According to IPOScoop, China's enterprise learning software provider Yunxuetang (YXT.US) plans to list on the Nasdaq on August 9. The IPO underwriters include EF Hutton LLC, Tiger Brokers, and China Merchants International. Previously, Yunxuetang (YXT.US) announced the specific terms of its IPO. The company plans to issue 2.8 million American Depositary Receipts (ADRs) at a price range of $11 to $13 per share, with an expected fundraising scale of $33 million. Based on the midpoint of this price range, the market value of Yunxuetang will be approximately $645 million. According to its official website, the full name of Yunxuetang is Jiangsu Yunxuetang Network Technology Co., Ltd. As a technology enterprise, it provides customers with digital enterprise learning solution services, including: software SaaS services, content solution services, and digital enterprise learning operation services, is an innovative platform company for enterprise training. Yunxuetang has built digital enterprise learning software platforms and tools. Its all-scenario covered Xuanxueyun Learning Platform is fully equipped with key teaching tools such as live streaming and course production, providing enterprises and their employees with all-round intelligent learning experiences and providing practical support for the design and delivery of content and services. The company's digital content solutions, developed based on business pain points and scenarios, help enterprises improve efficiency and empower their development. The content design deeply integrates software functions and service solutions to provide innovative learning experiences. Yunxuetang also draws on the excellent experience accumulated by its numerous large enterprise customers, combined with a professional operation system covering the entire life cycle of enterprise learning, to help customers create value. With the help of digital learning platforms and content systems, it provides end-to-end solutions for the construction and operation of enterprise digital learning systems. According to the prospectus, Yunxuetang uses its software to help customers efficiently deploy cloud-based learning platforms on a large scale, providing a wide range of high-quality content, that covers the entire enterprise learning process of customers. The company's comprehensive and highly scalable solutions are applicable to various enterprise learning scenarios, and can be widely used in different industries, enterprise customers of different sizes and development stages. Since its establishment in 2011, Yunxuetang has served many leading companies in various industries, including Fortune Global 500 and China Top 500 enterprises, such as well-known enterprises like Tongrentang, Haidilao, Didi, Luckin Coffee, NIO and others, and has won consistent industry recognition and praise. According to data from Frost & Sullivan, based on 2023 total revenue, subscription revenue and the number of subscription customers, Yunxuetang is the largest digital enterprise learning solution provider in China. Yunxuetang currently has more than 1,000 employees, covering various fields such as internet, enterprise services, talent training and development. The company operates with dual headquarters in Beijing and Suzhou, the marketing center and content center are located in Beijing, while the R&D center is located in Suzhou. It also has branches in major cities including Shanghai, Guangzhou, Shenzhen, Nanjing, Hangzhou, Wuhan, Qingdao, Chengdu, Xiamen, Chongqing, Xi'an, Jinan, Shijiazhuang, Nanchang, Hefei, Zhengzhou, Changsha, Tianjin, Shenyang, Ningbo and others. Through a combination of internal development and external cooperation, as of March 31, 2024, the company has provided more than 8,200 courses covering approximately 20 industries, with 2,434 subscription customers, with a total learning duration of more than 20,500 hours, including more than 6,800 hours of proprietary courses. As of March 31, 2024, Yunxuetang has 2,434 subscription customers covering approximately 20 industries, and the net revenue retention rate of subscription customers calculated by subscription revenue is 106.1%. According to data from Frost & Sullivan, Yunxuetang's high-quality customer base includes many leading enterprises in large and high-growth industries, covering more than 10 of the top 20 enterprises in the electric vehicle, healthcare and catering industries on average. Yunxuetang's revenue mainly comes from subscription fees for learning and training content. Its revenue in 2022 and 2023 was 431 million yuan and 424 million yuan respectively, with net losses of 640 million yuan and 230 million yuan respectively, and net losses attributable to listed companies were 614 million yuan and 220 million yuan respectively. From the perspective of revenue composition, revenue from learning content subscription fees accounts for 85.5%, while non-subscription revenue accounts for 13%. Prior to the IPO, Yunxuetang's founder Lu Xiaoyan held 16.9% of the shares, Cecil Capital held 20.1%, Yunfeng Capital held 15.1%, Tencent held 13.2%, SIG held 7.21%, Matrix Partners held 5.6%, and Summit Partners held 5.3%. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is a domestic subsidiary of Hong Kong Meishun Management Consulting Company under the same actual controller. 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