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Ryan Lau
2021-06-23

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Spark Thinking submits an IPO application in the United States, impacting "the first online quality education stock"

北京时间6月21日，在线素质教育机构火花思维向美国SEC提交IPO申请，寻求在纳斯达克挂牌上市，股票代码为“SPRK”。火花思维此次IPO的承销商为瑞士信贷、花旗集团、中金公司、富途和老虎证券。若顺

Spark Thinking submits an IPO application in the United States, impacting "the first online quality education stock"

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The underwriter of Spark Thinking's IPO is<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>, Citigroup,<a href=\"https://laohu8.com/S/601995\">CICC</a>Futu and<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>。</p><p>If successfully passed, Spark Thinking will become the \"first online quality education stock\" in China.</p><p><img src=\"https://static.tigerbbs.com/bf1a3b45fc4dbcc69919d2476d07854e\" tg-width=\"1023\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p>Spark Thinking was established in December 2017, and the founder Luo Jian was the CTO of Ganji.com. The company mainly aims at mathematical thinking training for children aged 3-10, focusing on online small class classes. Tianyancha APP shows that the main body of Spark Thinking Company is Beijing Xingengyuan Technology Development Co., Ltd.</p><p>Spark Thinking's products are divided into two categories, one is Spark Live Class, which focuses on mathematical thinking and Chinese; The second is the newly launched brand \"Little Spark AI Course\", which covers mathematics, Chinese and English for younger ages.</p><p>According to statistics from CIC, in terms of total revenue in 2020 and the number of students as of December 31, 2020, Spark Thinking has become the largest online small-class education company in China.</p><p><img src=\"https://static.tigerbbs.com/5b8a58dbaa6ec65f6b184f61ceae0939\" tg-width=\"645\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p>As of March 31, 2021, Spark Thinking has a total of 370,530 students, and 77% of the students come from referrals and organic traffic.</p><p>According to the prospectus, the net income of Spark Thinking in 2019 and 2020 will be 195 million yuan and 1.174 billion yuan respectively; Net income in the first quarter of 2021 was 453.7 million yuan, a year-on-year increase of 203.3%.</p><p><img src=\"https://static.tigerbbs.com/26f8b6aa6f75b07e9467b5761fab85ef\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p>Online small class courses generate the vast majority of the company's revenue. In 2019, 2020, the first quarter of 2020, and the first quarter of 2021, online small class courses accounted for 99.2%, 95.6%, 97.6%, and 92.3% of the total net income, respectively.</p><p>The net losses of Spark Thinking in 2019 and 2020 were 771 million yuan and 952 million yuan respectively. The net loss in the first quarter of 2021 was 374 million yuan, a year-on-year increase of 78.95%. The loss was mainly attributable to the increase in selling and marketing expenses.</p><p>According to the prospectus, the sales and marketing expenses, research and development expenses and general administrative expenses of Spark Thinking in 2019 were 236 million yuan, 240 million yuan and 128 million yuan respectively; In 2020, these three expenditures will be 798 million yuan, 327 million yuan and 178 million yuan respectively.</p><p>In the first quarter of 2021, Spark Thinking's sales and marketing expenses were 343 million yuan, a year-on-year increase of 203.5%. Spark Thinking stated in the prospectus that \"mainly due to our increased marketing and branding activities\" and \"increased sales and marketing personnel.\"</p><p>R&D expenses in the first quarter of 2021 were 144 million yuan, a year-on-year increase of 107.7%. General administrative expenses were 72 million yuan, a year-on-year increase of 110.72%.