cat jewelry wholesale Where will Kai Tak's termination of Hong Kong stocks go?

moldavite jewelry wholesale On May 5th, PE private equity company CVC Capital Partners (referred to as "CVC") issued an announcement on its official website that it has sold stocks that acquired Kai Tak Education in 2013 and stopped Kai Tak's plan in Hong Kong's IPO. Let's take a look at where the road of Kai Tak Capital is going with the whale media!

[Event]
CVC withdrawing from the profit of more than 3 times, Kai Tak or seeking A shares listing
Data show that CVC's withdrawal of 692 million US dollars (about 4.5 billion RMB). In other words, according to reports in 2013, CVC made more than three times the amount of $ 200 million in CVC's original investment. It is reported that the transaction has not completely ended in the process.
CVC's statement also stated that the targets of the receiving shares are NLDs of the China PE private equity fund, including Li Zhu, the founder of Kai Tak and other executive teams.
has previously reported that it was rumored that Kai Tak's education was planned to go public in the fourth quarter of the fourth quarter, but then there were rumors in the room that Kai Tak suspended Hong Kong listing. The industry guess, it is estimated that due to the influence of the regression of the Chinese stocks, Kai Tak changed the listing plan, and with the stimulus of the company's login of the motherboard, such as the competitors Xintong, 360, etc., it strengthened the determination of Kai Tak's landing on A shares. Essence
It is understood that as early as 2011, British Capital had invested 50 million US dollars in Kai Tak, and the shareholding ratio was unknown.
2013, the CVC Capital Partners of the Private Equity Fund CVC Capital Partners acquired the shares of Kai Tak Education from the founder Li Zhu and British Capital. After that, CVC and the founder promoted the development of the company, including strengthening team management. In June 2014, Huang Xian, an airborne executive, served as the CEO of Kai Tak Education. He was fully responsible for the management and operation of the group. The founder Li Zhu served as the chairman of the board of directors.

[Sworing]
Axed Huang Xian after taking office, Kai Tak positioned as an international education institution

At present, Kai Tak includes three sub -brands from studying abroad, testing, and studying. Regarding the development of Kai Tak in recent years, Huang Xian said in an interview with the media last year that Kai Tak "only used two new products (the US high -end application project PO Xueyou), and realized the income of 20 branches of 20 branches. "Let's take a look at what changes have happened after Huang Xian's new CEO.
The at the beginning of the CEO of Huang Xian, he proposed to "be the most trusted international education institution" at the Kai Tak executive meeting. International -related education includes international schools, examination training, and study abroad services. In addition, it also includes children's English (close to discipline English for preparation for going abroad).
The end of 2014, Kai Tak Education announced the acquisition of Mingjie Education. The key business of the latter was to stay in the United States for training and American undergraduate applications. Upper and offline interactive teaching technology. This acquisition has consolidated Kai Tak's position in the US market, and has enhanced Kai Tak's development in the Internet and mobile Internet through online technology platforms.
In terms of children's English, Kai Tak will follow the English brand of "Xueshu Hall" in Mingjie Education, but integrate it into the international education business sector. Therefore, Kai Tak has formed four business segments: study abroad, examination training, international education, and study tour.
Last year, on the basis of Mingjie Education, Kai Tak invested $ 15 million to launch a hybrid learning system "Presmith" to systematically build the existing IELTS TOEFL course. After that, Kai Tak launched a touring program, including 80%of the learning part, and some high -end tour courses were taught by professors from overseas schools. In order to extend the study abroad industry chain, Kai Tak launched a systematic product "Prestige Only". at the same time. Kai Tak's Institute is renamed "Kai Tak Kao Pei", which also includes "bridge courses" (language training and basic academic courses set up for students with insufficient language scores).
In launch of these new products, Kai Tak's positioning has also changed: Kai Tak hopes to open up the product chain of high -end study abroad services, open up children's English business, and position an international education. And it will also be separated from the previously divided study abroad business and examination and training business to achieve de -departmental integration.
In a statement issued by CVC, Kai Tak, as a supplier of China's overseas education consulting service, has 13%of the domestic market share. Since its establishment in 2000, it has transported more than 120,000 students overseas. In 2014, Kai Tak helped 18,500 students studying abroad, of which 45%of them applied for the top 50 schools in the world. According to the data, Kai Tak's 2013 revenue was about 50,000 to 600 million yuan (of which about 400 million yuan in intermediary services, and about 150 million in the Kai Tak School of Kai Tak).

