How many listed companies are hidden in the training class

　　Finance - How many listed companies are hidden in the training class

　　A shares, Hong Kong stocks, US stocks...

　　How many listed companies are hidden in the training class of your child?

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　　The latest case was born in A-shares. A-share listed company Li Sichen (300010) held a press conference of the 3.0 version of the major language before the summer vacation. “English has created New Oriental, mathematics has created a good future, and big language, the future will definitely create a new Li Sichen.” Li Yanchen’s chairman, Chi Yanming, confidently portrayed such a vision. Earlier this year, Li Sichen announced that it will acquire a 51% stake in the Chinese language tutoring institution, the Chinese language tutoring institution, with its own funds of 481 million yuan. The Chinese "big language" originated from the famous Haidian Huangzhuang, and there is also an online brand called Zhuge Academy.

　　Li Sichen and the big language

　　The "Chinese Future" acquired by Li Sichen is a legend in the education sector.

　　The founder of the Chinese future, Dou Yu, is known as the founder of the big language teaching and training industry. After the 80s, Dou Yu, born in a Chinese language education family in Tianshui, Gansu, scored more than 140 points in the Chinese language scores in the senior high school entrance examination. So far, Dou Yu is still the highest score holder in the Gansu test area. After graduating from the College of Liberal Arts of Beijing Normal University, Dou Yu began to engage in language education and established his own brand in 2015, making the brand of the big language one of the most influential brands in the country.

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　　After the completion of the transaction, the Chinese language founded by Dou Yu became the holding subsidiary of Li Sichen. Li Sichen's major language will also be officially based on language products and services. It has the "big language" of the Chinese language products in the K12 education and training market. It has three main lines of "ancient literature, foreign literature and innovative writing" and has developed "five categories of twenty-one." Door "big language products.

　　In fact, the main business before Li Sichen was the information security business, and the profit was still good. Its 2017 annual report shows that the company's operating income is 2.161 billion yuan, of which education assets revenue is about 1.2 billion yuan, and information security business revenue is about 810 million yuan. But now, the company is gradually divesting its information security business and focusing on the education industry.

　　Chi Yanming, a student from Tsinghua University, said that although his first half of his life was not related to education, he was out of control after six years of contact with education. "After engaging in education, I feel more and more passionate and more and more passionate."

　　“Dou Yu once said such a sentence, which made me strongly resonate.” Chi Yanming said that once, at the bank of the unnamed lake in peking University, Dou said, “As a lucky man of this era, I can bring a bunch of excellent young people. people, if they can contribute to the cultural rejuvenation and cultural output of the Chinese nation in their lifetime, I will not live in this life."

　　"I want to help the big language to achieve the dream of this young team." Chi Yanming said that Li Sichen wants to become a purely educational enterprise, using the platform of listed companies, and fully support the big language online and offline.

　　Transformational pain

　　But the reality is full of bones. On July 10th and 11th, Li Sichen's share price plummeted for two consecutive days, with the largest cumulative decline of 14.4%. Subsequently, the announcement showed that Li Sichen's performance in the first half of 2018 is expected to be a loss of 52 million yuan to 57 million yuan.

　　According to the announcement, the spin-off of the security business has caused fluctuations in the security business. The company's safety business income decreased greatly from January to June 2018, which led to the company's overall loss in the first half of the year; however, the education business developed well, and the company's education income from January to June 2018 increased by 70 million yuan compared with the same period of the previous year. The growth rate is about 23%, accounting for about 65% of the total revenue.

　　Among them, the income from the C-end education service business increased significantly compared with the same period of last year. The cumulative service number of the large-language business from January to June 2018 was close to 50,000, which was significantly higher than the 30,000 people in 2017 (including online and offline). The number of national service network points increased from 45 at the end of last year to 81 at present.

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　　Nowadays, Li Sichen, who has joined hands with the big language, has gradually improved its ecological layout in education. Li Sichen said that from the original wisdom education, to the study abroad service, to today's big language, compared to other businesses, language has its own unique characteristics. Because Chinese is not only a tool for communication and expression, it should be a medium for communicating with great ancestors, shaping historical vision, and cultivating human feelings.

　　Li Sichen is only a microcosm of the A-share education sector.

