Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Capital Markets

China New Higher Education / Equity Capital Markets

<p>China New University Group (CNU) is one of the four upcoming educational companies to be listed on Hong Kong Stock Exchange. In this insight, we will have a look at the revenue drivers for CNU, and hope to address the following questions:</p><ul><li>Can revenue growth be sustained by student enrolment and fee hikes?</li><li>How feasible are their expansion plans?</li><li>What are the key risks facing CNU?</li><li>At what valuations should CNU trade?</li></ul>

China New University Group (CNU) is one of the four upcoming educational companies to be listed on Hong Kong Stock Exchange. In this insight, we will have a look at the revenue drivers for CNU, and hope to address the following questions:Can revenue growth be sustained by student enrolment and fee hikes?How feasible are their expansion plans?What are the key risks facing CNU?At what valuations should CNU trade?

China Maple Leaf Educational Systems (1317 HK)

China New University IPO Preview: Track Record and Focus Attractive