BEIJING, Nov. 18, 2019
/PRNewswire/ -- GSX Techedu Inc. ("GSX" or the "Company")
(NYSE: GSX), a leading online K-12 large-class after-school
tutoring service provider in China, today announced the commencement of a
proposed registered underwritten public offering by certain selling
shareholders of American depositary shares (the "ADSs"), every
three ADSs representing two Class A ordinary shares of the Company.
The selling shareholders propose to offer an aggregate of
15,000,000 ADSs (the "ADS Offering"). The underwriters in the ADS
Offering have a 30-day option to purchase up to 2,250,000
additional ADSs from the selling shareholders.
The Company will not receive any proceeds from the sale of the
ADSs by the selling shareholders.
Credit Suisse Securities (USA)
LLC, Goldman Sachs (Asia) L.L.C.,
BofA Securities, Inc. and Deutsche Bank Securities will act as
joint bookrunners for the proposed ADS Offering.
A preliminary prospectus related to the proposed ADS Offering
has been filed with the SEC and is available on the SEC's website
at www.sec.gov. The ADSs may not be sold nor may offers to buy be
accepted prior to the time the registration statement on
Form F-1 containing the preliminary prospectus becomes
effective under the Securities Act of 1933, as amended.
This announcement shall not constitute an offer to sell, or a
solicitation of an offer to buy, the securities described herein,
nor shall there be any offer, solicitation or 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 GSX Techedu Inc.
GSX Techedu Inc. is a technology-driven education company and
leading online K-12 large-class after-school tutoring service
provider in China. GSX offers K-12
courses covering all primary and secondary grades as well as
foreign language, professional and interest courses. GSX adopts an
online live large-class format to deliver its courses, which the
Company believes is the most effective and scalable model to
disseminate scarce high-quality teaching resources to aspiring
students in China. Big data
analytics permeates each aspect of the Company's business and
facilitates the application of the latest technology to improve
teaching delivery, student learning experience, and operational
efficiency.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about GSX's beliefs
and expectations, are forward-looking statements. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. Further information
regarding these and other risks is included in GSX's filings with
the SEC. All information provided in this press release is as of
the date of this press release, and GSX does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please contact:
GSX Techedu Inc.
E-mail: ir@baijiahulian.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In the United States
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: lbergkamp@christensenir.com
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SOURCE GSX Techedu Inc.