The Chinese online education platform provider has attracted capital from Tencent as it gears up for an initial public offering in its home country.
China-based online education platform operator Beijing New Oriental Xuncheng Network Technology (Xun Cheng) secured RMB320m ($50m) today from an unnamed affiliate of internet company Tencent.
Xun Cheng is a subsidiary of private education provider New Oriental Education and Technology Group, which will retain a majority stake, though further details have not been disclosed. The investment is expected to close in the first quarter of this year.
Xun Cheng operates an online education service called Koolearn. The platform’s offering includes study…
