When Duan Jun, a father from the city of Dongguan in southern China’s Guangdong Province, paid full-year tuition for his child in advance, he never thought that the online education institution would go bankrupt.
Xuebajun, a video-tutoring platform that follows a one-on-one format, was recently reported to be in dire financial situation and was on the verge of bankruptcy. In a message posted on his social media on January 2, Zhang Kailei, founder and CEO of the company, said investors had refused to fund the company, “In this bitter winter, this 8-year-old company is about to go bust.”
Duan has so far invested more than 50,000 yuan ($7,743) on the platform, with 300 remaining class sessions for his child left untouched. He has no…
Read the full article at: https://news.cgtn.com/news/2021-01-05/The-crash-of-an-education-startup-left-Chinese-parents-disillusioned–WNwtwPflUA/index.html