China New Higher Education Group Ltd Registered Shs Unitary 144A/Reg S

02001: XHKG (HKG)

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China New Higher Education: Cut Fair Value Estimate by 22% Due to Enlarged Share Base

Cheng Wang

Mar 25, 2025

We reduce our fair value estimate for China New Higher Education, or CNHE, to HKD 3.91 from HKD 5.00 after incorporating a larger share base due to the scrip issue. While CNHE is deeply undervalued, we think the uncertainties surrounding its for-profit classification will continue to pose a significant concern for investors.

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China New Higher Education Group Ltd Registered Shs Unitary 144A/Reg S

China New Higher Education: Cut Fair Value Estimate by 22% Due to Enlarged Share Base

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