Shenzhen-based online education firm Zhangmen has filed for an initial public offering on the New York Stock Exchange, KrAsia has reported.
Education companies have come under increasing government scrutiny in China and several were were fined last month, though Zhangmen was not among those.
The SoftBank-backed company offers one-to-one tutoring and has more than half a million students on its books. It also launched tutoring for classes of up to 25 students in the third quarter last year, signing up almost 300,000 customers.
In its IPO prospectus the company stated: “We have been the largest online K12 one-on-one after-school tutoring service provider in China in terms of gross billings since 2017, with 31.9% market share in 2020.”
Date published: 20 May 2021