11 November, 2020
Skadden advised New Oriental Education & Technology Group Inc. ("New Oriental"), the largest provider of private educational services in China, on its secondary listing on the Main Board of The Stock Exchange of Hong Kong Limited. New Oriental offered 8,510,000 shares at HK$ 1,190 per share, for a total offer value of HK$ 10,127 million approx. (US$ 1.3 billion approx.), assuming the underwriters do not exercise their over-allotment option. New Oriental's American Depositary Shares (ADSs), each representing one common share of the company, will continue to be listed and traded on the New York Stock Exchange (NYSE). The Hong Kong-listed shares will be fully fungible with the ADSs listed on the NYSE.
The Skadden team was led by Hong Kong partners Julie Gao, Christopher Betts and Paloma Wang and Shanghai partner Haiping Li, with associates Shimeng Zhang(Hong Kong), Frank Xu (Beijing), Sophie Zhao (Hong Kong), and Nicole Yuen (Hong Kong), and trainee Hong Kong solicitors Shu Fei (Marie) Lim, Nigel Pang and Hillary Chan.
