Yuanfudao Raises US$2.2 Billion in New Financing, Valuing the Company at US$15.5 Billion, Becoming the Most Valued Ed-Tech Company Worldwide

BEIJING,Oct. 22,2020 -- Yuanfudao,China's leading online education platform today announced the closing of its US$2.2 billion Series G1 and G2 financing. The G1 financing round was led by Tencent,with participation from Hillhouse Capital,Boyu Capital and IDG Capital. The G2 financing round was led by DST Global,with participation from CITICPE,GIC,Temasek,TBP,DCP,Ocean Link,Greenwoods and Danhe Capital.

Yuanfudao's latest financing rounds increased the Company's valuation to US$15.5 billion,making it the most valuable technology-driven education unicorns in the world. The new funding will allow Yuanfudao to further capitalize on its educational technology innovation,accelerate new curriculum product development and expand its online education service system.

Founded in 2012,Yuanfudao has been committed to enhancing and stimulating the learning experience and interest of Chinese students by providing them with highly accessible,quality education resources throughthe use of technology. Yuanfudao has offered a list of online learning products,including live tutoring platform Yuanfudao,Zebra AI Class,online question bank Yuantiku,question searching app Xiaoyuan Soutiand arithmetic problem checking app Xiaoyuan Kousuan,etc.

Various online learning products provided by Yuanfudao Online Education

Yuanfudao is the leading brand for China's primary and secondary school online courses,while Zebra AI Class is the largest online course platform for preschool education in China. As of today,these two major online course platforms currently approximately 3.7 million students using their regular-priced courses,making Yuanfudao the largest online education company in China by number of students.

Headquartered in Beijing,Yuanfudao has established a number of teaching & research centers and branches across China,including in Wuhan,Xi'an,Zhengzhou,Nanjing,Chengdu,Jinan,Changsha,Tianjin,Chongqing,Shenyang,Changchun and Hefei with more than 30,000 employees. In March 2020,Yuanfudao announced that it would create 10,000 jobs across China and 5,000 jobs in Wuhan to support COVID-19 recovery efforts,as a part of the Company's commitment to corporate social responsibility.

In July,the Beijing Winter Olympics Organizing Committee announced Yuanfudao as an official sponsor of the Beijing 2022 Winter Olympics. This will be the first time that an online education company will be sponsoring the Olympics.

About Yuanfudao

Yuanfudao is China's leading online education platform which currently provides K-12 after school tutoring,pre-school enlightenment and adult education services to over 400 million users across China.

Founded in 2012,Yuanfudao has been committed to optimizing the learning experience,stimulating study enthusiasm and nurturing good learning habits for Chinese students by providing them with highly accessible,quality education resources throughthe use of innovative educational technologies. The Company has self-developed a variety of online education products including YUANFUDAO APP,YUANTIKU,XIAOYUANSOUTI,XIAOYUANKOUSUAN,Zebra AI Course and YUANFUDAO.

Headquartered in Beijing,000 employees.

The company has also set up the Yuanfudao AI Research Institute in 2014,becoming the first online education service provider that runs its own AI research institute and top-notch technology laboratory. The AI Research Institute currently has approximately 100 members from a number of top-tier educational institutions and corporates such as Tsinghua University,Peking University,Chinese Academy of Sciences and Microsoft.