Vocational education platform Chalk Technology (stock code: “02469”) was listed on the Hong Kong Stock Exchange today, with an offering price of HK$9.9 per share, and shares traded in units of 500 shares per lot, raising approximately HK$120 million.
Chalk will use 52% of the funds raised this time to enrich course content and expand student groups, 28.5% will be used to strengthen content and technology development capabilities, 12% will be mainly used for marketing activities for newly developed courses, and 7.5% will be used to For working capital and other general corporate purposes.
The opening price of Chalk was HK$10.5, a 6% increase from the issue price; as of now, the company has risen by about 11%, and the company’s market value exceeds HK$23 billion.
With the listing of chalk this time, it has also become the first Internet vocational education stock in Hong Kong.
Chalk founder, chairman and CEO Zhang Xiaolong said: “The listing of the company not only means that the stock can be traded, but also means that we have been recognized by all parties, and it will also give the company greater popularity and higher credibility. .Becoming a public company is both an honor and a responsibility. In 2023, we will use better product services and a more responsible attitude to serve users well, create better and more social and economic value, and repay the users and society that support us.”
Half-year revenue of 1.451 billion
Founded in 2015, Chalk Technology is a non-academic education and training service provider, committed to popularizing high-quality non-academic education and training services through technology and innovation.
The main business of Chalk Technology is adult vocational education services. Online training, offline training, teaching materials, and teaching auxiliary materials are its core revenue sources.
For the six months ended June 30, 2022, the total number of paid visits to Chalk’s training courses and online products was 4.1 million. The number of paying regular-price courses also increased from 1.4 million in 2019 to 1.8 million in 2020, and further increased to 2.6 million in 2021.
According to the prospectus, the revenue of Chalk Technology in 2019, 2020, and 2021 will be 1.16 billion, 2.13 billion, and 3.429 billion yuan respectively; the gross profit will be 536 million yuan, 490 million yuan, and 840 million yuan; the adjusted profit will be 175 million yuan. , -363 million yuan, -822 million yuan.
Chalk Technology’s revenue in the first half of 2022 will be 1.451 billion yuan, gross profit will be 689 million yuan, and adjusted profit will be 95.63 million yuan.
As of June 30, 2022, Chalk Technology held cash and cash equivalents of 1.254 billion yuan.
Vocational education market has broad prospects
Recently, policies that clearly support the development prospects of vocational education have been introduced successively, providing relevant education stocks with positive factors to drive stock prices, and education stocks have risen strongly.
On December 21, 2022, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the “Opinions on Deepening the Reform of the Construction of a Modern Vocational Education System”, calling for the deepening of the supply-side structural reform of vocational education, and proposing to put the promotion of high-quality development of modern vocational education in the first place more prominent position.
On December 14, 2022, the “Strategic Planning Outline for Expansion of Domestic Demand (2022-2035)” issued by the Central Committee of the Communist Party of China and the State Council was released, which reiterated “support and standardize the development of private education”.
According to the analysis of the CITIC Securities Research Report, the “Opinions on Deepening the Reform of the Modern Vocational Education System” document further provides support for the development of vocational education from the fields of capital, talents, and industry, and continues to affirm the role of capital in the development of vocational education. After the “Strategic Planning Outline for Expansion of Domestic Demand (2022-2035)” mentioned “supporting and regulating the development of private education”, this document is expected to further strengthen the market’s confidence in the investment in the vocational education sector, and the valuation of the sector is expected to continue to usher in a recovery .
According to public data, China has built the world’s largest vocational education system. The new “Vocational Education Law”, which was officially implemented in May 2022, clarified for the first time in legal form that “vocational education is an education type with the same importance as general education”, affirming the importance of vocational education and marking China’s modern education system. The construction has entered the stage of legalization.
The frequent introduction of favorable policies has brought new vitality to the vocational education market, and the prospects of the non-academic vocational education and training market are widely optimistic.
According to the Frost & Sullivan report, China’s non-academic vocational education training includes vocational examination training and vocational technical training. The market size is expected to reach 110.2 billion yuan in 2026 in terms of revenue. The penetration rate of China’s recruitment examination training services is expected to increase by From 25.6% in 2020 to 28.9% in 2026. Among them, in 2021, chalk will rank second in China’s vocational examination training industry with a market share of 4.3%.
Tencent Hillhouse Jingwei IDG is a shareholder
The executive directors of Chalk Technology are Zhang Xiaolong and Wei Liang; the independent non-executive directors are Qiu Dongxiao, Yuan Qiyao and Ms. Yuan Jia.
Investment institutions such as Tencent, IDG, Jingwei, and Hillhouse are among the shareholders.
Among them, in February 2021, Chalk Technology completed a round A financing of US$390 million. This is Chalk Technology’s first public financing since its establishment, led by IDG Capital and Zhixin Capital, followed by CPE, Dehong Capital (DCP), Kunyu Runyuan, Huaxing New Economic Fund, Hony Capital, and Hongrui Investment.
Before the IPO, Tencent held 14.13%, IDG held 11.95%, Jingwei held 7.21%, and Hillhouse held 6.02%.
DSTAAsia, Ningbo Badou Equity Investment Partnership (Limited Partnership), Shenzhen Jinglin Jingying Equity Investment Fund Partnership, etc. are also shareholders, holding a small amount of equity.
This article is from the WeChat public account “Lei Di” (ID: touchweb) , author: Lei Jianping, 36 Krypton is authorized to publish.
media reports
Sina Sina Sina Sina 36Kr
Event Tracking
- 2023-01-09 Chalk Hong Kong stock market listing: market value exceeds 23 billion Hong Kong dollars, Tencent Hillhouse Jingwei IDG is a shareholder
- 2023-01-06 Chalk’s Hong Kong IPO issue price is confirmed at HK$9.9, with a net fundraising of nearly HK$120 million
- 2022-12-30 Chalk Technology officially passed the hearing of the Hong Kong Stock Exchange and is expected to be listed on January 9 next year
- 2022-12-23Chalk IPO starts today: plans to sell 20 million shares globally, priced at HK$9.9
- 2022-12-08 Vocational education platform Chabi Technology passed the listing hearing on the Hong Kong Stock Exchange: the revenue in the first half of 2022 will be 1.45 billion yuan
This article is transferred from: https://readhub.cn/topic/8mqDs0UnNe3
This site is only for collection, and the copyright belongs to the original author.