学而思纽交所上市招股说明书

Morningstar®DocumentResearch℠FORM424B4TALEducationGroup-XRSFiled:October20,2010(period:)ProspectusfiledpursuanttoRule424(b)(4)TableofContentsFiledPursuanttoRule424(b)(4)RegistrationNo.333-169650TALEducationGroup12,000,000AmericanDepositarySharesRepresenting24,000,000ClassACommonSharesThisisaninitialpublicofferingofAmericandepositaryshares,orADSs,ofTALEducationGroup.Weareoffering12,000,000ADSs.EachADSrepresentstwoClassAcommonshares,parvalue$0.001pershare.Priortothisoffering,therehasbeennopublicmarketforourADSsorourshares.OurADSshavebeenapprovedforlistingontheNewYorkStockExchangeunderthesymbol“XRS.”See“RiskFactors”beginningonpage12toreadaboutrisksyoushouldconsiderbeforebuyingtheADSs.PRICE$10.00PERADSUnderwritingdiscountsandProceedsPricetopubliccommissionsbeforeexpensesPerADS$10.00$0.70$9.30Total$120,000,000$8,400,000$111,600,000Theunderwritershaveanoptiontopurchaseuptoanadditional1,800,000ADSsfromusattheinitialpublicofferingpricelessunderwritingdiscountsandcommissions,within30daysfromthedateofthisprospectus.NeithertheUnitedStatesSecuritiesandExchangeCommissionnoranystatesecuritiescommissionorotherregulatorybodyhasapprovedordisapprovedofthesesecuritiesorpassedupontheaccuracyoradequacyofthisprospectus.Anyrepresentationtothecontraryisacriminaloffense.TheunderwritersexpecttodelivertheADSstopurchasersonoraboutOctober25,2010.CreditSuisseMorganStanleyPiperJaffrayOppenheimer&Co.ThedateofthisprospectusisOctober19,2010.Source:TALEducationGroup,424B4,October20,2010PoweredbyMorningstar®DocumentResearch℠TableofContentsSource:TALEducationGroup,424B4,October20,2010PoweredbyMorningstar®DocumentResearch℠TABLEOFCONTENTSSummary1RiskFactors12SpecialNoteRegardingForward-LookingStatements40UseofProceeds41DividendPolicy42Capitalization43Dilution44ExchangeRateInformation46EnforceabilityofCivilLiabilities47OurCorporateHistoryandStructure49SelectedConsolidatedFinancialData55Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations58MarketOpportunity85Business90Regulation103Management113PrincipalShareholders119RelatedPartyTransactions121DescriptionofShareCapital122DescriptionofAmericanDepositaryShares130SharesEligibleforFutureSale140Taxation142Underwriting149ExpensesRelatedtoThisOffering155LegalMatters156Experts157AdditionalInformation158IndextoConsolidatedFinancialStatementsF-1Youshouldrelyonlyontheinformationcontainedinthisprospectus.Wehavenotauthorizedanyonetoprovideyouwithinformationdifferentfromthatcontainedinthisprospectus.Weareofferingtosell,andseekingofferstobuy,theADSsonlyinjurisdictionswhereoffersandsalesarepermitted.Theinformationcontainedinthisprospectusiscurrentonlyasofthedateofthisprospectus,regardlessofthetimeofdeliveryofthisprospectusorofanysaleoftheADSs.WehavenottakenanyactiontopermitapublicofferingoftheADSsoutsidetheUnitedStatesortopermitthepossessionordistributionofthisprospectusoutsidetheUnitedStates.PersonsoutsidetheUnitedStateswhocomeintopossessionofthisprospectusmustinformthemselvesaboutandobserveanyrestrictionsrelatingtotheofferingoftheADSsandthedistributionoftheprospectusoutsidetheUnitedStates.ThroughandincludingNovember13,2010(the25thdayafterthedateofthisprospectus),alldealerseffectingtransactionsinthesesecurities,whetherornotparticipatinginthisoffering,mayberequiredtodeliveraprospectus.Thisisinadditiontoadealer’sobligationtodeliveraprospectuswhenactingasanunderwriterandwithrespecttoanunsoldallotmentorsubscription.iSource:TALEducationGroup,424B4,October20,2010PoweredbyMorningstar®DocumentResearch℠TableofContentsTHISPAGEINTENTIONALLYLEFTBLANKSource:TALEducationGroup,424B4,October20,2010PoweredbyMorningstar®DocumentResearch℠TableofContentsSUMMARYThissummaryhighlightsinformationcontainedelsewhereinthisprospectusanddoesnotcontainalloftheinformationthatyoushouldconsiderinmakingyourinvestmentdecision.BeforeinvestingintheADSs,youshouldcarefullyreadtheentireprospectus,includingourfinancialstatementsandrelatednotesincludedinthisprospectusandtheinformationsetforthundertheheadings“RiskFactors”and“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations.”Inaddition,wecommissionediResearchConsultingGroup,oriResearch,anindependentmarketresearchfirm,toprepareareportforthepurposeofprovidingvariousindustryandotherinformationandillustratingourpositionintheK-12after-schooltutoringservicemarketinChina.InformationfromthereportpreparedbyiResearch,ortheiResearchReport,appearsin“Summary,”“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations,”“MarketOpportunity,”“Business”andothersectionsofthisprospectus.WehavetakensuchcareasweconsiderreasonableinthereproductionandextractionofinformationfromtheiResearchReportandotherthird-partysources.Studentenrollmentsinthisprospectusrefertothecumulativetotalnumberofcoursesenrolledinandpaidforbyourstudents,includingmultiplecoursesenrolledinandpaidforbythesamestudent;ifonestudentenrollsintwoseparatetutoringcourses,wecountthatastwostudentenrollments.OurBusinessWearethelargestK-12after-schooltutoringserviceproviderinChinaasmeasuredbyincomefromo