Chinese Education Companies: IPO Bombs but Cash Rich

With the exception of New Oriental (NYSE: EDU), nearly every IPO of a Chinese education company has bombed since 2006 and most within the past four years, losing a range of 7% to 77% for investors.  Let's leave aside for the moment the problems with US-listed Chinese companies en masse and focus instead on cash on hand at these particular companies.  For most, the levels of cash approaches or exceeds their market value.  Many have no little or no debt.  

Therefore unless you believe that reported cash levels are terribly wrong (possible but not probable for all), or that these education businesses have no future (most do), the chart below is intriguing.

Leading Chinese Ed Companies:  Post-IPO Performance v Cash-to-Market Cap