Login

Reload

Remember me Forgot it?

Not a subscriber?

Click on the button below to create your account and get immediate access to Xinhua Silk Road Database.

Start a Free Trial

Subscribe

Belt & Road Weekly Subscription Form

Research Report

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

companies

HOME > Company


China's English learning platform LAIX makes NYSE debut

September 28, 2018


Abstract : LAIX Inc., a Chinese English learning platform driven by AI technology, rang the New York Stock Exchange (NYSE) opening bell on Thursday in celebration of its initial public offering (IPO), trading under the ticker symbol of "LAIX."

laix

NEW YORK, Sept. 28 (Xinhua) -- LAIX Inc., a Chinese English learning platform driven by artificial intelligence (AI) technology, rang the New York Stock Exchange (NYSE) opening bell on Thursday in celebration of its initial public offering (IPO), trading under the ticker symbol of "LAIX."

LAIX priced its initial public offering of 5,750,000 American depositary shares (ADSs) at 12.50 U.S. dollars per ADS for a total offering size of roughly 71.9 million dollars, assuming the underwriters do not exercise their over-allotment option to purchase additional ADSs.

In addition, the company has granted the underwriters an over-allotment option, exercisable within 30 days subsequent to the date of the final prospectus, to purchase up to an additional 862,500 ADSs at the initial public offering price per ADS.

Morgan Stanley & Co. LLC and Goldman Sachs (Asia) L.L.C are acting as joint bookrunners of this offering and as the representatives of the underwriters.

Shares of LAIX started trading at 16.00 dollars per share, up 28 percent from its IPO price, and traded at 13.67 dollars per share around midday.

LAIX said that the proceeds from the IPO will mainly be used for research and development, selling and marketing, as well as the balance for general corporate purpose.

"Listing on the NYSE will make LAIX a more international company, which can help us attract customers all over the world, as we believe our English learning platform driven by AI not only can serve Chinese English learners, but also can help English learners in other countries," Yi Wang, chairman and chief executive office of LAIX told Xinhua after the opening bell.

Founded in 2013, LAIX is an artificial intelligence company in China that creates and delivers products and services to popularize English learning. As of June 30, 2018, the company had 83.8 million cumulative registered users in China and globally, according to the prospectus.

The Shanghai-based Chinese company posted revenues of 35.1 million dollars in the first half of 2018, with a net loss of 27.5 million dollars in the same period, said the prospectus.


Related Coverage

Focus

Think Tank

  • The Chinese Race to Artificial Intelligence

    August 10, 2018

    China is no longer just a manufacturing power, but a technologically advance...

  • Made in China 2025 and the Belt and Road Initiative

    August 10, 2018

    The industrial policy of “Made in China 2025” clearly focuses on innovatio...

  • Trump cannot push back China with $113m

    August 8, 2018

    Although the “Belt and Road Initiative” has caused some worries and rebou...

  • Beijing’s maritime gifts

    August 7, 2018

    Beijing seems to be strengthening its capacity building at sea.

  • Ask Us A Question

    If you have any questions, please enter them in the box below.

    Reload

    Write to Us

    Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

    Click on the button below to create your account and get imhttp://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

    Start a Free Trial