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Symbol/WKN : NED = A0M284
Company Name : NOAH EDUCATION HOLDINGS LTD.
Company Address : 10TH FLOOR B BUILDING
FUTIAN TIAN'AN HI-TECH VENTURE PARK
FUTIAN DISTRICT, SHENZHEN 518048

Company Phone : [phone]
Company Website : www.noahedu.com / http://en.noahtech.com.cn
CEO : Dong Xu
Employees (as of 6/30/2007) : 907
State of Inc. : Cayman Islands
Fiscal Year End : June 30

Status : Priced (10/19/2007)
Proposed Symbol : NED
Exchange : New York Stock Exchange (NYSE)
Share Price : $14.00
Shares Offered : 9,847,129
Offer Amount : $137,859,806
Total Expenses : —
Shares Over Alloted :
Shareholder Shares Offered : 1,121,557
Shares Outstanding : 9,847,129
Lockup Period (days) : 180
Lockup Expiration : 4/16/2008
Quiet Period Expiration : 11/13/2007
CIK : 0001411825

Revenue : $72,940,753
Net Income : $8,726,787
Total Assets : $43,314,537
Total Liabilities : $12,566,609
Stockholders' Equity : $13,751,700

Filings:
424B4 10/19/2007 --->> http://ipo.nasdaq.com/ViewFiling_frames.asp?filename=0001193…
F-1/A 10/10/2007 --->> http://ipo.nasdaq.com/ViewFiling_frames.asp?filename=0001193…
F-1/A 10/5/2007 --->> http://ipo.nasdaq.com/ViewFiling_frames.asp?filename=0001193…
F-1 9/24/2007 --->> http://ipo.nasdaq.com/ViewFiling_frames.asp?filename=0001193…

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Noah Education Holdings: A Promising Chinese IPO


Based in Shenzhen, Noah Education Holdings (NED) is a leading provider of interactive educational content in China. The company provides interactive multimedia education content to accompany Chinese textbooks on a broad range of subjects of multimedia learning materials, covering an array of subjects to complement China's primary and secondary schools.

Content is primarily delivered through handheld digital learning devices or DLDs (small consoles with a screen and keypad for interacting with media) into which its content is embedded or downloaded at the point of sale at download centers including more than 10,000 outlets such as Noah-branded stores, book and electronics stores and mall kiosks, or on the company's Web site.

As of June 30, 2007, the Company had developed approximately 28,000 multimedia courseware titles. Most of the content is licensed from Chinese and foreign publishers, including Oxford University Press. Half the courses are for learning English and all of the company's courseware titles are presented in multimedia and interactive form, combining texts, graphics, audios, visuals and animations.

Noah Education Holdings also sells electronic dictionaries and has licensed and compiled over 150 of them out of which, 16 dictionaries related to the English language, 10 dictionaries related to other foreign languages and over 120 professional dictionaries on subjects of medicine, law and engineering.

Portions of these dictionaries are presented with colorful interactive animations, dialogues and explanatory graphics.

In July of fiscal '07, the Company began offering after-class tutoring programs covering subjects such as Chinese, mathematics, English, physics and chemistry. With more than 900 employees Noah's main customers are children between the ages of 5 and 19.


Key Points

A good education has always been highly valued in China, since it ensures not only the future and development of the individual but also the family and the country as a whole. Starting with basic education China has gained tremendous achievements, especially in the last decade.With the adoption of the policy of reform and opening to the outside world, basic education has entered a new era of progress which includes pre-school education, primary education and regular secondary education.

In 1986, the Chinese government promulgated "The 9-year Compulsory Education Law of the People's Republic of China", placing basic education in the country on a firm legal basis and further laying down the principle that local governments should be responsible for basic education. To meet this requirement, a child may either attend five years of primary education followed by four years of secondary education or six years of elementary education followed by three years of secondary education.

In June 1999, the CPC, Central Committee and the State Council jointly promulgated the "Decision on the Deepening of Educational Reform and the Full Promotion of Quality Education", clarifying the direction for the establishment of a vital education with Chinese characteristics into the 21st century. In 2002, there were 111,800 kindergartens with an enrollment of more than 20 million young children.

By the end of the same year, there were altogether 456,900 primary schools with an enrollment of well over 121 million students for a net enrollment rate of primary schools reaching 98.58%.

The Chinese Ministry of Education announced that it plans to increase compliance with the nine year compulsory education to 100% of all school age children by 2015, up from 99.3% and plans to extend the period of compulsory education from nine years to twelve years between 2020 and 2050. To enhance the management and guidance of kindergartens, the state has formulated a serious of regulations, placing the management of kindergartens on scientifically sound and institutionalized basis.


Key Facts

According to reports, the gross domestic product of China grew from $1.45 trillion in fiscal '02 to $2.77 trillion in fiscal '06, representing a compound annual growth rate [CAGR] of 17.4%. This growth is expected to continue and accelerate, potentially reaching over the $6 trillion mark by fiscal 2011 and in the process representing a CAGR of 17.2% from 2007 to 2011.As a result of this economic growth, disposable income per capita in China has increased at a CAGR of 6.7% from '02 to '06 and is expected to increase even further, at a CAGR of 8.3% from 2007 to 2011.

