(Feb 24): Tencent Holdings Ltd-backed Yuanfudao is seeking fresh funding at a valuation of more than US$20 billion, people familiar with the matter said, as the cash-burning battle in China’s online education arena shows no sign of abating.
The Beijing-based tutoring app is planning to raise at least US$1 billion and has held discussions with investors including Boyu Capital and DCP Capital, according to people familiar with the matter. The funding round has yet to be finalized and the size will depend on investor interest, the people said, asking not to be identified as the information isn’t public.
The latest fundraising comes less than six months after a US$2.2 billion round that valued the startup at US$15.5 billion, the most among edtech companies globally, Yuanfudao said at the time. The tutoring upstart is competing with top teaching providers like TAL Education Group as well as the education wings of internet giants like ByteDance Ltd for a bigger share of China’s pri
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(Bloomberg) A year anticipated to be full of headwinds for Hong Kong’s stock exchange turned euphoric instead. The challenge is now to add to the momentum.Hong Kong Exchanges & Clearing Ltd. on Wednesday reported that profit rose 23% to a record HK$11.5 billion ($1.48 billion) in 2020.Incoming Chief Executive Officer Nicolas Aguzin is preparing to take the helm after a year when trading jumped 60%, the bourse saw the biggest initial public offering flood in a decade and inflows of cash through links to Shanghai and Shenzhen doubled. Political tension drove a bevy of high-profile Chinese firms to find a new home in Hong Kong on concern they would be booted off U.S. exchanges, their long-time source for funding.The boom has continued in 2021 and investors have cheered. The stock is up 150% in the past 11 months. The bourse is now the world’s biggest in terms of market value, far bigger than its London rival and four times as big as Nasdaq Inc., for example.The exchan