Aspire Education Management Co., Ltd.

CMBC Capital (1141) lends another HK$150m
Company announcement, 30-Nov-2018
They don't name the borrower. We can tell you it is China New Higher Education (2001), to which CMBC has already lent HK$340m. CMBC has also lent CNHE's controlling shareholder HK$100m. On the new loan, CMBC vaguely states the interest rate of "5% to 10%" with an arrangement fee of "1% to 5%". In our view this fails to disclose sufficient details of the Disclosable Transaction.
CMBC Capital (1141) lends HK$340m to CNHE (2001) and HK$100m to its controlling shareholder
Company announcement, 28-Jun-2018
CMBCC seeks a waiver and fails to disclose who the borrowers are. However, the Second Borrower, of HK$340m, is in the PRC education sector with total assets over RMB2.5bn and net assets over RMB1.7bn at 31-Dec-2017. That makes it China New Higher Education (CNHE, 2001) with total assets of RMB2.57bn and net assets of RMB1.72bn. The First Borrower of HK$100m is therefore Aspire Education Management Co., Ltd (BVI), owned by CNHE Chairman and controlling shareholder Li Xiaoxuan.
Chairman Li Xiaoxuan deposits 35.09% of New Higher Edu (2001) with CCB
The stock was listed on 19-Apr-2017 after an IPO at $2.78 per share. If Mr Li has pledged his controlling shareholding within 12 months of the listing then the company would need to announce that. (9-Dec-2017)

Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top