China-based education services company, TAL Education Group, has appointed JP Morgan as depositary bank to raise US$138m through an American depositary shares (ADS) listing on the New York Stock Exchange.
TAL Education provides tutoring services for students in China ranging from pre-school through to Year 12, delivering its programme through flexible class formats including small classes, personalised premium sessions and online courses. After opening its doors in Beijing in 2003, TAL Education’s network now covers six major cities in China. The capital raised is expected to facilitate further expansion of the company’s network in China.
Cao Yundong, president, TAL Education, said: “Our ADS listing on the New York Stock Exchange is an important part of our long-term growth strategy in China. JP Morgan’s depositary receipts team provided an exceptional service as part of this process, and we have been impressed with the high level of service we have received and the firm’s ability to provide an integrated programme which has helped us meet our objectives.”
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