HAO Capital, the China-focused private equity firm, today announced that an entity controlled by funds managed by HAO Capital has acquired a minority stake in Beijing Wanxue Education Technology Limited (“Wanxue”), alongside co-investors Baidu and DCM. The third round financing will be used to further grow Wanxue’s online education business and promote the development of its cloud-based learning portal.
Wanxue is the leading educational institution for professional and academic training for college students in China. Established in 2006, Wanxue is the #1 CGAT (China Graduate Admission Test) test preparation training school in China. The company specializes in preparation courses for post-graduate entrance exams and civil service exams which it offers in 25 provinces, regions, and municipalities across China.
Wanxue has a mission to be the leading one-stop learning partner and mentor for college students and advance degree holders in China. Today, the company provides innovative one-stop online and offline hybrid test preparation services that will further enlarge its addressable market. The Series C financing will enable the company to significantly enhance its online marketing and O2O (“online to offline”) capacity.
Kenneth Yan, Principal of HAO Capital, said, “Wanxue is representative of the education industry’s future. It has a market-leading position in China and is the recognized leader with an impressive track record in market share, service quality and technology. With its nation-wide coverage and established technology we are confident that Wanxue is well-placed to address the growing demand for online education.”
Beijing Wanxue Education Technology Co., Ltd. provides educational services in China. The company offers test preparation services for entrance examination for graduate studies; and admission consulting services to students at university level and above. Beijing Wanxue Education Technology Co., Ltd. was founded in 2006 and is based in Beijing, China.