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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

 

FORM 6-K/A

 

(Amendment No. 1)

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of May 2020

 

Commission File Number: 001-36363

 

TARENA INTERNATIONAL, INC.

 

6/F, No. 1 Andingmenwai Street,

Lychee Plaza, Chaoyang District,

Beijing 100011, People’s Republic of China

Tel: +86 10 6213-5687

 

1/F, Block A, Training Building,

65 Kejiyuan Road, Baiyang Jie Dao,

Economic Development District,

Hangzhou 310000, People’s Republic of China

 

(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 x  Form 40-F o

 

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):              

 

 

 

 

 

 

EXPLANATORY NOTE

 

Tarena International, Inc. (the “Company”) is filing this Amendment No. 1 (this “Amendment”) to its report on Form 6-K, originally furnished to the United States Securities and Exchange Commission on May 1, 2020 (the “Original 6-K”), solely to furnish the correct version of the press release (the “Correct Press Release”) issued by the Company on May 1, 2020 regarding the unaudited financial results of the Company for the first half of fiscal year 2019.

 

Compared with Exhibit 99.1 to the Original 6-K which was a draft that was furnished accidentally, (i) the Correct Press Release contains the following modifications to the bullet-points under the heading “First Half Fiscal Year 2019 Highlights”: (A) deleted the second bullet-point under such heading, (B) changed the third bullet-point to replace “38.3%” with “30.4%” and replace “RMB277.2 million (US$40.4 million)” with “RMB312.8 million (US$45.6 million), (C) changed the seventh bullet-point to add “, including current and non-current” after “time deposits” and to replace “728.2” with “728.7”, and (D) changed the eighth bullet-point to add “a balance of” before “RMB830.0 million”; (ii) the Correct Press Release also added “The Company’s Interim Financial Statements are prepared and presented in accordance with U.S. GAAP. However, the Interim Financial Statements have not been audited or reviewed by the Company’s independent registered accounting firm.” to the end of the section under the heading “First Half Fiscal Year 2019 Highlights”; and (iii) the Correct Press Release replaced the item “Time deposits” with “Time deposits-non current” in the UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS.

 

Except as specifically described in this explanatory note, this Amendment does not amend, modify or update any disclosures contained in the Original 6-K.

 

 

 

 

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.

 

  TARENA INTERNATIONAL, INC.
     
  By: /s/ Wing Kee Lau
  Name: Wing Kee Lau
  Title: Chief Financial Officer
   
Date: May 4, 2020  

 

 

 

 

EXHIBIT INDEX

 

Exhibit 99.1 – Press Release

 

 

 

Exhibit 99.1

 

Tarena International, Inc. Announces Unaudited First Half Fiscal Year 2019 Results

 

First Half Year 2019 Net Revenues up by 3.3% Year-Over-Year

First Half 2019 Student Enrollment in adult education down by 4.8% Year-Over-Year

First Half 2019 Student Enrollment in K-12 education up by 214.0% Year-Over-Year

 

BEIJING, May 1, 2020 /PRNewswire/ -- Tarena International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a leading provider of professional education services in China, today announced its unaudited financial results for the six months ended June 30, 2019.

 

First Half Fiscal Year 2019 Highlights

 

  · Net revenues increased by 3.3% year-over-year to RMB882. 6 million (US$128.6 million), from RMB854.2 million in the same period in 2018.

 

  · Gross profit decreased by 30.4% year-over-year to RMB312.8 million (US$45.6 million), from RMB449.2 million in the same period in 2018.

 

  · Operating loss was RMB646.9 million (US$94.2 million), compared to an operating loss of RMB345.9 million in the same period in 2018.

 

  · Net loss was RMB625.1 million (US$91.1 million), compared to a net loss of RMB338.0 million in the same period in 2018.

 

  · Basic and diluted loss per American Depositary Share ("ADS") was RMB11.36 (US$1.65).

 

  · Cash, cash equivalents, time deposits, including current and non-current, and restricted cash totaled RMB728.7 million (US$106.1 million) as of June 30, 2019, compared to a balance of RMB704.8 million as of December 31, 2018.

 

  · Deferred revenue totaled RMB1,398.4 million (US$203.7 million) as of June 30, 2019, compared to a balance of RMB830.0 million as of December 31, 2018, representing an increase of 68.5%.

 

  · Total student enrollments in adult education in the first half of 2019 decreased by 4.8% year-over-year to approximately 62,900.

 

  · Total number of learning centers in adult education decreased to 142 as of June 30, 2019, from 180 as of December 31, 2018.

