Lixiang Education: Shares plunge nearly 25% in Nasdaq debut

Lixiang Education Holding

01/10/2020 15:55

** China-based education service provider's  LXEH.O  shares
slump 25% to $6.94 in their market debut, after opening 8% up
    ** Stock opened at $10, valuing the firm at $133.3 mln,
compared to the IPO price of $9.25
    ** Co priced 3.33 mln American depository shares at $9.25,
raising $30.8 mln, according to a regulatory filing https://www.sec.gov/Archives/edgar/data/1814067/000119312520260728/d921897d424b4.htm
    ** LXEH had earlier marketed a price range of $9-$11 per
share 
    ** For the six months ended June 30, 2020, the firm's
revenue rose 3% to 84.1 million yuan ($12.39 million), while net
income fell ~25% to 27.1 million yuan
    ** AMTD Global Markets was the lead underwriter to LXEH's
offering


($1 = 6.7898 Chinese yuan renminbi)

 (Reporting by C Nivedita in Bengaluru)
 ((C.Nivedita@thomsonreuters.com))