(Jan 21): Chinese online education firm Huohua Siwei, backed by Tencent Holdings Ltd. and Kuaishou Technology, has picked banks to work on its U.S. initial public offering which could raise as much as $500 million, according to people familiar with the matter.

Huohua Siwei, or Spark Education in English, is working with Credit Suisse Group AG and Goldman Sachs Group Inc. on the proposed listing, the people said. The share sale could take place as soon as this year, said the people, asking not to be identified as the information is private.