0001193125-20-007192.txt : 20200114 0001193125-20-007192.hdr.sgml : 20200114 20200114160626 ACCESSION NUMBER: 0001193125-20-007192 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20200114 DATE AS OF CHANGE: 20200114 GROUP MEMBERS: MICHAEL RAZA IMAM GROUP MEMBERS: RETO MERAZZI GROUP MEMBERS: SILVERHORN SPC LTD SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: China Online Education Group CENTRAL INDEX KEY: 0001659494 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-89546 FILM NUMBER: 20526121 BUSINESS ADDRESS: STREET 1: 6TH FLOOR DESHI BUILDING SOUTH STREET 2: SHANGDI STREET, HAIDIAN DISTRICT CITY: BEIJING STATE: F4 ZIP: 100085 BUSINESS PHONE: 8610-56928909 MAIL ADDRESS: STREET 1: 6TH FLOOR DESHI BUILDING SOUTH STREET 2: SHANGDI STREET, HAIDIAN DISTRICT CITY: BEIJING STATE: F4 ZIP: 100085 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Silverhorn Investment Advisors Ltd CENTRAL INDEX KEY: 0001782806 IRS NUMBER: 000000000 STATE OF INCORPORATION: K3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 22/F 100QRC STREET 2: 100 QUEEN'S ROAD CENTRAL CITY: HONG KONG STATE: K3 ZIP: 00000 BUSINESS PHONE: 852-2599-9143 MAIL ADDRESS: STREET 1: 22/F 100QRC STREET 2: 100 QUEEN'S ROAD CENTRAL CITY: HONG KONG STATE: K3 ZIP: 00000 SC 13G/A 1 d868720dsc13ga.htm SC 13G/A SC 13G/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

SCHEDULE 13G/A

(Amendment No. 1)

 

 

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO

RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2(b)

China Online Education Group

(Name of Issuer)

American depositary shares, each representing 15 Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

16954L105

(CUSIP Number)

December 31, 2019

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☒ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

 

 

 

CUSIP No. 16954L105

 

  1    

  NAME OF REPORTING PERSONS

 

  Silverhorn Investment Advisors Limited     

  2    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

  (a)  ☐        (b)  ☐

 

  3    

  SEC USE ONLY

 

  4    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Hong Kong    

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

     5     

  SOLE VOTING POWER

 

  1,025,129     

  6     

  SHARED VOTING POWER

 

  0     

  7     

  SOLE DISPOSITIVE POWER

 

  1,025,129     

  8     

  SHARED DISPOSITIVE POWER

 

  0     

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  1,025,129     

10    

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

 

  ☐

11    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  18.6%**     

12    

  TYPE OF REPORTING PERSON*

 

  IA, CO     

 

*

See instructions before filling out.

**

See ITEM 4 for further information. Per Securities and Exchange Commission guidance, the Reporting Persons treat the ADS representing 15 Class A ordinary shares, par value $0.0001 per share as one class of securities.

CUSIP No. 16954L105

 

  1    

  NAME OF REPORTING PERSONS

 

  Silverhorn SPC Ltd     

  2    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

  (a)  ☐        (b)  ☐

 

  3    

  SEC USE ONLY

 

  4    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  British Virgin Islands     

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

     5     

  SOLE VOTING POWER

 

  1,025,129     

  6     

  SHARED VOTING POWER

 

  0     

  7     

  SOLE DISPOSITIVE POWER

 

  1,025,129     

  8     

  SHARED DISPOSITIVE POWER

 

  0     

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  1,025,129     

10    

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

 

  ☐

11    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  18.6%**     

12    

  TYPE OF REPORTING PERSON*

 

  OO     

 

*

See instructions before filling out.

**

See ITEM 4 for further information. Per Securities and Exchange Commission guidance, the Reporting Persons treat the ADS representing 15 Class A ordinary shares, par value $0.0001 per share as one class of securities.

CUSIP No. 16954L105

 

  1    

  NAME OF REPORTING PERSONS

 

  Reto Merazzi

  2    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

  (a)  ☐        (b)  ☐

 

  3    

  SEC USE ONLY

 

  4    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Swiss Citizen

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

     5     

  SOLE VOTING POWER

 

  0

  6     

  SHARED VOTING POWER

 

  1,025,129

  7     

  SOLE DISPOSITIVE POWER

 

  0

  8     

  SHARED DISPOSITIVE POWER

 

  1,025,129

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  1,025,129

10    

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

 

  ☐

11    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  18.6%**

12    

  TYPE OF REPORTING PERSON*

 

  IN, HC

 

*

See instructions before filling out.

**

See ITEM 4 for further information. Per Securities and Exchange Commission guidance, the Reporting Persons treat the ADS representing 15 Class A ordinary shares, par value $0.0001 per share as one class of securities.

CUSIP No. 16954L105

 

  1    

  NAME OF REPORTING PERSONS

 

  Michael Raza Imam

  2    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

  (a)  ☐        (b)  ☐

 

  3    

  SEC USE ONLY

 

  4    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Swiss Citizen

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

     5     

  SOLE VOTING POWER

 

  0

  6     

  SHARED VOTING POWER

 

  1,025,129

  7     

  SOLE DISPOSITIVE POWER

 

  0

  8     

  SHARED DISPOSITIVE POWER

 

  1,025,129

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  1,025,129

10    

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

 

  ☐

11    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  18.6%**

12    

  TYPE OF REPORTING PERSON*

 

  IN, HC

 

*

See instructions before filling out.

**

See ITEM 4 for further information. Per Securities and Exchange Commission guidance, the Reporting Persons treat the ADS representing 15 Class A ordinary shares, par value $0.0001 per share as one class of securities.