[Whale Review]
1 CVC has made a lot of money in China
CVC was established in 1981 and has 21 branches worldwide. CVC represents capital investment on behalf of more than 300 companies, government agencies and private investors around the world. The official website shows that over the years, the CVC raised amount has exceeded $ 71 billion (including CVC Credit Partners). Global, CVC has completed more than 300 companies' acquisition projects so far. In China, CVC's investment cases mainly include:
(the information in the form comes from the official website of CVC and public information, whale media sorting out)
CVC is famous in China because of the Qiaojiangnan incident. In 2008, Zhang Lan and Dinghui Investment, the founders of Qiao Jiangnan, signed the company's listing agreement to list the company. Dinghui contributed 200 million yuan to in exchange for 10.53%of Qiaojiangnan's equity. The condition is that Qiao Jiangnan must be listed before the end of 2012. Otherwise, Zhang Lan will repurchase the shares held by Dinghui Investment at a high price.

but Qiaojiangnan was under the "anti -corruption" wave of "anti -corruption". Because of the IPO application of catering companies in a frozen state, the IPO was not realized in 2012, which triggered the "share repurchase clauses". , Must come up with 400 million yuan to repurchase Dinghui to hold Qiaojiangnan shares. Qiao Jiangnan "has no grain in his hands", so Dinghui launched the "clause of the sale" and transferred Qiaojiangnan shares to CVC.
CVC was in trouble with Zhang Lan in less than a year after investing in Qiaojiangnan, and Zhang Lan's assets were frozen by the court. After the CVC paid the acquisition of Qiao Jiangnan's loan from the bank as scheduled, Qiao Jiangnan was taken over by the bank. Zhang Lan went out.
In addition to the Qiaojiangnan incident, CVC also opened with the founding team of Niangniang Dumpling in February this year.
as, even if the CVC had made these disputes, from the successful case of its investment in Kai Tak's income, we also found that education projects such as Kai Tak are the targets that the mainstream large PE wants to pursue. PE invested the target of the target. The money is controllable, the return cycle is about two or three years, and the return will be considerable. Moreover, the growth of the target assets is also very stable and will not rise and fall.

2 Where does Huang Xian go? From n since Huang Xian served as CEO in June 2014, rumored Kai Tak founder Li Zhu gradually faded out. Earlier, Huang Xian has led Pei Sheng's acquisition of Global IELTS projects. The addition of professional managers who are more well -known to international management and capital operations have made Kai Tak more professional, and multiple business segments are promoted together. It is worth noting that Huang Xian is an executive arranged by CVC.
This repurchase of this time shows that Li Zhu is still the general helmsman behind the scenes (previously CVC's status on Li Zhu had a lot of speculation on the rivers and lakes, but later Li Zhufa said that Kai Tak Education and CVC were consistent with CVC. Action persons, jointly repurchase shares from the British Capital, are still the controller of Kai Tak Education), behind Li Zhu may also have a large consortium (of course, including the China PE private equity fund NLD participating in the repurchase). So, we can't help guess, where will Huang Xian go?
The data shows that Huang Xian entered the cultural and educational undertakings in 1997, joined the Singapore listed enterprise Volkswagen Group, and was appointed as an executive director responsible for Greater China business in 1999, and concurrently served as the financial director of the group. In 2008, he joined Peisheng Education (Asia) Group. In 2010, he was approved by the president of Greater China. He was responsible for all educational businesses in the mainland, Hong Kong and Taiwan, including English training, international schools, publishing and media. After education, responsible for full operation. Huang Xian has maintained a high -speed growth in the Chinese education business in the past four years.
It can be seen that Huang Xian's development trajectory has always been an international professional manager.

