China Beststudy Education Group, a leading K-12 extracurricular education services provider, has recently made a strategic share repurchase under its Restricted Share Unit (RSU) plan. On 23 December 2024, the company disclosed the acquisition of 57,000 shares at an average price of about $3.52 per share, amounting to an investment of around $200,600.
This buyback demonstrates the faith of the company in its business future and seeks to equate the interests of principal employees with those of shareholders. The board feels that the existing share price does not reflect the potential of the company and that there is an opportune time to boost shareholder value and draw in top executives.
This move is a part of China Beststudy's long-term plan for sustainable growth and its commitment to providing quality education services. The company has operations in different segments such as Small Group Tutoring, Individualized Tutoring, Full-time Test Preparation Programs, and Talent Education, all aimed at enhancing the academic performance and overall development of students.
In its latest half-yearly earnings report for the period ended June 30, 2024, China Beststudy posted sales of CNY 317.44 million, from CNY 188.86 million in the corresponding period last year. Net income rose to CNY 54.53 million from CNY 20.92 million, with basic earnings per share from continuing operations improving to CNY 0.0725 from CNY 0.0278.
Going forward, the firm expects its net profit to grow by as much as 123% for the entire year of 2024, with revenues expected to be between RMB 1.05 billion and RMB 1.15 billion.
These achievements reflect China Beststudy's commitment to improving shareholder value, aligning staff interests, and maintaining its growth path in the competitive education services industry.
