ChinaEdu Corporation Announces Pricing of Initial Public Offering
December 11 2007 - 2:31AM
PR Newswire (US)
BEIJING, Dec. 11 /PRNewswire/ -- ChinaEdu Corporation (NASDAQ:CEDU)
("ChinaEdu" or the "Company"), an educational services provider in
China, announced today the pricing of its initial public offering
of 6,820,000 American Depositary Shares ("ADSs"), each representing
3 ordinary shares, at a price to the public of $10.00 per ADS.
ChinaEdu is selling 5,456,000 ADSs in the offering and 1,364,000
ADSs are being sold by selling shareholders. The Company expects to
receive net proceeds of approximately $47.3 million from the sale
of its ADSs and will not receive any proceeds from the sale of ADSs
by the selling shareholders. The ADSs are expected to begin trading
on December 11, 2007 on The NASDAQ Global Market under the symbol
"CEDU". The offering is subject to customary closing conditions and
is expected to close on December 14, 2007. ChinaEdu and certain of
the selling shareholders have granted the underwriters a 30-day
option to purchase up to an aggregate of 1,023,000 additional ADSs
to cover over-allotments, if any. The Company intends to utilize
the proceeds from the offering for the expansion of its existing
lines of business, development of its network of learning centers,
the construction of new campuses at its Jingzhou School and Anqing
School and for other general corporate purposes. Bear Stearns &
Co., Inc. is acting as sole bookrunner. CIBC World Markets and
Piper Jaffray are acting as co-managers for the offering. A copy of
the final prospectus related to this offering may be obtained by
contacting: Bear, Stearns & Co. Inc. 383 Madison Avenue New
York, NY 10179 Attn: Prospectus Department 866-803-9204 A
registration statement relating to these securities was filed with
and declared effective by the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. About ChinaEdu ChinaEdu Corporation is an educational
services provider in China, incorporated as an exempted limited
liability company in the Cayman Islands. The Company's primary
business is to provide comprehensive services to the online degree
programs of leading Chinese universities including academic program
development, technology services, enrollment marketing, student
support services and finance operations. The Company also operates
private primary and secondary schools, provides marketing and
support for international curriculum programs and online
interactive tutoring and test preparation services to primary and
secondary school students. Safe Harbor Statement This press release
contains forward-looking statements. Forward-looking statements
convey the Company's current expectations or forecasts of future
events. Forward-looking statements involve known and unknown risks
and uncertainties. The Company's actual results could differ
materially from those contained in the forward-looking statements
due to a number of factors including those listed in the Company's
final prospectus under the heading "Risk factors." Unless required
by law, the Company undertakes no obligation to publicly update or
revise any forward-looking statements to reflect circumstances or
events after the date of this press release. Investor Contact:
Michael Xu, CFO ChinaEdu Corporation +86 10 8391 3168 Investor
Relations (US): Jessica McCormick Taylor Rafferty +1 212-889-4350
Media Contact: John Dooley Taylor Rafferty +1 212-889-4350
DATASOURCE: ChinaEdu Corporation CONTACT: John Dooley of Taylor
Rafferty, +1-212-889-4350, ; Investors, Michael Xu, CFO of ChinaEdu
Corporation, +86 10 8391 3168, or Investor Relations (US), Jessica
McCormick of Taylor Rafferty, +1-212-889-4350,
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