</p><p>As of March 31, Spark Thinking's deferred income in the first quarter of 2021 was 1.423 billion yuan, and its cash and cash-like assets were about 3 billion yuan. As of December 31, the deferred revenue in 2020 was 1.217 billion yuan.</p><p>According to the prospectus, before the IPO, Luo Jian, founder and CEO of Spark Thinking, held 13.6% of the shares, and Spark Thinking CTO Shan Zebing held 1.4% of the shares. In addition, Venus Mission Limited, an affiliate of Luo Jian, holds 13.6% of the shares. The directors and senior executives of Spark Thinking hold a total of 16.3% of the shares.</p><p>The investor with the highest shareholding ratio, Sequoia Capital China, holds 10.5% of the shares, and other investors are GGV Capital 8.9%, IDG Capital 8.7%, and ZETA ASIA HOLDINGS PTE. LTD.8.5%, TBP Sparkling Holdings Limited7.5%, Shanxing Capital 6.3%, Lightspeed China 5.7%.</p><p>About 40% of the funds raised this time are used to improve teaching methods, courseware and educational content, and further expand the scope of courses; About 30% is used to improve technological infrastructure; About 15% is used to expand marketing and branding; The remainder provides funds for company operations and other purposes.</p><p>In recent years, the online mathematical thinking track where Spark Thinking is located has developed rapidly. According to data from iiMedia Consulting, the scale of China's online mathematical thinking market will reach 8.23 billion yuan in 2020 and exceed 10 billion yuan in 2021.</p><p>As the best class type to balance users' personalized learning needs and enterprise economic models, small class classes are also attracting much attention.</p><p>In the \"Research and Prospect Report on the Development of Small Classes in the Online Education Industry in 2020\" released by the Chinese Academy of Sciences in February this year, it is predicted that the small class model will maintain a relatively rapid growth in the next four years. In 2022, the market size of small class classes will exceed the 1V1 model, and in 2025, the market size of small class classes exceeds the AI class model, becoming the mainstream education model second only to large classes.</p><p>According to CIC data, in 2020, there will be about 15 online small class K12 after-school tutoring with a total revenue of more than 500 million yuan. In 2020, China's online small class K12 after-school tutoring market has reached 11.9 billion yuan, and it is expected to reach 101.2 billion yuan by 2025. The compound annual growth rate from 2020 to 2025 is 53.3%.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Spark Thinking submits an IPO application in the United States, impacting \"the first online quality education stock\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSpark Thinking submits an IPO application in the United States, impacting \"the first online quality education stock\"\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1023683695\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/1147954ba5ed4a54ba9a061e9dd405e5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">独角兽早知道 </p>\n<p class=\"h-time smaller\">2021-06-23 10:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 21, Beijing time, Spark Thinking, an online quality education institution, submitted an IPO application to the US SEC, seeking to be listed on Nasdaq under the stock code \"SPRK\". The underwriter of Spark Thinking's IPO is<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>, Citigroup,<a href=\"https://laohu8.com/S/601995\">CICC</a>Futu and<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>。</p><p>If successfully passed, Spark Thinking will become the \"first online quality education stock\" in China.