MOOC Capital facilitates Netease Youdao’s US IPO
Netease Youdao, the online education subsidiary of Chinese tech giant NetEase Inc, made its debut on the New York Stock Exchange (NYSE) on Oct 25.
It is now Netease’s first subsidiary listed on the NYSE as an independent business division and an internet tech firm.
NetEase Youdao, the online education subsidiary of Chinese tech giant NetEase Inc, makes its debut on the NYSE on Oct 25.
MOOC-CN Capital is an education-oriented industrial fund initiated by MOOC-CN Education, a Tsinghua Holdings member enterprise. It was also the largest overseas institutional shareholder of Netease Youdao before the initial public offering (IPO).
The fund is actively promoting in-depth cooperation between the enterprises receiving investment and Tsinghua University, as well as offering high-quality resources to achieve win-win cooperation.
Netease Youdao pursues high-quality products and has launched many excellent education applications for users of all ages since its establishment in 2006. These include Youdao Dictionary, Youdao Translator, and Youdao Note, which provide a complete set of comprehensive and reliable learning products and services.
Netease Youdao entered the online education industry in 2015. Youdao Jingpinke, has maintained annual user and revenue growth of 100 percent since 2017.
Before its IPO, Netease Youdao received a round of financing. In April 2018, it announced completion of its first strategic financing, which was led by MOOC-CN Capital with participation by Legend Capital. After the investment, its valuation reached $1.12 billion.
Tsinghua Holdings President Nie Fenghua, who is also chairman of MOOC-CN Education, said that MOOC-CN hopes to continue to work with Netease to serve life-long education by developing learning concepts and advanced technology.
The online K12 (kindergarten to 12th grade) track has broad market prospects, and its penetration rate is experiencing high-speed growth. It boasts a long life-cycle and is dubbed a “golden track” in the education industry.
Netease Youdao is committed to making users learn more easily and effectively through technology. MOOC-CN believes that in the future, competition in online education will rely more on intelligent applications, and Netease Youdao, as an enterprise with excellent technical strength, is expected to prove formidable in long-term competition.
Zhang Yu, founding partner of MOOC-CN Capital, pointed out that the listing of Netease Youdao is not only a milestone of its own growth, but also a good start for all parties in the industry.
Zhang added that the company has full confidence in the healthy and rapid development of Netease Youdao and the online education industry and will continue to invest in the industry, support the enterprises, and work with entrepreneurs to create a modern education ecology featuring openness and prosperity.