BEIJING, Nov. 21, 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 pricing of an upsized registered follow-on public
offering by certain selling shareholders of 18,000,000 American
depositary shares (the "ADSs" and such offering, the "ADS
Offering"), every three ADSs representing two Class A ordinary
shares of the Company, at a public offering price of US$14.00 per ADS. The underwriters in the
ADS Offering will have a 30-day option to purchase up to 2,700,000
additional ADSs from certain selling shareholders.
The Company will not receive any proceeds from the sale of the
ADSs by the selling shareholders.
Credit Suisse Securities (USA)
LLC, BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. and Deutsche Bank Securities will
act as joint bookrunners for the ADS Offering.
This ADS Offering is being made only by means of a written
prospectus forming a part of an effective registration statement.
A copy of the prospectus related to this ADS Offering may be
obtained by contacting Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, New York 10010-3629, Attention:
Prospectus Department, telephone: +1 (800) 221-1037; BofA
Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte, North Carolina
28255-0001, Attention: Prospectus Department, telephone: +1 (800)
294-1322, email: dg.prospectus_requests@baml.com; Goldman Sachs
& Co. LLC, 200 West Street, New York,
New York 10282-2198, Attention: Prospectus Department,
telephone: +1 (212) 902-1171, email:
prospectus-ny@ny.email.gs.com; or Deutsche Bank Securities
Inc., 60 Wall Street, New York, New
York 10005-2836, Attention: Prospectus Group, telephone: +1
(800) 503-4611, email: prospectus.cpdg@db.com.
Registration statements relating to these securities have been
declared effective by the U.S. Securities and Exchange Commission
(the "SEC"). 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
Email: lbergkamp@christensenir.com
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SOURCE GSX Techedu Inc.