Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Capital Markets

<p>RYB is the largest early childhood education service provider in China measured by total revenues (2016), which aims to list on the NYSE. Nationwide, it operates a network of teaching facilities under the RYB Kindergarten (红黄蓝幼儿园 ) and RYB Play-and-Learn Center (红黄蓝亲子园) brands. It directly operates 80 kindergartens and franchised 175 kindergartens, covering 130 cities and towns in China. We first provide an executive summary of the company, followed by answers to the following questions:</p><ol><li>What are some factors supporting the growth of private kindergartens in China?</li><li>What is the industry growth rate like?</li><li>How is its growth track record?</li><li>What kind of growth should we expect from RYB?</li><li>What are some specific risks facing the company?</li><li>What are our thoughts on valuation?</li></ol>

RYB is the largest early childhood education service provider in China measured by total revenues (2016), which aims to list on the NYSE. Nationwide, it operates a network of teaching facilities under the RYB Kindergarten (红黄蓝幼儿园 ) and RYB Play-and-Learn Center (红黄蓝亲子园) brands. It directly operates 80 kindergartens and franchised 175 kindergartens, covering 130 cities and towns in China. We first provide an executive summary of the company, followed by answers to the following questions:What are some factors supporting the growth of private kindergartens in China?What is the industry growth rate like?How is its growth track record?What kind of growth should we expect from RYB?What are some specific risks facing the company?What are our thoughts on valuation?

RYB IPO Preview: An Early Childhood Educator Riding on China's Demand for Premium Education

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Bright Scholar Education Holdi / Equity Capital Markets

<p>China's richest woman, Ms. Yang Huiyan, the major shareholder of the Chinese property developer <a href="https://www.smartkarma.com/entities/5225" target="_blank" data-smartkarma-citation="entities:5225:1">Country Garden Holdings Co (2007 HK),</a> is listing her K-12 education provider <a href="https://www.smartkarma.com/entities/24126" target="_blank" data-smartkarma-citation="entities:24126:1">Bright Scholar Education (BEDU US)</a> on NASDAQ, aiming to raise US$120m to US$150m to expand its school network. We covered IPOs of several HK-listed education players over the past year. In this insight, we will cover the company's background, our thoughts on its related party transaction, compare its performance to the listed…</p>

China's richest woman, Ms. Yang Huiyan, the major shareholder of the Chinese property developer Country Garden Holdings Co (2007 HK), is listing her K-12 education provider Bright Scholar Education (BEDU US) on NASDAQ, aiming to raise US$120m to US$150m to expand its school network. We covered IPOs of several HK-listed education players over the past year. In this insight, we will cover the company's background, our thoughts on its related party transaction, compare its performance to the listed…

Bright Scholar Education IPO: Related Party Synergy or Bugbear?

China

Bright Scholar Education Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides bilingual, kindergarten, training, and other educational programs and services. Bright Scholar Education Holdings serves students in China.

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Bright Scholar Education Holdi (BEDU US)

RYB IPO Preview: An Early Childhood Educator Riding on China's Demand for Premium Education

RYB is the largest early childhood education service provider in China measured by total revenues (2016), which aims to list on the NYSE....

Valerie Law, CFA

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52-week Range

Market Cap (USDm)

P/E

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RYB IPO Preview: An Early Childhood Educator Riding on China's Demand for Premium Education

RYB is the largest early childhood education service provider in China measured by total revenues (2016), which aims to list on the NYSE....

Valerie Law, CFA

Bright Scholar Education IPO: Related Party Synergy or Bugbear?

China's richest woman, Ms. Yang Huiyan, the major shareholder of the Chinese property developer Country Garden Holdings Co (2007 HK), is...

Ke Yan, CFA, FRM