The prospectus also mentions that Jianzhi Education currently provides online services for about 2,000 institutions of higher learning in China.
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The Beijing-based firm’s official website shows that it relies on cloud computing, big data, artificial intelligence and other technologies to provide digital education content and intelligent education solutions for domestic universities and other customers.Īs of March 31, 2021, the company’s educational content library contains more than 25,000 online courses with a total duration of about 4,500 hours, of which more than 70% are self-developed, covering entrepreneurship guidance, professional skills training, and professional certification exams. Its revenue in the first quarter of 2021 was 98.374 million yuan, up 80% year-on-year. It was listed on the New Third Board in May 2016, and then delisted in November 2017. Jianzhi Education has failed to go public in Hong Kong four times, but the reasons for those failures were not disclosed.Įstablished in 2011, Jianzhi Education was formerly known as Sentu Education. Sales, revenue, customer service, potential acquisitions and strategic investments, and daily operation also take a share of the fund. The education firm plans to use the fresh funds to produce new educational content and purchase some products from third parties. SEE ALSO: Faced with Possible Effects of Didi App Removal, Chinese Companies Keep, Ximalaya and LinkDoc Cancel IPO Plans in US Previously, Keep, Ximalaya and LinkDoc all canceled their IPO plans in the United States amid concern over possible effects of the Didi app removal. Jianzhi’s application came after Didi was censored due to its handling of data security. “Instead of finance or securities regulators, the CAC will lead the review process of Chinese companies’ overseas IPOs,” said Shen Meng, director of Beijing-based boutique investment bank Chanson and Co, completing his initial public offering before receiving regulatory approval, and “this is clearly not allowed “.On July 13th, EST, Jianzhi Education submitted its prospectus to the Securities and Exchange Commission (SEC), eyeing to raise $50 million. In response, several Chinese companies, including fitness app Keep and medical data company LinkDoc, have put plans for listing in the US on hold
CAC announced a proposal last week that any company with data from more than 1 million users must complete a security clearance before listing overseas. Meanwhile, China is also drastically tightening the screening process for companies wanting to list their stocks overseas.
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Still, the company’s shares are already down more than 10% below the $ 14 IPO price, leading to a series of class action lawsuits alleging that Didi published false and misleading information and failed to disclose the potential cybersecurity investigations. Didi told the newspaper that “prior to going public, it was unaware of the regulator’s decisions to subject the company to cybersecurity reviews and prohibit new downloads of its ride-hailing app.” They had previously proposed postponing its IPO and asked the company to review its network security to protect its users’ data, according to a Wall Street Journal Report citing anonymous sources. Shortly after the $ 4.4 billion IPO in New York City, Chinese regulators ordered the removal of all 25 of the company’s apps from app stores and new user registrations were suspended.Ĭhina’s cybersecurity regulators have been investigating Didi since the beginning of this month. The last few weeks have been turbulent for Didi. Zhu Wei, a professor at China University of Political Science and Law, says the investigation could take months as regulators investigate Didi’s operations to ensure his data is kept safe. The company did not immediately respond to an email request for comments. No mention was made of how long the investigation would take or what penalties Didi might face. The Cyberspace Administration of China (CAC) said in a brief notice posted on its website that other government departments including the Ministry of Public Security, the Ministry of Transportation and the Ministry of Natural Resources would be jointly stationed at the Beijing-based company, such as they carry out their probe. Didi’s headquarters in Xisanqi, Haidian District, Beijing, China on August 2020.Ĭostfoto / Barcroft Media via Getty Imagesīeijing is stepping up its review of ridesharing giant Didi Global, announcing on Friday that seven government departments have jointly launched an on-site cybersecurity investigation against the company.
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