AMTD completes HK IPO for Top Education

On May 11th, 2018, Top Education Group Limited (1753. HK, “Top Education Group”), an Australian private tertiary educational institute, successfully completed its IPO on the main board of Hong Kong Exchange as the first Australian tertiary educational institute listed in Hong Kong. AMTD acted as the Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager of the IPO.

Mr. Calvin Choi, Chairman and President of AMTD Group (right) and Emily Shi, Head of Capital Markets & Advisory of AMTD Group (left) and Dr. Minsheng Zhu, Chairman and Chief Executive Officer of Top Education Group (Middle) at Top Education Group’s listing ceremony

Top Education Group, with its headquarters located in Sydney, is one of the 42 Australian universities certified by Ministry of Education of China and is the only for-profit tertiary education institute. Top Education Group currently have 2 academic branches, TOP School of Business and TOP School of Law. As of October 31st, 2017, Top Education Group has offered 23 certified undergraduate and postgraduate courses.

Noticeably, Top Education Group has signed an equity subscription agreement with PwC in May 2016 to be the only educational institute invested by PwC globally. The Group has signed a long-term partnership agreement with PwC to jointly develop the co-branded curriculum and services and create internship and career opportunities for students, serving as a leader for Australian private tertiary education industry in the field of development and innovation.

AMTD acting as the Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager to support the successful listing of Top Education Group.

Top Education Group’s global offering included 628 million shares with an issue price of HKD 0.33 and gross proceeds of HKD 207 million. It secured Shenzhen Qianhai Lotus-Gesar Asset Management and Minsheng Education Development Company as the cornerstone investor with 44.28 million and 209 million shares subscription respectively. The Company’s public offer was nearly 17 times oversubscribed. On May 11th, the first day of listing, Top Education Group’s closing price has risen up to 20%, representing the strong support to the group by the investors.

As the Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager of the IPO, AMTD worked together with the other intermediaries and assisted Top Education Group in successful listing by integrating resources and introducing premium domestic and overseas institution investors with global influence and strategical fit to lay a strong foundation for the listing.