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TENCENT HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  05/17 03:12:38 am EDT
368.40 HKD   +5.26%
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Tencent : VIPKid to stop selling foreign-based tutoring to students in China

08/07/2021 | 10:45am EDT

SHANGHAI, Aug 7 (Reuters) - Tencent Holdings-backed Chinese education firm VIPKid said on Saturday it would stop selling classes taught by foreign-based tutors to students in China with immediate effect to comply with new rules announced for the country's private education sector.

China last month issued rules barring curriculum-based tutoring for profit, aiming to ease financial pressures that have contributed to low birth rates but have left private education firms facing significant business impact.

The rules also ban companies from employing foreign-based tutors, aiming to stop long-distance lessons for Chinese students.

Beijing-based VIPKid is an online education platform that connects children in China with native English-speaking teachers in the United States and Canada for live video lessons.

The company said in a post on its official WeChat account that customers who had already purchased packages would still be able to take classes but existing customers will only be able to renew classes taught by overseas-based tutors until Aug. 9.

It added that its international business for students outside China would not be affected.

Other Chinese private education firms have also been reviewing their operations as a result of the new rules. ByteDance also plans to close some of its tutoring operations, including its online classes app GogoKid, a VIPKid rival.

VIPKid's investors include Tencent Holdings, China's largest gaming and social media company.

(Reporting by Brenda Goh Editing by Clelia Oziel)


© Reuters 2021
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Financials
Sales 2022 614 B 90 554 M 90 554 M
Net income 2022 141 B 20 829 M 20 829 M
Net cash 2022 126 B 18 586 M 18 586 M
P/E ratio 2022 21,7x
Yield 2022 0,41%
Capitalization 2 885 B 425 B 425 B
EV / Sales 2022 4,49x
EV / Sales 2023 3,70x
Nbr of Employees 112 771
Free-Float 62,5%
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Mean consensus BUY
Number of Analysts 47
Last Close Price 302,49 CNY
Average target price 414,47 CNY
Spread / Average Target 37,0%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau Chief Strategy & Investment Officer
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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