GSX Techedu Inc.’s $252 Million Follow-on Offering


Wilson Sonsini Goodrich & Rosati advised the underwriters in the offering

GSX Techedu Inc. priced its follow-on public offering of 18,000,000 American Depositary Shares (ADSs) sold by several selling shareholders at an offering price of $14.00 per ADS for a total offering size of $252 million (or approximately $289 million if the underwriters fully exercise their options to purchase additional ADSs).

Credit Suisse Securities (USA) LLC, BofA Securities, Inc., Goldman Sachs (Asia) L.L.C., and Deutsche Bank Securities acted as underwriters in this offering.

GSX is a technology-driven education company striving to apply the latest technology to improve the mode of teaching delivery, student learning experience and operational efficiency. Its core expertise is online K-12 courses, and it is the third largest online K-12 large-class after-school tutoring service provider in China.

Wilson Sonsini advised the underwriters with a team including Dan Ouyang (Picture), Weiheng Chen, Ke Li, Qin Zou, Claire Chen (Capital Markets), Myra Sutanto Shen and Joe Mandry (Tax).

Involved fees earner: Weiheng Chen – Wilson Sonsini Goodrich & Rosati; Claire Yuan Chen – Wilson Sonsini Goodrich & Rosati; Ke Li – Wilson Sonsini Goodrich & Rosati; Joe Mandry III – Wilson Sonsini Goodrich & Rosati; Dan Ouyang – Wilson Sonsini Goodrich & Rosati; Myra Sutanto Shen – Wilson Sonsini Goodrich & Rosati; Qin Zou – Wilson Sonsini Goodrich & Rosati;

Law Firms: Wilson Sonsini Goodrich & Rosati;

Clients: Bank of America Securities; Credit Suisse Securities (USA) LLC; Deutsche Bank Securities; Goldman Sachs (Asia) L.L.C.;