Beijing – March 23, 2018 – Sunlands Online Education Group (NYSE: STG) (“Sunlands” or the “Company”), the leader in China’s online post-secondary and professional education, today announced that it has priced its initial public offering of 13,000,000 American Depositary Shares (“ADSs”), representing 520,000 Class A Ordinary Shares of the Company, at US$11.50 per ADS for a total offering size of US$149.5 million, assuming the underwriters do not exercise their option to purchase additional ADSs. The ADSs have been approved for listing on the New York Stock Exchange and are expected to begin trading today Eastern Time under the ticker symbol “STG.”
The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 1,950,000 additional ADSs at the initial public offering price less the underwriting discount.
Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC, and Credit Suisse (USA) LLC are acting as joint bookrunners and the representatives of the underwriters, and CLSA Limited is acting as co-manager, for the offering.
Sunlands’ registration statement relating to the offering has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Sunlands Online Education Group
Sunlands Online Education Group (“Sunlands” or the “Company”) (NYSE: STG) is the leader in China’s online post-secondary and professional education in terms of gross billings in 2017, according to iResearch. Sunlands offers various degree and diploma-oriented post-secondary courses through its online platforms as well as online professional courses and educational content to help students prepare for professional certification exams and attain professional skills. Students can access its services either through PC or mobile applications. The Company’s online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company’s proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals.
