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Xueda Education Group (NYSE: XUE) (“Xueda” or the “Company”), the leading national provider of tutoring services for primary and secondary school students in China with a focus on offering personalized tutoring services, today announced that it has filed a request with the Securities and Exchange Commission (the “Commission”) to withdraw the registration statement on Form F-1 previously filed with the Commission relating to a proposed public offering by certain of the Company’s pre-IPO shareholders of its ordinary shares in the form of American depositary shares (“ADSs”).
Mr. Xin Jin, Chief Executive Officer and Director of Xueda, commented, “We welcome the selling shareholders’ decision not to proceed with the proposed secondary offering, as their decision underscores our belief that the current trading price of our ADSs does not reflect Xueda’s strong business fundamentals and growth prospects. The effective execution of our business strategies, together with the support of our shareholders, has been the key to our ability to consistently deliver solid results and achieve rapid expansion since our initial public offering in November 2010.”
In addition, Xueda reaffirms its guidance of net revenue for the second quarter of 2011 to be in the estimated range of $63.6 million to $66.9 million, an increase of approximately 35.4% to 42.5% over the same quarter of the previous year. Xueda also reaffirms its guidance of net revenue for the full year of 2011 to be in the estimated range of $222 million to $235 million, an increase of approximately 44.2% to 52.5% compared to the full year of 2010.
About Xueda Education Group
Xueda Education Group (“Xueda”) is the leading national provider of tutoring services for primary and secondary school students in China with a focus on offering personalized tutoring services. According to IDC, Xueda is the largest provider of primary and secondary school tutoring services in China in terms of revenue for the year of 2009, and operates the largest tutoring service network in terms of number of cities covered. Since opening its first learning center in 2004, Xueda has organically built an extensive tutoring service network comprised of 218 learning centers and over 10,100 full-time service professionals, serving customers located in 54 economically developed cities across 27 of China’s 31 provinces and municipalities.