18. COMMON SHARES
The Company has two classes of common shares, namely, Class A and Class B common shares, following the issuance of Class A common shares upon the IPO in October 2010.
Holders of Class A common shares and Class B common shares have the same rights except for voting and conversion rights. In respect of matters requiring shareholders’ vote, each Class A common share is entitled to one vote, and each Class B common share is entitled to ten votes. Each Class B common share is convertible into one Class A common share at any time by the holder thereof. Class A common shares are not convertible into Class B common shares under any circumstances.
During the years ended February 28, 2019, February 29, 2020 and February 28, 2021, nil, 3,614,796 and 2,000 Class B common shares were converted into nil, 3,614,796 and 2,000 Class A common shares, respectively.
During the years ended February 28, 2019, February 29, 2020 and February 28, 2021, 2,073,711, 2,239,239 and 2,240,585 Class A common shares were issued in connection with vested shares, representing 6,221,133, 6,717,717 and 6,721,755 ADSs, respectively.
During the years ended February 28, 2019, February 29, 2020 and February 28, 2021, 232,024, 114,793 and 359,178 Class A common shares were issued upon exercise of share options, representing 696,072, 344,379 and 1,077,534 ADSs, respectively.
During the years ended February 28, 2019, February 29, 2020 and February 28, 2021, 20,502, 24,702 and nil Class A common shares were issued as consideration for the business acquisitions, respectively.
On April 28, 2020, the Company authorized the repurchase of up to $500 million of Class A common shares over the following 12 months. During the year ended February 28, 2021, the Company repurchased 61,667 Class A common shares at an aggregate consideration of US$9,852. Such common shares were cancelled upon the completion of the transaction.
During the years ended February 28, 2019, February 29, 2020 and February 28, 2021, 443,091, 401,074 and nil Class A common shares issued to bond holders were converted into 1,329,273, 1,203,222 and nil ADSs, respectively.
On February 18, 2019, the Company entered into a subscription agreement with a long-term equity investment firm, pursuant to which the Company issued 5,329,922 Class A common shares to the investment firm in a private placement for aggregate proceeds of $500,000 which was received on February 25, 2019. On November 12, 2020, the Company entered into a subscription agreement with a global growth investment firm, pursuant to which the Company issued 7,575,756 Class A common shares to the investment firm in a private placement for aggregate proceeds of $1,500,000 which was received on November 20, 2020.On December 28, 2020, the Company entered into a subscription agreement with a group of investors, pursuant to which the Company issued 4,984,051 Class A common shares to the investors in a private placement for aggregate proceeds of $1,000,000 which were received by January 22, 2021.