</p><p><img src=\"https://static.tigerbbs.com/bf1a3b45fc4dbcc69919d2476d07854e\" tg-width=\"1023\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p>Spark Thinking was established in December 2017, and the founder Luo Jian was the CTO of Ganji.com. The company mainly aims at mathematical thinking training for children aged 3-10, focusing on online small class classes. Tianyancha APP shows that the main body of Spark Thinking Company is Beijing Xingengyuan Technology Development Co., Ltd.</p><p>Spark Thinking's products are divided into two categories, one is Spark Live Class, which focuses on mathematical thinking and Chinese; The second is the newly launched brand \"Little Spark AI Course\", which covers mathematics, Chinese and English for younger ages.</p><p>According to statistics from CIC, in terms of total revenue in 2020 and the number of students as of December 31, 2020, Spark Thinking has become the largest online small-class education company in China.</p><p><img src=\"https://static.tigerbbs.com/5b8a58dbaa6ec65f6b184f61ceae0939\" tg-width=\"645\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p>As of March 31, 2021, Spark Thinking has a total of 370,530 students, and 77% of the students come from referrals and organic traffic.</p><p>According to the prospectus, the net income of Spark Thinking in 2019 and 2020 will be 195 million yuan and 1.174 billion yuan respectively; Net income in the first quarter of 2021 was 453.7 million yuan, a year-on-year increase of 203.3%.</p><p><img src=\"https://static.tigerbbs.com/26f8b6aa6f75b07e9467b5761fab85ef\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p>Online small class courses generate the vast majority of the company's revenue. In 2019, 2020, the first quarter of 2020, and the first quarter of 2021, online small class courses accounted for 99.2%, 95.6%, 97.6%, and 92.3% of the total net income, respectively.</p><p>The net losses of Spark Thinking in 2019 and 2020 were 771 million yuan and 952 million yuan respectively. The net loss in the first quarter of 2021 was 374 million yuan, a year-on-year increase of 78.95%. The loss was mainly attributable to the increase in selling and marketing expenses.</p><p>According to the prospectus, the sales and marketing expenses, research and development expenses and general administrative expenses of Spark Thinking in 2019 were 236 million yuan, 240 million yuan and 128 million yuan respectively; In 2020, these three expenditures will be 798 million yuan, 327 million yuan and 178 million yuan respectively.</p><p>In the first quarter of 2021, Spark Thinking's sales and marketing expenses were 343 million yuan, a year-on-year increase of 203.5%. Spark Thinking stated in the prospectus that \"mainly due to our increased marketing and branding activities\" and \"increased sales and marketing personnel.\"</p><p>R&D expenses in the first quarter of 2021 were 144 million yuan, a year-on-year increase of 107.7%. General administrative expenses were 72 million yuan, a year-on-year increase of 110.72%.</p><p>As of March 31, Spark Thinking's deferred income in the first quarter of 2021 was 1.423 billion yuan, and its cash and cash-like assets were about 3 billion yuan. As of December 31, the deferred revenue in 2020 was 1.217 billion yuan.</p><p>According to the prospectus, before the IPO, Luo Jian, founder and CEO of Spark Thinking, held 13.6% of the shares, and Spark Thinking CTO Shan Zebing held 1.4% of the shares. In addition, Venus Mission Limited, an affiliate of Luo Jian, holds 13.6% of the shares. The directors and senior executives of Spark Thinking hold a total of 16.3% of the shares.