Shulou(Shulou.com)11/24 Report--

On the evening of September 2, Beijing time, vocational education platform Chalk Technology Co., Ltd. submitted an application for IPO to the Hong Kong Stock Exchange, co-sponsored by Citigroup, China International Capital Corporation and Bank of America Securities.

According to the prospectus, the total number of people paying for chalk technology training courses and online products increased from 6 million in 2019 to 9.6 million in 2020 and further to 9.8 million in 2021. For the six months ended June 30, 2022, the total number of people paid for its training courses and online products was 4.1 million. The number of paying passengers for full-price courses increased from 1.4 million in 2019 to 1.8 million in 2020 and further to 2.6 million in 2021. For the six months ended June 30, 2022, the total number of people paid for the chalk positive price course was 1.2 million.

According to the prospectus, revenue from chalk technology increased by 83.7% from 1.16 billion yuan in 2019 to 2.132 billion yuan in 2020, and further increased by 60.8% to 3.428 billion yuan in 2021. For the six months ended June 30, 2022, chalk generated revenue of 1.45 billion yuan.

Chalk Technology recorded a net profit of $154 million in 2019 and a net loss of $485 million, $2.046 billion and $392 million in 2020, 2021 and the six months ended June 30, 2022 respectively. Chalk recorded an adjusted net profit of $175 million in 2019, an adjusted net loss of $363 million in 2020 and $822 million in 2021, and an adjusted net profit of $95.6 million for the six months ended 30 June 2022.

According to the prospectus, Zhang Xiaolong, Li Yong, Li Xin and Wei Liang hold about 35.33% of the total issued share capital of the company directly and through their respective intermediate entities (that is, intermediate shareholders), while Tencent holds a total of 14.13% through Tianyao Co., Ltd. Hillhouse holds 6.02%.

According to the prospectus, Zhang Xiaolong and Wei Liang are executive directors, Li Yong, Li Xin and Li Zhaohui are non-executive directors, and Qiu Dongxiao, Yuan Qiyao and Yuan Jia are independent non-executive directors.

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