China's education industry continues to grow at a rapid pace
Fenbi LTD. (Chinese: 粉笔科技, HK: 2469), a Chinese career education institution, listed on the Main Board of the Hong Kong Stock Exchange on January 9 at an issue price of HKD 9.90 (USD 1.27) apiece. Citi, CICC and BAS were the joint sponsors.
The funds raised by Fenbi will be used to enrich course content, strengthen content and technology development capabilities, marketing, and expand the customer base.
Fenbi is a leading provider of career education and training services in China, dedicated to providing access to high-quality non-academic education and training services through technology and innovation. Data shows that Fenbi's average monthly active users will increase from 2.9 million in 2019 to 7.5 million as of June 30, 2022.
The prospectus shows that in 2019, 2020, 2021 and the first half of 2022, the company's revenues were CNY 1.16 billion, CNY 2.132 billion, CNY 3.428 billion and CNY 1.451 billion, respectively.
The founder and CEO of Fenbi, Xiaolong Zhang, said Fenbi is using new technologies such as the Internet and artificial intelligence to transform the way knowledge is disseminated and improve learning efficiency against the backdrop of rapid technological development, ultimately gaining recognition from a wide range of users.
Fenbi's share price closed up 12.12% to HKD 11.1 on its first day of listing, with a total market capitalization of HKD 23,280 million.