</p><p>The investor with the highest shareholding ratio, Sequoia Capital China, holds 10.5% of the shares, and other investors are GGV Capital 8.9%, IDG Capital 8.7%, and ZETA ASIA HOLDINGS PTE. LTD.8.5%, TBP Sparkling Holdings Limited7.5%, Shanxing Capital 6.3%, Lightspeed China 5.7%.</p><p>About 40% of the funds raised this time are used to improve teaching methods, courseware and educational content, and further expand the scope of courses; About 30% is used to improve technological infrastructure; About 15% is used to expand marketing and branding; The remainder provides funds for company operations and other purposes.</p><p>In recent years, the online mathematical thinking track where Spark Thinking is located has developed rapidly. According to data from iiMedia Consulting, the scale of China's online mathematical thinking market will reach 8.23 billion yuan in 2020 and exceed 10 billion yuan in 2021.</p><p>As the best class type to balance users' personalized learning needs and enterprise economic models, small class classes are also attracting much attention.</p><p>In the \"Research and Prospect Report on the Development of Small Classes in the Online Education Industry in 2020\" released by the Chinese Academy of Sciences in February this year, it is predicted that the small class model will maintain a relatively rapid growth in the next four years. In 2022, the market size of small class classes will exceed the 1V1 model, and in 2025, the market size of small class classes exceeds the AI class model, becoming the mainstream education model second only to large classes.</p><p>According to CIC data, in 2020, there will be about 15 online small class K12 after-school tutoring with a total revenue of more than 500 million yuan. In 2020, China's online small class K12 after-school tutoring market has reached 11.9 billion yuan, and it is expected to reach 101.2 billion yuan by 2025. The compound annual growth rate from 2020 to 2025 is 53.3%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/65d31e4c3baa6ee7379282a92bdba277","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168540454","content_text":"北京时间6月21日，在线素质教育机构火花思维向美国SEC提交IPO申请，寻求在纳斯达克挂牌上市，股票代码为“SPRK”。火花思维此次IPO的承销商为瑞士信贷、花旗集团、中金公司、富途和老虎证券。\n若顺利通过，火花思维将成为国内“在线素质教育第一股”。\n\n火花思维成立于2017年12月，创始人罗剑曾任赶集网CTO。该公司主要瞄准3-10岁孩子的数学思维训练，主打在线小班课。天眼查APP显示，火花思维公司主体为北京心更远科技发展有限公司。\n火花思维旗下产品分为两大类，一是以数理思维和语文为主的火花直播课；二是新推出的品牌“小火花AI课”，学科覆盖低龄段的数学、语文以及英语。\n据灼识咨询统计，就2020年的总收入以及截至2020年12月31日的学生人数而言，火花思维已成为中国最大的在线小班教育公司。\n\n截至2021年3月31日，火花思维共有370530名学员，77%的学员来自转介绍及自然流量。\n招股书显示，火花思维2019年、2020年净收入分别为1.95亿元、11.74亿元；2021年一季度净收入为4.537亿元，同比增长203.3%。\n\n在线小班课程为该公司带来绝大部分的收入。2019年、2020年以及2020年一季度、2021年一季度，在线小班课程占总净收入比例分别为99.2%、95.6%、97.6% 和92.3%。\n火花思维在2019年、2020年的净亏损分别为7.71亿元、9.52亿元。2021年一季度净亏损为3.74亿元，亏损同比扩大78.95%。亏损主要来自于销售及市场营销费用支出的增长。\n招股书显示，2019年火花思维的销售及市场营销费用、研发费用和一般行政管理支出费用分别是2.36亿元、2.4亿元及1.28亿元；2020年，这三项支出分别是7.98亿元、3.27亿元和1.78亿元。\n2021年一季度，火花思维的销售及市场营销费用支出为3.43亿元，同比增长203.5%。火花思维在招股书中称，“主要是由于我们增加了营销和品牌活动”以及“增加销售和营销人员”。\n2021年一季度的研发费用为1.44亿元，同比增长107.7%。一般行政管理支出为0.72亿元，同比增长110.72%。\n截至3月31日，火花思维2021年一季度的递延收入为14.23亿元，持有的现金及类现金资产约30亿元。截至12月31日，2020年的递延收入为12.17亿元。\n招股书显示，IPO前，火花思维创始人兼CEO罗剑占股13.6%，火花思维CTO单泽兵持股1.4%。此外，罗剑的关联公司Venus Mission Limited 持股为13.6%。火花思维董事及高管持股比例共16.3%。\n持股比例最高的投资方红杉资本中国持股10.5%、其他资方依次为GGV纪源资本8.9%、IDG资本8.7%、ZETA ASIA HOLDINGS PTE. LTD.8.5%、TBP Sparkling Holdings Limited7.5%、山行资本6.3%、光速中国5.7%。\n此次募集资金用途，约40%用于改进教学法、课件和教育内容，并进一步扩大课程范围；约30%用于改善技术基础设施；约15%用于扩大营销和品牌推广；剩余则为公司营运和其他用途提供资金。\n近年来，火花思维所在的在线数理思维赛道获得较快发展。据艾媒咨询数据显示，2020年中国在线数理思维市场规模将达到82.3亿元，2021年将突破100亿元。\n作为平衡用户的个性化学习需求和企业经济模型的最佳班型，小班课也在备受关注。\n中科院在今年二月发布的《2020年在线教育行业小班课发展研究及前瞻报告》中预测，小班课模式未来四年将保持较高速增长，2022年小班课市场规模将超过1V1模式，2025年小班课市场规模超过AI课模式，成为仅次于大班课的主流教育模式。\n据CIC数据，2020 年约有15家在线小班K12课后辅导的总收入超过5亿元。2020年中国在线小班K12课后辅导市场已达到119亿元，预计到2025年将达到1012亿元。2020年至2025年的复合年增长率为53.3%。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2624,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}