AMENDMENT NO. 1 TO SCHEDULE 13G

This Amendment No. 1 to the Schedule 13G (this “Amendment No. 1”) is being filed to update the information set forth in the initial Schedule 13G filed with the Securities and Exchange Commission on July 29, 2019 (the “Schedule 13G”). This Amendment No. 1 is filed on behalf of Silverhorn Investment Advisors Limited, Silverhorn SPC Ltd., Mr. Reto Merazzi, and Mr. Michael Raza Imam to report their beneficial ownership of American depository shares (“ADS”), each representing 15 Class A ordinary shares, par value $0.0001 per share (the “Class A Ordinary Shares”) of China Online Education Group (the “Issuer”). The Schedule 13G is hereby amended and restated to read as follows:

 

Item 1(a)

Name of Issuer.

China Online Education Group (the “Issuer”)

 

Item 1(b)

Address of Issuer’s Principal Executive Offices.

6th Floor Deshi Building North

Shangdi Street, Haidan District

Beijing 100085, People’s Republic of China

 

Item 2(a)

Name of Person Filing.

Silverhorn Investment Advisors Limited, a company incorporated with limited liability in Hong Kong (“Silverhorn Advisors”), Silverhorn SPC Ltd, a British Virgin Islands open-ended investment company registered as a segregated portfolio company (“Silverhorn SPC”), Reto Merazzi and Michael Raza Imam (together with Silverhorn Advisors, Silverhorn SPC and Mr. Merazzi, the “Reporting Persons”).

 

Item 2(b)

Address of Principal Business Office, or, if none, Residence.

The address of the Reporting Persons is:

18/F, 100QRC

100 Queen’s Road Central, Hong Kong

 

Item 2(c)

Citizenship or Place of Organization.

Silverhorn Advisors is a company incorporated with limited liability in Hong Kong. Silverhorn SPC is a British Virgin Islands open-ended investment company registered as a segregated portfolio company. Mr. Merazzi is a citizen of Switzerland. Michael Raza Imam is a citizen of Switzerland.

 

Item 2(d)

Title of Class of Securities.

American depositary shares (“ADS”), each representing 15 Class A ordinary shares, par value $0.0001 per share (the “Class A Ordinary Shares”).

 

Item 2(e)

CUSIP Number.

16954L105

 

Item 3

Reporting Person.

For Silverhorn Advisors, Mr. Merazzi and Mr. Imam.

If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check whether the person filing is a:

 

(a)    ☐    Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b)    ☐    Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c)    ☐    Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d)    ☐    Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e)    ☐    An investment advisor in accordance with §240.13d-1(b)(1)(ii)(E).
(f)    ☐    An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).
(g)    ☒    A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G).
(h)    ☐    A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(i)    ☐    A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).
(j)    ☒    A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J).
(k)    ☐    Group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution: ____.

 

Item 4

Ownership.

 

  (a)

As of December 31, 2019, each of the Reporting Persons are the beneficial owners of 1,025,129 ADS representing 15,376,935 Class A Ordinary Shares.

 

  (b)

As of December 31, 2019, each of the Reporting Persons are the beneficial owners of 18.57% of the outstanding Class A Ordinary Shares. This percentage is determined by dividing 15,376,935 Class A Ordinary Shares by 82,803,863, the number of Class A Ordinary Shares outstanding as of December 31, 2018, as reported in the Issuer’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 23, 2019.

 

  (c)

Each of Silverhorn SPC and Silverhorn Advisors, as the investment manager of Silverhorn SPC, have sole power to direct the voting and disposition of the ADS held held by Silverhorn SPC reported in Item 4(a). As the directors of Silverhorn SPC and Silverhorn Advisors, Messrs. Merazzi and Imam have shared power to direct the voting and disposition of the ADS held by Silverhorn SPC reported in Item 4(a).

 

Item 5

Ownership of Five Percent or Less of a Class.

Inapplicable.

 

Item 6

Ownership of More Than Five Percent on Behalf of Another Person.

Inapplicable.

 

Item 7

Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.

Inapplicable.

Item 8

Identification and Classification of Members of the Group.

Inapplicable.

 

Item 9

Notice of Dissolution of Group.

Inapplicable.

 

Item 10

Certification.

For Silverhorn Advisors and Messrs. Merazzi and Imam:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to investment advisors is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Securities and Exchange Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

For Silverhorn SPC:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: January 14, 2020

 

Silverhorn Investment Advisors Limited
By:  

/s/ Michael Raza Imam

  Michael Raza Imam, Director
Silverhorn SPC Ltd
By:  

/s/ Michael Raza Imam

  Michael Raza Imam, Director

/s/ Reto Merazzi

Reto Merazzi

/s/ Michael Raza Imam

Michael Raza Imam

EXHIBIT INDEX

 

99.1    Joint Filing Agreement, dated as of January 14, 2020, by and among Silverhorn Investment Advisors Limited, Silverhorn SPC Ltd, Reto Merazzi and Michael Raza Imam
 EX-99.1 2 d868720dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of this Schedule 13G (including additional amendments thereto) with respect to the American depositary shares, each representing 15 Class A ordinary shares, par value $0.0001 per share, of China Online Education Group. This Joint Filing Agreement shall be filed as an Exhibit to such Statement. The undersigned acknowledge that each shall be responsible for the timely filing of any amendments to such joint filing and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others.

Date: January 14, 2020

 

Silverhorn Investment Advisors Limited

/s/ Michael Raza Imam

Michael Raza Imam, Director
Silverhorn SPC Ltd

/s/ Michael Raza Imam

Michael Raza Imam, Director

/s/ Reto Merazzi

Reto Merazzi

/s/ Michael Raza Imam

Michael Raza Imam