News & Bulletins

Sunlands Online Education Group: Completed its U.S. IPO

Sunlands (NYSE:STG), a Primavera portfolio company, went public on NYSE on March 23, 2018. Founded in 2003, Sunlands provides self-study post-secondary diploma ("zi kao") training courses and professional education training (CPA, MBA and teacher qualification, etc.). The Company has successfully transitioned from an offline ‘bricks and mortar’ business to an online business model. Since the transition, the company has grown quite rapidly and now has become the dominant leading continuing education online training platform in China. In 2017, it recorded approximately 389,000 newly enrolled students, among which over 300,000 were zi kao students. Sunlands’s IPO was priced at US$11.5/ADS and the total market capitalization was approximately US$2 billion, making Sunlands the highest-valued Chinese educational enterprise at the time of IPO. Primavera invested in Sunlands in August, 2017 and holds a board seat.