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Chinese ADS IPO Filing: BJB Career Education Company (BJB)

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By Douglas A. McIntyre Updated Published
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Last night there was an initial public offering filing from a company called BJB Career Education Company, Limited.  This is a Chinese IT training company and it plans to list its ADS’s on the NYSE under the stock ticker “BJB.”  No financial terms of the deal were announced in the first filing from the company, but its amended filing showed the typical “up to $100 million in shares sold.”  It did list the underwriters as Credit Suisse and Goldman Sachs as the book-runners, and William Blair and Piper Jaffray as co-managers in the offering.

The company claims a 39.8% market share in 2008.  For context, the company noted that this is 3-times the combined market share of the next two largest competitors. BJBC’s revenues increased by 79.5% from RMB183.8 million in 2007 to RMB329.9 million ($48.3 million) in 2008.  It also noted that revenues increased by 27.8% from RMB148.0 million for the six months ended June 30, 2008 to RMB189.1 million ($27.7 million) for the six months ended June 30, 2009, of which RMB41.0 million ($6.0 million) were franchise fee revenues.

It also noted some 227,000 students enrolled in 2008 and it has 234 training centers. As of September 30, 2009, 219, or 93.6%, of BJB’s training centers are franchised training centers, and 15, or 6.4%, of training centers are company-owned training centers.

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JON C. OGG
OCTOBER 15, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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