Company: OneSmart International Education Group Limited
Symbol: ONE
Description: They are the largest premium K-12 after-school education service provider in China in terms of revenue in 2016 and 2017, according to Frost & Sullivan.
Trade Date: 3/28
Shares: 16.3 million ADS
Price Range: $11.00-$13.00
Underwriter(s): Morgan Stanley, Deutsche Bank Securities, UBS Investment Bank
Terms Added: 3-16-18
Business: They have built a comprehensive K-12 after-school education platform that encompasses their acclaimed premium tutoring services, premium young children education services and language and culture programs. In 2017, they had the largest market share of 2.4% in China’s premium K-12 after-school education market, as measured by revenues, according to Frost & Sullivan. They operated a nationwide network of 225 study centers across 42 cities in China as of November 30, 2017. They have maintained large and fast growing student enrollment over the years. Their average monthly enrollments for the fiscal years ended August 31, 2015, 2016 and 2017, and for the three months ended November 30, 2017 were 40,743, 56,019, 76,841 and 83,504, respectively.
Financials: As a result of their trusted brand, effective education service, and technology-supported and highly standardized management systems, their business has grown rapidly in recent years. Their net revenues increased from RMB1.1 billion to RMB1.5 billion, and to RMB2.1 billion (US$311.3 million) in the fiscal years of 2015, 2016 and 2017, respectively. Their net revenues increased from RMB326.9 million for the three months ended November 30, 2016 to RMB441.2 million (US$66.8 million) in the same period in 2017. Their net income increased from RMB56.1 million to RMB186.8 million, and to RMB243.3 million (US$36.8 million) in the fiscal years of 2015, 2016 and 2017, respectively. They had net loss of RMB0.1 million for the three months ended November 30, 2016 and net income of RMB18.1 million (US$2.7 million) in the same period in 2017.
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