0000000000-20-001260.txt : 20200415 0000000000-20-001260.hdr.sgml : 20200415 20200211142937 ACCESSION NUMBER: 0000000000-20-001260 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20200211 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Meten EdtechX Education Group Ltd. CENTRAL INDEX KEY: 0001796514 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 3RD FLOOR, TOWER A, 2 SHENYUN ROAD WEST STREET 2: NANSHAN DISTRICT, GUANGDONG PROVINCE CITY: SHENZHEN STATE: F4 ZIP: 518000 BUSINESS PHONE: 0118675582945250 MAIL ADDRESS: STREET 1: 3RD FLOOR, TOWER A, 2 SHENYUN ROAD WEST STREET 2: NANSHAN DISTRICT, GUANGDONG PROVINCE CITY: SHENZHEN STATE: F4 ZIP: 518000 PUBLIC REFERENCE ACCESSION NUMBER: 0001213900-20-000569 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4-)>+CS],-"C$Q(# @;V)J#3P\+TQI;F5A%LP(# @-C$R(#7!E+U!A9V4^ M/@UE;F1O8FH-,30@,"!O8FH-/#PO1FEL=&5R+T9L871E1&5C;V1E+T9I87NE[QQ6PH2 M"+"N(@^\C*6V/4&:T8ZD-D9248KR2R0ET"Y;(UF^G).]^G9V\4M M^+$-^G\<0)A &$:0%O"8%SL'GDMXOWB_N%T\72_H712XL,X6-ES17OKQ8FU> MZH\+KVG]Y?GS7A]QC%T'(MLBVT%D>; N%H^O'7#(T':Q?+3^2QL9;/5"1^_U M@]'.:]RHAJDC1"MP;=?N3LX[;P.X%-B/KD\2<6/+G4_D M\%W#Q [>H=A-4:)#01*-CCS;<]S"BR^8-C6_0_ACN^4IJOG3L6,YH_-OL$8! 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@(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @"CP_>'!A M8VME="!E;F0](G1%D].=GV B'1EX]"R&"N409#XL&-_+4O.01!G#=\(K$E MIA96EJFJB_Z[ZIT*&^^Z"V1L(UB'&C)B)A]=[#%(DI< P"EX$4$#0IE;F1S M=')E86T-96YD;V)J#3@@,"!O8FH-/#PO1&5C;V1E4&%R;7,\/"]#;VQU;6YS M(#,O4')E9&EC=&]R(#$R/CXO1FEL=&5R+T9L871E1&5C;V1E+TE$6SPP-D0X M-D$W1D(T-35%04-"0T(Y,#0X1$(Q1D)"140Q0CX\144Y,4%",$8Q,D%&.34T M,CE&,$%"0CE%-D8Q1C!$,#D^72]);F9O(#$P(# @4B],96YG=&@@-#@O4F]O M=" Q,B P(%(O4VEZ92 Q,2]4>7!E+UA2968O5ULQ(#(@,%T^/G-T TEXT-EXTRACT 2 filename2.txt February 7, 2020 Siguang Peng Chief Executive Officer Meten EdtechX Education Group Ltd. 3rd Floor, Tower A, Tagen Knowledge & Innovation Center 2nd Shenyun West Road, Nanshan District Shenzhen, Guangdong Province 518045 The People's Republic of China Re: Meten EdtechX Education Group Ltd. Registration Statement on Form F-4 Filed January 9, 2020 File No. 333-235859 Dear Mr. Peng: We have reviewed your registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments. Registration Statement on Form F-4 filed January 9, 2020 Background of the Merger, page 76 1. Please enhance your disclosure to provide a discussion of any alternative transaction(s) considered by EdtechX, other than the present transaction. For example, provide more detail about your business and financial due diligence concerning the two targets that you signed letters of intent with, including information regarding the contemplated structure and financial parameters of these potential business combinations. 2. Please expand the disclosure to include a more detailed description of the negotiations surrounding the material terms of the merger agreement and related agreements. In this regard, please discuss how the deal evolved, including the merger consideration, and how Siguang Peng Meten EdtechX Education Group Ltd. February 7, 2020 Page 2 and why their is a two tier stock structure. Overall, your discussion should clearly convey how the parties settled upon the final terms and structure of the transaction. EdTechX's Board of Director's Reasons for Approval of the Mergers, page 78 3. Please revise your disclosure to identify your "financial advisors" and enhance your description of why the Board consulted with them and the role they played in helping the Board recommend the transaction to shareholders. 4. Please substantially enhance the disclosure around each of the factors identified in support of the Board's decision to recommend the transaction. In this regard, it is not clear what aspect of each of the bullet points listed caused the Board to recommend the transaction. Certain Forecasted Financial Information of Meten, page 79 5. Please enhance your disclosure to address whether the projections reflect a significant difference in actual results, if or when known, as compared to the actual financial performance of Meten for this period. U.S. Holders Tax Consequences of the Merger, page 84 6. We note that you indicate that the merger "should qualify as an integrated exchange for U.S. federal tax purposes under Section 351" and "a holder of EdtechX stock should not recognize gain or loss upon exchange... " Please file a tax opinion supporting the material tax consequences to the shareholders as a result of the merger. See Item 601(b)(8) of Regulation S-K. If there is uncertainty regarding the tax treatment of the merger, counsel's opinion should discuss the degree of uncertainty. Meten Executive Officer and Director Compensation Summary Compensation Table, page 108 FirstName LastNameSiguang Peng 7. We note officers of Meten received bonuses. Please provide a brief description of the Comapany NameMeten EdtechX Education such persons participate in the bonus plan. Please bonus plan and the basis upon which Group Ltd. see Item 6.B. of Form 20-F. February 7, 2020 Page 2 FirstName LastName Siguang Peng FirstName LastNameSiguang Peng Meten EdtechX Education Group Ltd. Comapany NameMeten EdtechX Education Group Ltd. February 7, 2020 Page 3 February 7, 2020 Page 3 FirstName LastName Our Corporate and Shareholding Structure, page 149 8. Due to the size of your print, your chart is difficult to read. While retaining your disclosure, please provide it in a more readable format. See Rule 420 of Regulation C. Beneficial Ownership of Securities, page 205 9. Please identify the natural persons with voting and/or dispositive power over the securities held by the non-natural persons listed in your ownership table. We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement. You may contact Scott Anderegg, Staff Attorney at 202-551-3342 or Mara Ransom, Office Chief at 202-551-3264 with any questions. Sincerely, Division of Corporation Finance Office of Trade & Services