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New Oriental Seeks Up to $1.54 Billion in Hong Kong Listing

  • Chinese private school operator sets maximum price of HK$1,399
  • U.S.-listed Chinese firms are eyeing share sales in Hong Kong
New Oriental Sued by U.S. Investors Over SEC Investigation

Photographer: Nelson Ching/Bloomberg

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New Oriental Education & Technology Group Inc., a Chinese tutoring, test preparation and private school operator, is looking to raise as much as HK$11.9 billion ($1.54 billion) in its second listing in Hong Kong.

New Oriental is selling 8.51 million shares in its offering, according to a company statement on Wednesday. It has set a maximum price of HK$1,399 for the portion of the deal being marketed to Hong Kong’s retail investors, which represents a premium of almost 7% over Tuesday’s closing price of $168.81 for its American Depositary Shares. One ADS represents 1 ordinary share.