新东方上市英文招股说明书文档格式.docx
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(TranslationofRegistrant’snameintoEnglish)
CaymanIslands
8200
NotApplicable
(Stateorotherjurisdictionof
incorporationororganization)
(PrimaryStandardIndustrial
ClassificationCodeNumber)
(I.R.S.Employer
IdentificationNumber)
LouisT.Hsieh
ChiefFinancialOfficer
No.
6HaiDianZhongStreet,9thFloor
HaidianDistrict,Beijing100080
People’sRepublicofChina
(8610)
6260-5566
(Address,includingzipcode,andtelephonenumber,includingareacode,ofRegistrant’sprincipalexecutiveoffices)
CTCorporationSystem
111EighthAvenue
NewYork,NewYork10011
(212)664-1666
(Name,address,includingzipcode,andtelephonenumber,includingareacode,ofagentforservice)
Copiesto:
DavidT.Zhang
JohnA.Otoshi
Latham&
WatkinsLLP
41stFloor,OneExchangeSquare
8ConnaughtPlace,Central
HongKong
(852)2522-7886
MatthewBersani
Shearman&
SterlingLLP
12/F,GloucesterTower
TheLandmark,Central
(852)2978-8000
AlanD.Seem
2318ChinaWorldTowerTwo
1JianguomenwaiDajie
Beijing100004
People’sRepublicofChina
(8610)6505-3399
Approximatedateofcommencementofproposedsaletothepublic:
Assoonaspracticableaftertheeffectivedateofthisregistrationstatement.
IfanyofthesecuritiesbeingregisteredonthisFormaretobeofferedonadelayedorcontinuousbasispursuanttoRule415undertheSecuritiesActof1933,checkthefollowingbox.☐
IfthisFormisfiledtoregisteradditionalsecuritiesforanofferingpursuanttoRule462(b)undertheSecuritiesAct,pleasecheckthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.
☐
IfthisFormisapost-effectiveamendmentfiledpursuanttoRule462(c)undertheSecuritiesAct,checkthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.☐
IfthisFormisapost-effectiveamendmentfiledpursuanttoRule462(d)undertheSecuritiesAct,checkthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.☐
IfdeliveryoftheprospectusisexpectedtobemadepursuanttoRule434,checkthefollowingbox.☐
CALCULATIONOFREGISTRATIONFEE
Titleofeachclassof
securitiestoberegistered
Amounttobe
registered
(1)
(2)
Proposed
maximum
aggregate
offeringprice
(1)
Amount
of
registration
fee
Commonshares,parvalue$0.01pershare
(2)(3)
34,500,000
$112,125,000
$11,998
EstimatedsolelyforthepurposeofdeterminingtheamountofregistrationfeeinaccordancewithRule457(a)undertheSecuritiesActof1933.
(2)
IncludescommonsharesinitiallyofferedandsoldoutsidetheUnitedStatesthatmayberesoldfromtimetotimeintheUnitedStateseitheraspartoftheirdistributionorwithin40daysafterthelateroftheeffectivedateofthisregistrationstatementandthedatethesharesarefirstbonafideofferedtothepublic,andalsoincludescommonsharesthatmaybepurchasedbytheunderwriterspursuanttoanover-allotmentoption.ThesecommonsharesarenotbeingregisteredforthepurposeofsalesoutsidetheUnitedStates.
(3)
AmericandepositarysharesissuableupondepositofthecommonsharesregisteredherebywillberegisteredunderaseparateregistrationstatementonForm
F-6(RegistrationNo.333-
).EachAmericandepositarysharerepresentsfourcommonshares.
TheRegistrantherebyamendsthisRegistrationStatementonsuchdateordatesasmaybenecessarytodelayitseffectivedateuntiltheRegistrantshallfileafurtheramendmentwhichspecificallystatesthatthisRegistrationStatementshallthereafterbecomeeffectiveinaccordancewithSection
8(a)oftheSecuritiesActof1933,asamended,oruntiltheRegistrationStatementshallbecomeeffectiveonsuchdateastheCommission,actingpursuanttosuchSection
8(a),maydetermine.
Theinformationinthispreliminaryprospectusisnotcompleteandmaybechanged.WemaynotsellthesesecuritiesuntiltheregistrationstatementfiledwiththeSecuritiesandExchangeCommissioniseffective.Thisprospectusisnotanoffertosellthesesecuritiesandwearenotsolicitingofferstobuythesesecuritiesinanyjurisdictionwheretheofferorsaleisnotpermitted.
