China's online education company Koolear

时间：2023-01-24

　　It is unveiled by Hong Kong Stock Exchange that Koolearn, the online education arm of New Oriental Education & Technology Group Inc., has filed for IPO on July 17.

　　The prospectus shows Koolearn realized operating revenue of RMB 334 million and net profit of RMB 59.55 million in FY2016, and realized operating revenue of RMB 446 million and net profit of RMB 92.21 million in FY2017. Koolearn has realized operating revenue of RMB 485 million and net profit of RMB 80.77 million in the first nine months of FY2018 until Febuary 28. (Koolearn"s fiscal year begins on June 1 and ends on May 31 next year.)

　　Koolearn is the largest online education brand in Chinese college-exam preparation market, and holds an 8.2% market share in 2017 by revenue, according to Frost & Sullivan.

　　Established by New Oriental in 2005, Koolearn offers college tutoring, K-12 education and online preschool tutoring programs.

　　Koolearn focused on college-tutoring programs including college-exam preparation, oversea exam preparation and English learning at the beginning after it launched online. For the nine months ended February 28, 2018, it had 852,000 students enrolled in its college-tutoring programs, or 59.1% of its total student enrollments.

　　Since established, Koolearn has raised a total of USD 164 million in three financing rounds. Tencent invested USD 50.87 million in its Series A financing round while Dragon Cloud and ChinaCity Capital backed its Series B round at USD 73.45 million and USD 19.24 million respectively. Tigerstep, an investment company owned by Yu Minhong, funded a further USD 20.66 million in its Series C.

　　New Oriental Education & Technology owns a 66.7% stake in Koolearn as the largest shareholder; Image Frame, an affiliated company of Tencent, holds 12.06%; Tigerstep holds 1.85%.

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　　The article is edited by @Yi LIU. The Chinese version article is published with authorization from the author @Li Chengcheng. Please note source and hyperlink when reproduce.