CVC转售启德股份终止香港IPO 启德或借道登陆A股

很早之前就有消息说：传启德教育筹23亿元拟第四季度赴港上市，但随后坊间就有传闻，启德暂停香港上市。估计是受中概股回归潮的影响，改变上市计划，并且随着新通借道保龄宝登陆主板消息的刺激，更加坚定了启德登陆A股的决心。

其实从这两年的行情看，A股的回报要比港股高很多，尤其是教育概念股，兴许启德开启登陆A股计划比新通还要早，只是要剥离CVC不是那么容易，了解CVC的都懂的。

昨日晚间，有外媒放出消息，CVC资本退出投资启德，停止香港IPO。其实这个消息一点也不意外，春节过后，坊间就有各种消息，谈论启德是借壳还是被收购，至于是否回归A股基本压根就没有争议。

CVC转售启德股份终止香港IPO 启德或借道登陆A股

大致的意思就是：5月5日，私募公司CVC表示，他们出售了2013年收购启德的股票，停止了香港IPO。

2013年报道的投资金额是2亿美元，而此次卖出，让CVC净赚6亿9200万美元（45亿人民币），三倍以上的利润。

买方是中国私募股权基金NLD，当然也包括创始人李朱及其高管团队。

奇怪的是当时在香港IPO时的估值才5亿美元，而回购股份就用了8个多亿，不知道当初的两亿投资占了多少股份。观察君猜测其中原因，一方面是CVC肯定不会那么轻易放手，想剥离筹码肯定得给足；另一方面启德这几年估值也有大幅提升，同时被国内财团看好，才有此决心。

观察君认为，正式数据官方尚未披露，如果上述数据属实的话，回购股份都这么大金额，那么启德借道A股大概率是借壳上市，而不是被收购了。

为了核实消息，观察君又登录CVC官网，果然发现了最新声明：

（英文强的可以直接看原版，习惯中文的往下看）

DATE: Thursday 5 May 2016

TITLE: CVC exits leading Chinese education service provider EIC to consortium led by NLD

CVC EXITS LEADING CHINESE EDUCATION SERVICE PROVIDER EIC TO CONSORTIUM LED BY NLD

CVC Capital Partners (“CVC”) announced today that funds advised by CVC have completed the sale of Education International Corporation (“EIC” or the “Company”) to a consortium led by NLD Investment LLP (“NLD”), a leading Chinese private equity fund, in partnership with the management and the founder of EIC. Financial details of the transaction were not disclosed.

EIC is China’s largest overseas educational counselling service provider, with a 13% national market share. The Company is also a leading integrated overseas education advisory services provider in China, offering market leading complementary test preparation services as part of the integrated overseas education advisory services to students. Since its inception in 2000 EIC has placed over 120,000 students to overseas education institutions. In 2014, EIC helped over 18,500 students enrol at an overseas education institution, of which approximately 45% enrolled at one of the top 50 globally ranked universities.

Since the initial investment in December 2013 from Asia Fund III, CVC has been working alongside EIC’s founders to take the Company to the next stage of its development, including strengthening the management team with key senior hires, including the appointment of Isa Wong, a 20 year education industry veteran from Pearson, as CEO in 2014. In the same year, CVC also led the strategic acquisition of New Pathway, a US-focused test preparation and college counselling company with a strong online technology platform. This enhanced EIC’s US market position and gained the company an immediate presence in the online and mobile space.

Hans Wang, Partner at CVC in Hong Kong, said: “We have been deeply impressed by EIC’s world class management team and their success in expanding the business into new premium market segments, significantly upgrading products and service offerings, and generating outstanding business growth over the last few years. EIC is now well positioned to capture future opportunities in the rapidly expanding overseas education industry.”

Isa Wong, CEO of EIC, said, “I am grateful for the outstanding level of support that I received from CVC, which together with the hard work and commitment of our employees, has enabled EIC’s continued growth. We are delighted to be partnering with NLD to further our success as the most trusted partner for international education for Chinese students.”

Joe Li, founder of EIC, said, “CVC has been a great partner to the EIC business over the past few years, bringing their industry knowledge, market expertise and resources, which have been crucial in creating value and enabling EIC to become a world-class educational service provider.”

Jerry Liu, the Managing Director of NLD said, “Chinese students are increasingly looking for high-quality international education experience both domestically and abroad. We are excited about the opportunity to work with EIC’s excellent management team to further enhance its leadership position as the partner of choice for international education.”

其实有时候觉得老外并不那么实在，很简单的事说那么多废话，观察君总结就俩字：爱过！

上面大致的意思就是：

CVC今天宣布，已经完成了所持启德股份的出售事宜，交易方是私募基金，启德创始人李朱，及其管理团队。但财务细节尚未公开。

启德是中国最大的海外教育咨询服务供应商，拥有13%的国内市场份额，同时也是中国领先的综合海外教育咨询服务供应商，同时还具有优质的备考服务。自2000年成立以来，向海外输送了超过12万学生。2014年，启德帮助18500名学生到国外就读，其中45%的学生都申请到了世界前50的学校。

CVC2013年12月投资启德，与创始人一起推动公司发展，包括加强团队管理，及高管任命，其中包括黄娴的任命。并在2014年进行了战略性收购（明杰教育），巩固了启德在美国市场的地位，并通过在线技术平台提升了启德在互联网与移动互联网方面的发展。

然后就是黄娴，CVC，私募机构互相赞美了一下，启德和CVC也算和平分手。

其实从这角度看，启德与CVC的分手，真真的比和CVC在大陆投资的另外几个机构要友好很多了，比如对大娘水饺、俏江南的收购。

启德登陆A股方案或近期公布

既然CVC都已经正式公布退出启德，那么启德在国内上市几乎是板上钉钉的事了，至于什么时候公布，要看具体交割是否结束了，但据观察君所知，黄娴深谙资本运作，在回购CVC股份的同时，可能已经谈妥要“借壳”的标，相信很快就会对外公布预案。

员工持股

还有一个业内普遍关注的事情就是员工持股问题，很多离职的启德员工都持怀疑态度，但观察君认为这是大概率事件，据启德内部可靠消息称，去年进入第一期持股计划的员工（大概600人）的股份会在这次回购中以CVC同样的估值进行兑现；并且新的财团和创始人同时计划进行第二期持股的发放，原来的一期计划的人员会有双重利益的保证，并且二期会扩大员工持股的范围。启德果然有钱了，开启任性模式。打造几十个百万、千万富翁应该不是问题，哎呀，如果手里有股票，想想都有点小激动呢。

对于后续进展，观察君将第一时间为大家解读。