China wrecks IPO plans for high-flying online education startups

China wrecks IPO plans for high-flying online education startups

The Star Online - Tech·2021-05-31 11:01

China is escalating a crackdown on its online education sector, forcing once high-flying startups to mothball plans for multi-billion-dollar initial public offerings this year.

Just months ago, edtech outfits were one of the hottest investments in China’s post-Covid internet industry, pulling in more than US$10bil (RM41.45bil) of venture funding last year from powerhouses like Alibaba Group Holding Ltd., Tencent Holdings Ltd. and SoftBank Group Corp. Then Beijing stepped in.

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