Chinese nursery education company goes public in U.S.

Updated 2017-09-28 09:00:57 Xinhua

RYB Education Institution, a Chinese firm providing early childhood education, went public on the New York Stock Exchange on Wednesday.

The company said in a press release that it is China's first independently-listed preschool education firm.

Its share price surged by more than 40 percent from an opening price of 18.50 U.S. dollars two hours after trading started.

Cao Chimin, founder and chairman of RYB, said the company's development has benefited from China's economic growth, consumption upgrading and education reform.

China has huge demand and market potential for preschool education, he was quoted in the press release.

Established in 1998, the Beijing company had 1,108 kindergartens or play-and-learn centers at the end of June this year, with revenue reaching 108 million dollars last year, up from 82.9 million dollars in 2015.

Net profits in H1 of this year rose 19.5 percent from a year earlier to 4.9 million dollars, mainly through increased kindergarten enrollment, with 255 kindergartens in 130 cities and towns at the end of June.

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