DeHeng Advised Lixiang Education on Listing on Nasdaq

2020-10-03

On October 1, 2020, Lixiang Education Holding Co., Ltd. ("Lixiang Education") went listed on the Nasdaq Stock Exchange, with the stock code of LXEH. It issued 3,333,400 American depositary shares ("ADS") this time at the price of USD 9.25 per ADS and each ADS represents five common shares, raising USD 30.83 million. Lixiang Education is the first private primary and secondary education institution to be listed at home and abroad since the release of the Regulations for the Implementation of the Private Education Promotion Law of China (Revised Draft) (draft for review) in August 2018.

Established in 2001 and headquartered in Lishui City, it is a leading private education school in Zhejiang and ranked among the top ten in the province. It has the largest enrollment among private elementary and secondary education institutions in Lishui, with about 4,600 active students per month in the 2019/2020 academic year. 

As the issuer's Chinese legal counsel, the DeHeng team, mainly composed of partners Zhang Xiaodan and Wang Yuwei, and lawyers Chang Mengtian and Zhang Yingzhao, assisted the company in responding to the comments made by the US Securities Regulatory Commission and Nasdaq Stock Exchange regarding China's latest regulations in the private education sector and amended securities law. Their professional, comprehensive, efficient, and high-quality whole-process legal services are highly recognized by the client.