Davis Polk & Wardwell LLP advised Goldman Sachs (Asia) L.L.C. as representative of the several underwriters of the initial public offering by Xueda Education Group of 15,444,500 American Depositary Shares, each representing two ordinary shares of Xueda Education Group. The underwriters exercised in full their over-allotment option to purchase an additional 2,014,500 American Depositary Shares from Xueda Education Group. Priced at US$9.50 per ADS, the total proceeds of the offering were US$146.7 million. The ADSs are listed on NYSE under the symbol “Xue.”
Xueda Education Group is the leading national provider of tutoring services for primary and secondary school students in China with a focus on offering personalized tutoring services. According to IDC, Xueda is the largest provider of primary and secondary school tutoring services in China in terms of revenue for 2009, and operates the largest tutoring service network in terms of number of cities covered as of June 30, 2010. Since opening its first learning center in 2004, Xueda has organically built an extensive tutoring service network comprised of 157 learning centers and over 8,800 full-time service professionals, serving customers located in 44 economically developed cities across 27 of China’s 31 provinces and municipalities as of June 30, 2010.
The Davis Polk corporate team included partners Howard Zhang and James C. Lin and associates Li He, Liang (Alex) Tao and Ying Su. Partner John D. Paton and associate Kent Heggerud provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Jenny Zeng and Ethan Chen were the legal assistants on the transaction. Members of the Davis Polk team are based in the Beijing, Hong Kong, London and New York offices.
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