新东方上市英文招股说明书.docx

新东方上市英文招股说明书.docx

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新东方上市英文招股说明书

F-11df1.htmFORMF-1

TableofContents

AsfiledwiththeSecuritiesandExchangeCommissiononAugust22,2006

RegistrationNo. 333-            

SECURITIESANDEXCHANGECOMMISSION

WASHINGTON,D.C.20549

FORMF-1

REGISTRATIONSTATEMENT

UNDER

THESECURITIESACTOF1933

NEWORIENTALEDUCATION &TECHNOLOGYGROUPINC.

（ExactnameofRegistrantasspecifiedinitscharter）

NotApplicable

（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

HongKong

（852）2978-8000

AlanD.Seem

Shearman&SterlingLLP

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

（1）

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.

TableofContents

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$        

US$

Total

US$

US$

US$

Theunderwritershaveanoptiontopurchaseuptoanadditional1,125,000ADSsfromNewOrientalattheinitialpublicofferingpricelesstheunderwritingdiscount.

TheunderwritersexpecttodelivertheADSsevidencedbytheADRsagainstpaymentinU.S.dollarsinNewYork,NewYorkon                    ,2006.

CreditSuisse

GoldmanSachs（Asia）L.L.C.

PiperJaffray

Prospectusdated            ,2006

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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

Underwriting

129

NoticetoCanadianResidents

134

ExpensesRelatingtothisOffering

136

LegalMatters

137

Experts

137

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

TableofContents

PROSPECTUSSUMMARY

Thefollowingsummaryisqualifiedinitsentiretyby,andshouldbereadinconjunctionwith,themoredetailedinformationandfinancialstatementsappearingelsewhereinthisprospectus.Inadditiontothissummary,weurgeyoutoreadtheentireprospectuscarefully,especiallytherisksofinvestinginourADSsdiscussedunder“RiskFactors,”beforedecidingwhethertobuyourADSs.

OurBusiness

WearethelargestproviderofprivateeducationalservicesinChinabasedonthenumberofprogramofferings,totalstudentenrollmentsandgeographicpresence.Weofferawiderangeofeducationalprograms,servicesandproductsconsistingprimarilyofEnglishandotherforeignlanguaget