 

  · Total student enrollments in K-12 education in the first half of 2019 increased by 214.0% year-over-year to approximately 58,400.

 

  · Total number of learning centers in K-12 education increased to 177 as of June 30, 2019, from 148 as of December 31, 2018.

 

The Company’s Interim Financial Statements are prepared and presented in accordance with U.S. GAAP. However, the Interim Financial Statements have not been audited or reviewed by the Company’s independent registered accounting firm.

 

 

 

 

About Tarena International, Inc.

 

Tarena is a leading provider of professional education services in China. Through its innovative education platform combining live distance instruction, classroom-based tutoring and online learning modules, Tarena offers professional education courses in IT and non-IT subjects. Tarena also offers K-12 education programs. Its professional education courses provide students with practical skills to prepare them for jobs in industries with significant growth potential and strong hiring demand.

 

 

 

 

TARENA INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data and per share data)

 

   As of 
   June 30,   December 31, 
   2019   2018 
   Unaudited     
   RMB   RMB 
ASSETS          
Current assets:          
Cash and cash equivalents   569,498    530,984 
Time deposits   158,660    158,585 
Restricted cash   -    14,700 
Accounts receivable, net of allowance for doubtful accounts   36,217    39,901 
Amounts due from a related party   16,448    9,938 
Prepaid expenses and other current assets   201,992    171,466 
Total current assets   982,815    925,574 
Time deposits-non current   523    517 
Accounts receivable, net of allowance for doubtful accounts-non current   19,357    12,157 
Amounts due from a related party   6,500    6,500 
Property and equipment, net   594,553    626,068 
Intangible assets, net   21,157    19,046 
Goodwill   52,782    52,782 
Right-of-use assets   617,356    - 
Long-term investments   69,651    59,651 
Deferred income tax assets   66,811    53,752 
Other non-current assets   114,350    122,000 
Total assets   2,545,855    1,878,047 
           
LIABILITIES AND EQUITY          
           
Current liabilities:          
Short-term bank loan   -    13,726 
Accounts payable   48,741    18,529 
Amounts due to related parties   -    872 
Income taxes payable   66,644    71,847 
Deferred revenue   1,398,388    830,019 
Accrued expenses and other current liabilities   448,004    365,428 
Operating lease liabilities - current   301,166    - 
Total current liabilities   2,262,943    1,300,421 
Operating lease liabilities – non-current   296,262    - 
Other non-current liabilities   5,825    5,983 
Total liabilities   2,565,030    1,306,404 
           
Commitments and contingencies   —    — 
           
Shareholders’ equity:          
Class A ordinary shares   331    331 
Class B ordinary shares   74    74 
Treasury stock   (457,169)   (457,169)
Additional paid-in capital   1,247,392    1,222,072 
Accumulated other comprehensive income   58,745    50,472 
Accumulated deficit   (867,217)   (243,162)
Total equity attributable to Tarena International, Inc.   (17,844)   572,618 
Non-controlling interest   (1,331)   (975)
Total liabilities and equity   2,545,855    1,878,047 

 

 

 

 

TARENA INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands, except share data and per share data)

 

   For the Six Months Ended June 30, 
   2019   2018 
   Unaudited   Unaudited 
   RMB   RMB 
Net revenues   882,613    854,182 
Cost of revenues   (569,851)   (404,978)
Gross profit   312,762    449,204 
Selling and marketing expenses   (576,038)   (467,489)
General and administrative expenses   (294,670)   (244,594)
Research and development expenses   (88,952)   (83,003)
Operating loss   (646,898)   (345,882)
Interest income   9,427    14,949 
Other (loss) income   (483)   707 
Foreign currency exchange income   1,106    1,032 
Loss before income taxes   (636,848)   (329,194)
Income tax benefit (expense)   11,737    (8,835)
Net loss   (625,111)   (338,029)
Less: Net loss attributable to non-controlling interests   (1,056)   (782)
Net loss attributable to Class A and Class B ordinary shareholders   (624,055)   (337,247)
           
Net loss per Class A and Class B ordinary share:          
Basic   (11.36)   (5.99)
Diluted   (11.36)   (5.99)
           
Weighted average number of Class A and Class B ordinary shares outstanding:          
Basic   54,929,910    56,277,694 
Diluted   54,929,910    56,277,694 
           
Net loss   (625,111)   (338,029)
Other comprehensive income          
Foreign currency translation adjustment, net of nil income taxes   8,273    14,415 
Comprehensive loss   (616,838)   (323,614)