3 Kai Tak intends to return to A shares?
The concept of education has been popular in the capital market in recent years. Since the first half of 2015, the high valuation of A shares has attracted the return of Chinese stocks. However, there are currently no companies that have not appeared in studying abroad on the listing of A shares. However, there are also several study institutions that are hidden in A -share listed companies, including too silly study abroad acquired by listed companies Huowen Media. The Xintong Education acquired by Bao Company and the 360 ​​education acquired by the listed company Lisi earlier this year.
In February this year, the "Orange Network" was approved by the New Third Board, becoming the first company in the industry to go to open the capital market in the study abroad industry. In the same month, "Mustard Network" also applied for listing new three boards. In addition, there are also Weijiu Study Abroad, Bozhi Education, Peino Education, etc. have also entered the New Third Board.
The users of these study institutions are mostly Chinese. The listing of consumer brands in the country has stronger appeal to consumer brands in China, and the concept of educational concepts has a heating up in domestic secondary markets. The industry believes that the CVC officially announced the withdrawal of Kai Tak, and then Kai Tak may seek listing in A shares. But as for the announcement, it depends on whether the specific delivery is over. There are rumors that when Huang Xian, who knows the operation of capital, repurchase the CVC shares, may have already talked about the "backdoor" standard, and will soon announce the plan to the public. If it is true, Huang Xian will work longer in Kai Tak.

4 The challenge of the backdoor listing challenge
The emergence of the new model of the Internet study abroad, the development of new study institutions such as Orange, 51offer, and Shunshun Study Abroad also brought a shock In terms of business, Shundun was exposed to the corner of the traditional study abroad institution before studying abroad, and Kai Tak also had difficulties in students' refund and difficulty in defending rights last month. In terms of business models, most of the traditional study abroad agencies rely on consumers (students or parents) front -end charges and colleges and commissions; Part of the revenue comes from the college commission. How will Kai Tak face these shocks?
In addition, the competition between traditional study abroad agencies is also quite fierce: Kim Geile has adopted a horse racing circle and a high -speed expansion strategy; New Oriental has the advantages of the new Oriental in the field of language and Pei to have more accurate customers; Xintong International relies on it. The layout of different businesses, customers with higher contributions to business lines. How can Kai Tak, who is also a traditional study abroad institution, face the challenge of opponents with their three major brands (study abroad, exams, and study tour) in the future?
This executives' repurchase stock price reflected that its valuation has doubled. We can't help thinking whether the repurchase will accompany a new round of financing and plan to transform to cope with the impact in the new environment?
The above is the challenges from business and conceptual subject matter. More importantly, it seems a bit losing to the New Third Board of Kai Tak. Since the strategic emerging board of the Shanghai Stock Exchange is stranded, the price of shell resources has risen, which virtually increases the difficulty of Kai Tak's backdoor listing, and the standards of regulatory departments on the approval of borrowing of backdoor listing are equivalent to the IPO. But if according to the original plan, Kai Tak is listed from Hong Kong stocks, these troubles can be avoided.

5 Reference to study the big return listing mode?
This executives participating in the repurchase of this time are so large that the big consortium behind the team is looming. Imagine that if it is similar to the Tsinghua Capital behind the school, will Kai Tak learn from the path of returning to the University of Science and Technology in the United States to avoid the trouble of borrowing approval?
News to know that there are two pre -pre -conditions for the composition of backdoor listing: one is that the control of the listed company has changed, and the other is that the asset scale of the assets in the first year of the listed company (100%) -s one of the conditions Avoiding the backdoor review.
We next to look at the return path of learning from the University of China: first find Yinrun Investment, an A -share listed company that is proposed to be transformed. It is the fixed increase in Yinrun Investment. After the fixed increase, the actual controller remains unchanged.
The noteworthy is that the subscriber of the fixed increase is the main shareholders and core employees and financial investors of the Tsinghua Department, the University of Xueda. After the fixed increase, the major shareholders and core employees of Xueba (can be regarded as a consistent actor) held a total of 31.33%of the shares, which was less than 1%from the Tsinghua Department's shareholding. On the one hand, the actual controller did not change. As for the interests of the major shareholders and core employees, the two parties can check and balance. This carefully arranged scheme avoided backdoor approval.
It believes that Kai Tak and its brain are very large, so let's watch its capital drama!