First High-School Education Group’s US$75 Million IPO

Wilson Sonsini Goodrich & Rosati and Maples and Calder advised First High-School Education Group Co. on the deal. Kirkland & Ellis International LLP acted as US counsel for the underwriters.

First High-School Education Group Co., Ltd. announced the pricing of its initial public offering of 7,500,000 American depositary shares (ADSs) at a price to the public of US$10.00 per ADS, for a total offering size of US$75.0 million (or US$86.25 million if the underwriters exercise their option to purchase additional ADSs in full). The ADSs began trading on the New York Stock Exchange on March 11 under the symbol “FHS.”

First High-School Education Group is the largest operator of private high schools in Western China and the third-largest operator in China. It operated a network of 19 schools, offering 14 high school programs, seven middle school programs, and four tutorial school programs for Gaokao repeaters, as of September 30, 2020. All of its schools are strategically located in Western China. First High-School Education Group aspires to become a leader and innovator of private high school education in China.

The Wilson Sonsini team representing First High-School Education Group in the offering included: Dan Ouyang (Picture), Ke Li, Yu Ma, Ziyue Zhu, Vincent Wang and Myra Sutanto Shen.

The Maples  team comprised partners Derrick Kan and Karen Zhang Pallaras.  The Group’s Fund Services business acted as the Cayman Islands Share Registrar, and the team comprised Eastern Fong, Regional Head of the Group’s fund services business in Asia and vice president Christy Poon.

Involved fees earner: Eastern Fong – Maples and Calder; Derrick Kan – Maples and Calder; Christy Poon – Maples and Calder; Karen Zhang Pallaras – Maples and Calder; Ke Li – Wilson Sonsini Goodrich & Rosati; Yu Ma – Wilson Sonsini Goodrich & Rosati; Dan Ouyang – Wilson Sonsini Goodrich & Rosati; Myra Sutanto Shen – Wilson Sonsini Goodrich & Rosati;

Law Firms: Maples and Calder; Wilson Sonsini Goodrich & Rosati;

Clients: First High-School Education Group Co;

Author: Sonia Carcano