Beijing regulators have interviewed many leading online tutoring companies this week, asking them to stop selling courses targeted at senior high school students during winter vacation and to refund any fees paid.
Today, Chinese online tutoring firm Yuanfudao announced its official entry into the smart education market and will now focus on enterprise education.
On Wednesday, Yuanfudao, an online education company, launched Pumpkin Science, a new style of education for science enlightenment, marking a transition in what and how education is taught.
Online education company Zuoyebang reportedly laid off employees and went so far as to cut entire departments due to China’s pressuring policy on the sector. The industry might face the biggest wave of layoffs during this business recession.
The Beijing Municipal Bureau of Market Supervision and Administration on Monday imposed the maximum possible penalty on online education platforms Zuoyebang and Yuanfudao for unfair competition and misleading consumers.
China’s long and illustrious history with education, which takes center stage in a family’s social standing, has prompted a wave of EdTech start-ups.
Last week was big for edtech fundraising news. Two of China’s largest edtech unicorns, Zuoyebang and Yuanfudao, both raised huge sums, pushing their valuations through the roof.
Chinese online education platform Yuanfudao has raised $300 million in a new funding round, bringing the overall funding of the Beijing-based company to $3.5 billion this year.
Chinese esports ‘total solutions provider’ VSPN (Versus Programming Network) has raised close to $100 million in its latest Series B round of financing.
The rapid technology development has greatly impacted people's lives. Not only has it changed how people shop, pay, or date, it has also changed how people learn. Online education has come to the forefront in recent years.
Yuanfudao, an online tutoring platform based in Beijing, will complete a $1.2 billion round of financing with its post-investment valuation possibly exceeding $13 billion.
Chinese online education platform Yuanfudao has closed a new $1 billion round of financing led by Hillhouse Capital and followed by Tencent, Boyu Capital and IDG Capital.
Yuanfudao, an online tutoring platform based in Beijing, has raised $300 million from Chinese Internet conglomerate Tencent in a deal that values the education company at $3 billion.