HONG KONG, November 8, 2010 - J.P. Morgan announced today that it has been appointed depositary bank by Global Education & Technology Group Ltd. ("Global Education"), which raised USD 76.9 million through an American Depositary Shares ("ADS") listing on the NASDAQ.
Global Education, which is one of China's largest examination preparation providers for the International English Language Testing System ("IELTS") and a leading provider of educational courses and related services, issued 7,331,250 ADSs priced at USD 10.50, which included 956,250 ADSs issued pursuant to the exercise of the over-allotment option by the underwriters. Global Education expects to use the capital raised for purposes that include working capital and the expansion of its operations in China.
Hannah Lee, Chief Financial Officer, Global Education, said: "J.P. Morgan has long been regarded as a market leader when it comes to their depositary shares franchise. They played an important role in our NASDAQ listing, and we're looking forward to working with the team in the future."
Kenneth Tse, Asia Pacific Head of J.P. Morgan's depositary receipts group added: "We were delighted to support Global Education's ADS listing on the NASDAQ. We were able to deliver quickly against a tight timeframe, and we are pleased that our depositary receipts team was able to add significant value to Global Education's strategic growth plan."
J.P. Morgan is committed to working closely with its clients to design and implement customized depositary receipt ('DR') programs to achieve their strategic goals and facilitate DR liquidity.
J.P. Morgan launched the first depositary receipt program in Asia in 1961 for Sony and serves as depositary bank for leading companies throughout the region. J.P. Morgan provides a full range of American Depositary Receipt ('ADR') and Global Depositary Receipt ('GDR') services to issuers seeking to have their equity traded on exchanges beyond their home markets. For more information on depositary receipts and international equities, please visit J.P. Morgan's award-winning website, www.adr.com.
About Global Education & Technology Group Ltd.
Global Education & Technology Group Ltd. (Nasdaq: GEDU) is one of China's largest test preparation providers for IELTS and a leading provider of educational courses and related services. Under its "Global" brand, the Company also offers diversified services that span a student's educational life cycle, including after-school courses, overseas study consulting, and professional certification test preparation. As of June 30, 2010, the Company's network comprised 66 directly operated and 226 franchised learning centers across China, as well as an online course delivery platform with more than one million registered members. For more information, please visit www.globaleducation.cn.
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, N.A. (NYSE: JPM), WSS leverages the firm's unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $14.9 trillion in assets under custody and $6.5 trillion in funds under administration. For more information, go to www.jpmorgan.com/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.