Tiger Global Reduces Stake in TAL Education Group (ADR) (XRS) Again

Chase Coleman's fund Tiger Global Management has disclosed, in a new filing with the Securities and Exchange Commission, further trimming its position in TAL Education Group (ADR) (NYSE:XRS). The fund currently holds around 4.95 million class A shares, representing 7.2% of the outstanding class A stock. Earlier, Tiger Global held around 6.30 million shares, equal to 9.2% of the class A stock.

TIGER GLOBAL MANAGEMENT LLC


The securities are held in the form of approximately 2.48 million American Depositary Shares, which may be exchanged for Class A shares under a 1:2 ratio. Tiger has been dumping shares of TAL Education Group (ADR) (NYSE:XRS) back in November, when it disclosed about reducing the stake from 8.3 million class A shares. However, the fund had previously upped the holding from 5.05 million shares held at the end of September 2013.

TAL Education Group (ADR) (NYSE:XRS) is a K-12 after-school tutoring services providing in China. Recently, the company announced about investing around $23.5 million in Babytree, a company that operates an online platform for parents. The stock of TAL Education Group (ADR) (NYSE:XRS) advanced by almost 13% since the beginning of the year, and gained over 150% over the past year.

Aside from Tiger Global, Joho Capital, led by Robert Karr, also holds shares of TAL Education Group (ADR) (NYSE:XRS). At the end of September 2013, Joho held around 2.72 million shares of the company.

A couple of days ago, Chase Coleman started the process of opening his eighth venture capital fund, which will be focused on privately-held technology companies. Tiger Global currently has around $6 billion in assets in its seven venture capital funds, and the next one is expected to have around $1.5 billion.

Disclosure: none

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