Shanghai鈥檚 ReTech eyes Aussie listing
Print Edition
CHINESE educational technology firm, ReTech, is looking to the Australian Securities Exchange with an initial public offering set for March.
Seeking A$22.5 million (US$17.2 million) for the listing, the figure would represent 20 percent of the group’s US$112 million value.
The Shanghai-based company digitizes training material for organizations across China and is contracted by state-owned entities like Ping An Insurance and Bank of China.
ReTech has also modernized training programs for multinationals like McDonalds, Mercedes-Benz and Sephora.
ReTech plans to license course material for Australian colleges and has a deal with Queensland TAFE to begin remodeling food handling and mining safety courses for Chinese workers, once its listing goes ahead.
The major consideration for targeting the Australian market concerns regulation within China.
ReTech has 30 percent or more of its shareholders based outside China, making it ineligible for the Chinese exchange.
“We’re a tad small for Hong Kong, so the best option outside that in terms of liquidity and price-earnings ratios turned out to be the ASX,” said Calvin Cheng, ReTech’s co-chair.
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