SubjecttoCompletion.DatedAugust22,2006.
7,500,000AmericanDepositaryShares
Representing
30,000,000CommonShares
NewOrientalEducation
TechnologyGroupInc.
ThisisaninitialpublicofferingofAmericandepositaryshares,orADSs,ofNewOrientalEducation
TechnologyGroupInc.,orNewOriental.NewOrientalisoffering7,500,000ADSs.EachADSrepresentsfourcommonshares.TheADSsareevidencedbyAmericandepositaryreceipts,orADRs.
Priortothisoffering,therehasbeennopublicmarketfortheADSsorthecommonshares.WeanticipatetheinitialpublicofferingpricewillbebetweenUS$11.00andUS$13.00perADS.WehaveappliedtohavetheADSslistedontheNewYorkStockExchangeunderthesymbol“EDU.”
See“RiskFactors”beginningonpage11toreadaboutrisksyoushouldconsiderbeforebuyingtheADSs.
NeithertheUnitedStatesSecuritiesandExchangeCommissionnoranyotherregulatorybodyhasapprovedordisapprovedofthesesecuritiesorpassedupontheaccuracyoradequacyofthisprospectus.Anyrepresentationtothecontraryisacriminaloffense.
Priceto
Public
Underwriting
Discounts
Proceeds,
Before
Expenses,to
NewOriental
PerADS
US$
US$
Total
Theunderwritershaveanoptiontopurchaseuptoanadditional1,125,000ADSsfromNewOrientalattheinitialpublicofferingpricelesstheunderwritingdiscount.
TheunderwritersexpecttodelivertheADSsevidencedbytheADRsagainstpaymentinU.S.dollarsinNewYork,NewYorkon
2006.
CreditSuisse
GoldmanSachs(Asia)L.L.C.
PiperJaffray
Prospectusdated
2006
TABLEOFCONTENTS
Page
ProspectusSummary
1
RiskFactors
11
Forward-LookingStatements
33
UseofProceeds
34
DividendPolicy
35
Capitalization
36
Dilution
37
ExchangeRateInformation
39
EnforceabilityofCivilLiabilities
40
CorporateStructure
41
SelectedConsolidatedCondensedFinancialData
45
RecentDevelopments
47
Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations
48
Business
72
Regulations
89
Management
96
PrincipalShareholders
103
RelatedPartyTransactions
105
DescriptionofShareCapital
108
DescriptionofAmericanDepositaryShares
113
SharesEligibleforFutureSale
122
Taxation
124
129
NoticetoCanadianResidents
134
ExpensesRelatingtothisOffering
136
LegalMatters
137
Experts
WhereYouCanFindAdditionalInformation
138
IndextoConsolidatedFinancialStatements
F-1
Nodealer,salespersonorotherpersonisauthorizedtogiveanyinformationortorepresentanythingnotcontainedinthisprospectus.Youmustnotrelyonanyunauthorizedinformationorrepresentations.ThisprospectusisanoffertosellonlytheADSsofferedhereby,butonlyundercircumstancesandinjurisdictionswhereitislawfultodoso.Theinformationinthisprospectusiscurrentonlyasofthedateofthisprospectus.
Inconnectionwiththisoffering,CreditSuisseSecurities(USA)LLC,GoldmanSachs(Asia)L.L.C.oranypersonactingforeitherofthemmayover-allotoreffecttransactionswithaviewtosupportingthemarketpriceoftheADSsatalevelhigherthanthatwhichmightotherwiseprevailforalimitedperiodoftimeaftertheissuedate.However,thereisnoobligationonCreditSuisseSecurities(USA)LLC,GoldmanSachs(Asia)L.L.C.ortheirrespectiveagentstodothis.Suchstabilization,ifcommenced,maybediscontinuedatanytime,andmustbebroughttoanendafteralimitedperiod.
i
PROSPECTUSSUMMARY
Thefollowingsummaryisqualifiedinitsentiretyby,andshouldbereadinconjunctionwith,themoredetailedinformationandfinancialstatementsappearingelsewhereinthisprospectus.Inadditiontothissummary,weurgeyoutoreadtheentireprospectuscarefully,especiallytherisksofinvestinginourADSsdiscussedunder“RiskFactors,”beforedecidingwhethertobuyourADSs.
OurBusiness
WearethelargestproviderofprivateeducationalservicesinChinabasedonthenumberofprogramofferings,totalstudentenrollmentsandgeographicpresence.Weofferawiderangeofeducationalprograms,servicesandproductsconsistingprimarilyofEnglishandotherforeignlanguaget