Tutoring giant New Oriental surges on HK debut

New Oriental Education and Technology Group, China's leading education service provider, made a rosy start on its Hong Kong debut on Nov 9 by soaring higher than its offering price.

The tutoring giant debuted at HK$1,381 ($178), up 16 percent than its initial public offering price.

The net proceeds from the global offering are estimated at HK$9.97 billion and the firm is expected to receive additional net proceeds of about HK$1.51 billion.

"This time's listing again reflected our confidence in Hong Kong as a global capital and financial center, as well as our confidence and expectations for Hong Kong's long-term prosperity and stability," said Yu Minhong, chairman of New Oriental.

"On this increasingly important world economic and financial platform, we feel that New Oriental can make more breakthroughs," Yu said.

New Oriental, founded in 1993, was listed on the New York Stock Exchange in 2006. Its prospectus showed that as of May this year, New Oriental has set up 104 schools, 1,361 learning centers and 12 bookstores in 91 cities across the country.

Zhou Chenggang, CEO of New Oriental, said that in face of the most difficult period due to the COVID-19 pandemic, New Oriental continued efforts on talent cultivation and teaching innovation.

"New Oriental firmly believes that the efforts in talent, products, science and technology, as well as investment in the quality of education will pay off," he said.