　　Also on the evening of July 10, the new Nanyang (600661), which was the first stock of A-share pure education, suddenly announced that its third largest shareholder, Chang A, had increased its holdings by 0.8%. In the next three months, the increase will be no less than 1% and no more than 5%.

　　previously, the new Nanyang has been repeatedly placarded by the Zhongjin Investment Group, a capital tycoon Zhou Chuan, and became the second largest shareholder in one fell swoop. According to industry insiders, the announcement of the increase in holdings of the third largest shareholder is obvious, and it is necessary to compete with the China National Gold Corporation.

　　As of the date, the top three shareholders of New Nanyang were: 24.65% held by Jiaoda Industry Group and Jiaoda Enterprise Management Center, 15.00% held by CICC, and 13.51% held by Changjia Department. Among them, the Bao Yugang family also holds a new Nanyang equity through the education.

　　“New Nanyang’s 2013 acquisition of Ang Li Education for 582 million yuan doubled its operating income to 1 billion yuan in 2014. In 2016, its operating income exceeded 1.3 billion yuan, and its revenue in 2017 exceeded 1.7 billion yuan. It is recognized as a cash cow industry, and the competition of the capital side will become inevitable." The insiders explained this.

　　US stocks, Hong Kong stocks, A shares, education sector is very different

　　Another reality that has to be faced up to is that since last year, the Hong Kong stock education sector has risen by more than 70%, while A shares have fallen by nearly 30%. In addition, the IpO of educational companies also shows that US stocks and Hong Kong stocks are bustling, and A-shares are still calm.

　　Analysts said that 2018 is still the year of accelerated IpO for education companies. In March of this year, in less than 10 days, Shangde institutions and elite education successively landed on the New York Stock Exchange; China Xinhua Education rushed to Hong Kong stocks, and hoped that education and Yida Education also submitted Hong Kong stock prospectus. However, on the way to the A-share market, Huatu Education, Elite Education, and Yitong Culture and Education have returned.

　　Overseas, the market for education is still very lively. In 2017, a total of 24 Chinese stocks went public in the US. Among them, there are 4 education enterprises, accounting for 17%. With the listing of Boss Education, Red, Yellow and Blue, Reith English, and Four Seasons Education, the number of Chinese education companies listed on the NYSE is From 7 at the end of 2016, it has grown to 11 at the end of 2017.

　　In the stock of education, New Oriental and the good future are the absolute leader. Even though the number of Chinese companies listed in the US is increasing, only the two markets have a value of more than 100 billion. The layout of Chinese education enterprises is mainly in five aspects: K-12 small and medium-sized schools, pre-school education, global passport education, international education and employment education.

　　By the end of 2017, the total market capitalization of the newly listed shares in the whole year was US$26.88 billion, of which the education company had a market value of US$3.91 billion, accounting for 15%. In 2017, US stocks showed a big bull market. i-EDU analyzed the 11 stocks in 2017. At the end of 2017, the total market capitalization of the 11 stocks in the US was 36.295 billion US dollars. Seven in the year rose and four fell. In terms of net profit, 9 are profitable and 2 are losing money.

　　In the Hong Kong stock market, there were 7 mainland listed education enterprises in Hong Kong at the end of 2017, with a total market value of HK$77.3 billion. In terms of quantity, it increased by 250% compared with 2016, and the market value increased by 3.25 times.

　　Looking at the A-share market, in 2017, A-shares had more than 30 listed companies engaged in strategic investment in education industry assets and mergers and acquisitions. For example, Baiyang Co., Ltd. (002696), Koswood (300192) and Kaiyuan Co., Ltd. (300338) have successfully cross-border training in traditional industries such as aquatic products, inks and instruments through mergers and acquisitions of education and training assets.

　　Among A-shares, Hong Kong stocks and US stocks, the average valuation of US stocks is significantly higher than that of Hong Kong stocks. Except for a few, the price-earnings ratio is more than 50 times, and the Hong Kong stock market earnings ratio is about 30 times. The price-earnings ratio and risk preference of A-shares. It is relatively higher.

　　Most of the main business of the A-share education sector is far from the education industry, and some companies have divested all their main businesses to the education industry, such as Kevin Education (002659) and Li Sichen. Compared with the stocks of US stocks and Hong Kong stocks, the “purity” of A-share education stocks is not high.

　　At present, most of the education stocks in the A-share market are restructured and acquired educational assets through listed companies. The companies with the name "education" in the A-shares only have all-pass education (300359), Sansheng Education (300282) and Kevin Education, and listed companies that fully serve the education sector are still very scarce.

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