Education & Technology has chosen three banks for a planned second listing in Hong Kong that could raise at least US$1 billion (HK$7.8 billion), according to people familiar with the matter.

The New York-listed company is working with Bank of America, Credit Suisse and UBS on the share sale, the people said. New Oriental is planning to list as early as the end of this year, and more banks could be added to the deal at a later stage, they said.

Meanwhile, hotel chain operator Huazhu Group, which is listed on the Nasdaq in New York, plans to kick off its Hong Kong secondary listing as early as September to raise up to US$1 billion, mainland media reported.

Fintech firm Lufax, backed by Ping An Insurance (2318), is seeking a US listing to raise up to US$3 billion. That came as Lufax has started online wealth management business in Hong Kong through subsidiary Lu International.

Ping An has expressed interest in the Hong Kong credit data bank and the Mandatory Provident Fund Schemes platform. A consortium led by Pin An-backed Oneconnect Financial Technology is among the finalists to digitize Hong Kong's retirement funds system.

Separately, Chinese hotpot ingredients supplier Guoquan is weighing an IPO as soon as next year that could raise US$400 million to US$500 million. The company hasn't decided on a listing venue, but Hong Kong is among the destinations being considered.

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