Tarena prepares IPO after new hire
Mainland technology training provider employs ex-finance chief of NQ Mobile
Tarena International, a mainland company backed by Goldman Sachs, is preparing an initial public offering after hiring NQ Mobile's former chief financial officer, three sources said.
Tarena, which provides training for software engineers, was targeting a share sale for as early as next year, two of them said. Ji Suhai became chief financial officer of Tarena after leaving NQ in September.
Five mainland firms have completed listings in the United States this year, rallying an average 51 per cent, weighted by deal size, from their offer prices. In the past two weeks, travel booking service Qunar Cayman Islands and online marketplace 58.Com jumped on their trading debuts after selling shares above marketed price ranges.
NQ's share price has plummeted by more than half since research firm Muddy Waters published a report last month labelling the Beijing-based maker of mobile security software a "massive fraud".
Ji declined to comment on details of Tarena's listing plans, saying the company was in a "quiet period". He said his departure from NQ had "nothing do to" with the Muddy Waters report.
Tarena hired Ji in part because of his involvement in NQ's listing on the New York Stock Exchange, two of the sources said. Shares of NQ, which raised US$89.1 million in its 2011 share offering, more than doubled to as high as US$24.92 last month before the Muddy Waters report was released.