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China Stocks

New Oriental EDU Seconday Offering

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The following is from Reuters. I have not seen the final prospectus from SEC web site yet. 

“HONG KONG, Feb 9 (Reuters) – Investors and New Oriental Education & Technology Group Inc. (EDU.N: QuoteProfile , Research), China’s largest education group, and its investors have raised US$334 million after pricing 8.05 million American Depositary Shares at a 1.78 percent discount to its last closing price.

Investors including Tiger Global and the founder of New Oriental sold the shares at US$41.5 apiece.

The shares sold comprised 92 percent of existing shares and 8 percent of new shares, the source said.”

(Update 09Feb07) The prospectus is here. If you look carefully at the “selling shareholders” section, you will find “Tigerstep Developments Limited, a company incorporated in British Virgin Islands, is wholly owned by Bamei Li, mother of Michael Minhong Yu”. Yu’s mom is probablly the richest grandma in China 🙂 

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