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First High-School Education Group Co., Ltd.

Company NameFirst High-School Education Group Co., Ltd.
Stock SymbolFHS

In March 2021, FHS conducted its initial public offering (“IPO”), selling 7.5 million American Depository Shares (“ADSs”) at $10 per ADS.

On May 12, 2021, media reported that the impending crackdown by the Chinese government on the online education industry would be more drastic than previously reported. Anticipated regulations included banning on-campus tutoring classes and weekend tutoring, as well as industry-wide fee limitations.

Then, on July 23, 2021, China unveiled a sweeping overhaul of its education sector, banning for-profit teaching and tutoring companies.

On July 26, 2021, FHS issued a press release stating that it would “follow the spirit of the Opinion and comply with all relevant rules and regulations in providing high school education services.”

Then, on September 28, 2021, FHS announced its financial results for the first half of 2021, revealing a 7.7% decrease in year-over-year revenue.

Then, on April 5, 2022, FHS issued a press release announcing that the Company had received a letter from the NYSE stating that the Company was in non-compliance with the NYSE’s listing requirements because its total market capitalization and stockholders’ equity had fallen below compliance standards.

Then, on May 3, 2022, FHS disclosed that it would not be able to timely file its annual report on Form NT 20-F.

By May 10, 2022, FHS ADSs closed below $1 per ADS, over 90% below the IPO price, thereby injuring investors.

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