This particular increase will most likely have an impact with the Chinese families, which are generally willing to invest a substantial amount of their financial resources in their only child's education. China still has in place its compulsory "single child" policy on its population.

Based on favorable economic conditions China is currently experiencing and the importance and priority factor that the Chinese government has placed on the education system as well as the development of education which leads to a form of evaluation that becomes the means by which the Chinese society bases its progression and aspirations' NED (Noah Education Holdings), besides bringing a different learning dimension to China's basic education, is also uniquely positioned in the industry as a leader and innovator to significantly expand its business and be profitable in the process.


Investment Analysis

Noah Education Holdings' revenues have increased from $25.2 million in fiscal '05 to $49.10 million in fiscal '06 with a current $72.8 million posted in fiscal '07. Gross profit %-wise rose from 13.9% to 21.8% and 35% , fiscal '05,'06 '07 respectively. The company has $10.2 million in total cash from $7.5 million during fiscal '06. Total current assets stand at over $40 million from $36.9 in fiscal '06. $30.7 million in total equity from $29.4 as of fiscal '06. One year sales growth stands at 48.4% with one year net income growth of 162%. Net income came in at $8.8 million compared to $3.5 million a year ago, constituting an increase of 149.4% for the year ended June 30, 2007. Net profit margin %-wise 12.0%, 6.8% and 18.6%, fiscal '05,'06,''07 respectively.

Deutsche Bank Securities is listed as the lead underwriter for the offering. The company plans to offer 9.8 million ADRs at a price range of $9.80 to $11.80 per ADR. CIBC World Markets, Thomas Weisel Partners LLC and First Shanghai Securities are also listed as underwriters.

This IPO is recommended as a buy.


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Old Mutual CEO Says South Africa's Nedbank Is Not For SaleLast update: 11/8/2007 3:41:50 AM

By Robb M. Stewart
Of DOW JONES NEWSWIRES

JOHANNESBURG (Dow Jones)--Old Mutual PLC (OML.LN), which is discussing the sale of its controlling interest in South Africa's Mutual & Federal Insurance Co. (MAF.JO), Thursday said it is committed to the country and its majority interest in Nedbank Group Ltd. (NDBKY). "Nedbank is not for sale," Chief Executive Jim Sutcliffe told reporters during a conference call from London. Sutcliffe said he wanted to disabuse the notion the U.K. financial services company is turning its back on the country to which it traces its roots. "The South African business is our core business," he said, adding the proposed sale of most of Old Mutual's 75% holding in Mutual & Federal for roughly 6 billion rand ($918 million) would reduce the South African slice of the company's balance sheet by about 3% to 4%. Sutcliffe described the short-term insurer as being on the fringe of Old Mutual's activities, which he said were focused on asset and money management. "This has nothing to do with any lack of confidence in South Africa," he said. Old Mutual earlier said it is in discussions to sell most of its stake in Mutual & Federal to Royal Bafokeng Holdings, the investment vehicle of the Royal Bafokeng Nation, a community of about 300,000 people that have substantial holdings in South Africa's mineral-rich North West province. The indicative price, which is subject to due diligence by RBH, is ZAR27.50 a share, an almost 5% premium to the 30-day volume-weighted average, Old Mutual said. The price may be reduced to reflect any dividends paid by Mutual & Federal before any offer closes. Mutual & Federal provides insurance services to the personal, commercial and corporate markets in South Africa, Namibia, Botswana and Zimbabwe. The company in a separate statement said trading conditions in the short-term insurance industry remain highly competitive, although it managed a significant improvement in its underwriting result on the quarter in the third quarter of the year as it grew premiums and saw generally lower levels of claims. For the nine months to the end of September, Mutual & Federal reported gross premium income of ZAR7.02 billion against ZAR6.43 billion a year earlier and said net earned premiums rose 6.5% to ZAR5.82 billion. Old Mutual, meanwhile, said nine-month life assurance sales rose 13% on the year to GBP1.29 billion, on an annual premium equivalent basis. The value of new business rose 9% to GBP191 million, while funds under management were up 14% at GBP270.4 billion. Old Mutual Finance Director Jonathan Nicholls said that the company's exposure to the U.S. subprime mortgage market was worth about $900 million, which held a single A rating or higher. "As of today, we haven't had to realize any losses," Nicholls said, adding the exposure wasn't having any effect on Old Mutual's underlying business. Nedbank, South Africa's fourth-largest bank, said its headline earnings rose 31% for the first nine months and it continued to expect an up to 33% rise in earnings for the full year. Headline earnings - the figure generally followed in the country, and which strips out non-operating, capital and certain other items - was ZAR4.21 billion against ZAR3.22 billion in the same nine months last year. Attributable earnings for the period were up 25% to ZAR4.25 billion. Company Web site: http://www.oldmutual.com -By Robb M. Stewart, Dow Jones Newswires; [phone] ; [e-mail] (END) Dow Jones NewswiresNovember 08, 2007 03:41 ET (08:41 GMT)

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