GSX Techedu Inc. (NYSE: GSX) today announced the commencement of a proposed registered underwritten public offering by certain selling shareholders of American depositary shares (the "ADSs"), every three ADSs representing two Class A ordinary shares of the Company. The selling shareholders propose to offer an aggregate of 15,000,000 ADSs (the "ADS Offering"). The underwriters in the ADS Offering have a 30-day option to purchase up to 2,250,000 additional ADSs from the selling shareholders.
The Company will not receive any proceeds from the sale of the ADSs by the selling shareholders.
Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) L.L.C., BofA Securities, Inc. and Deutsche Bank Securities will act as joint bookrunners for the proposed ADS Offering.