UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2019
Commission file number: 001-38423
SUNLANDS TECHNOLOGY GROUP
(Exact Name of Registrant as Specified in Its Charter)
Building 4-6, Chaolai Science Park, No. 36
Chuangyuan Road, Chaoyang District
Beijing, 100012, the People’s Republic of China
+86-10-52413738
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
|
Exhibit No. |
Description | |
| 99.1 | Press Release |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Sunlands Technology Group | |||||
| Date: | November 27, 2019 | By: | /s/ Yipeng Li | ||
| Name: | Yipeng Li | ||||
| Title: | Chief Financial Officer | ||||
Exhibit 99.1
Sunlands Technology Group Announces Extension of Share Repurchase Program
BEIJING, Nov. 27, 2019 /PRNewswire/ -- Sunlands Technology Group (NYSE: STG) ("Sunlands" or the "Company"), a leader in China's online post-secondary and professional education, today announced that its Board of Directors (the "Board") has approved an extension of the Company’s share repurchase program (the "Repurchase Program") to August 23, 2020 (the "Extended Repurchase Program").
The Repurchase Program, which was originally adopted and announced in August 2018, allows for the repurchase of up to US$50 million of the Company’s Class A ordinary shares in the form of American depositary shares (“ADSs”) and was scheduled to expire on August 23, 2019 . The Board did not make any changes to the US$50 million repurchase authorization. To date, Sunlands has repurchased approximately US$9.6 million of its Class A ordinary shares, leaving a remaining authorization of approximately US$40.4 million.
Under the Extended Repurchase Program, the Company's Class A ordinary shares may be purchased from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission (the "SEC") Rule 10b-18 requirements. It is also expected that such repurchases will be effected pursuant to a plan in conformity with SEC Rule 10b5-1.
Mr. Tongbo Liu, Chief Executive Officer of Sunlands, said, "While we strive to continue improving our performance and enhancing our leadership position in China's online post-secondary and professional education market, we also intend to reiterate through the share repurchase program that the Board and the management team have full confidence in our Company’s future.”
About Sunlands
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Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), formerly known as Sunlands Online Education Group, is the leader in China's online post-secondary and professional education. With a one to many, live streaming platform, Sunlands offers various degree and diploma-oriented post-secondary courses as well as online professional courses and educational content, to help students prepare for professional certification exams and attain professional skills. Students can access its services either through PC or mobile applications. The Company's online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company's proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals.
For more information, please visit http://www.sunlands.com/investorroom.
For investor and media enquiries, please contact:
Yingying Liu
IR Director
Tel: +86 18256912232
Email: ir@sunlands.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: sunlands@tpg-ir.com
Ross Warner
Tel: +86-10-6508-0677
Email: sunlands@tpg-ir.com
SOURCE: Sunlands Technology Group
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