BEIJING, March 18, 2015 /PRNewswire/ — Xueda Education Group (NYSE: XUE) ("Xueda" or the "Company"), a leading national provider of personalized tutoring services for primary and secondary school students in China, today announced that Mr. Xin Jin, Chief Executive Officer and Co-Founder of the Company, through his BVI holding company, recently purchased cumulatively 10,952,850 unregistered ordinary shares (equivalent to 5,476,425 American Depositary Shares ("ADS")) and 1,000,000 ADS of the Company from CDH Xueda Limited, a British Virgin Islands company ("CDH") and WP X Investments IV Ltd., an exempted company incorporated under the laws of the Cayman Islands ("WP"), the Company’s pre-IPO venture capital investors.
The privately negotiated aggregate price paid by Mr. Jin for the purchases is approximately $15.0 million. Following the purchases, Mr. Jin beneficially owns approximately 41,132,948 ordinary shares (equivalent to 20,903,290 ADSs), or approximately 33.0% of the Company’s total outstanding shares.
Mr. Jin stated, "As Xueda continues to transform into a technology-based, personalized tutoring organization, I am fully confident in the Company’s long-term prospects, business strategy and market position. My purchases of Xueda’s ordinary shares and ADSs demonstrate my confidence in our business and our commitment to building long-term value for our shareholders."
Concurrent with Mr. Jin’s purchases, an individual investor unrelated to the Company or Mr. Jin, through his BVI holding company, purchased 10,100,652 unregistered ordinary shares (equivalent to 5,050,326 ADSs) of the Company from CDH and beneficially owns approximately 8.1% of the Company’s total outstanding shares. CDH and WP ceased to beneficially own any ordinary shares or ADSs of the Company upon completion of the above transactions.
About Xueda Education Group
Xueda Education Group ("Xueda") is a leading national provider of personalized tutoring services for primary and secondary school students in China. For more information about Xueda, please visit http://ir.xueda.com.
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, market and operating conditions, estimates and projections about our industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," "targets" and similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks and uncertainties beyond our control, which could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in our filings with the U.S. Securities and Exchange Commission. We do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Xueda Education Group
Tel: +86-10-6427-8899 ext. 6619
Asia Bridge Capital Limited
Tel: +86-10-8556-9033 (China)
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