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Lei Jianping, Leidi.com, July 15

Yunxuetang Group Holdings Co., Ltd. (hereinafter referred to as "Yunxuetang") recently submitted a prospectus and is preparing to be listed on the U.S. stock market with the stock code "YXT".

Yunxuetang obtained IPO registration from the China Securities Regulatory Commission in February 2024, and basically obtained the key to listing.

Annual revenue: 420 million

According to reports, Yunxuetang provides customers with digital enterprise learning solution services, including: software SaaS services, content solution services, and digital enterprise learning operation services. It is an innovative platform company for corporate training.

Yunxuetang currently has more than a thousand employees, including elite talents in various fields such as the Internet, corporate services, talent training and development.

Yunxuetang operates with dual headquarters in Beijing and Suzhou, with its marketing center and content center in Beijing and its R&D center in Suzhou. It also has branches in major cities such as Shanghai, Guangzhou, Shenzhen, Nanjing, Hangzhou, Wuhan, Qingdao, Chengdu, Xiamen, Chongqing, Xi'an, Jinan, Shijiazhuang, Nanchang, Hefei, Zhengzhou, Changsha, Tianjin, Shenyang, and Ningbo.

The prospectus shows that Yunxuetang's revenue in 2022 and 2023 will be 430 million yuan and 424 million yuan (about 58.73 million US dollars) respectively; the net losses will be 640 million yuan and 230 million yuan respectively.

Yunxuetang's revenue in the first quarter of 2024 was 83.22 million yuan and its net profit was 35.04 million yuan.

Yunfeng, Tencent and Jingwei are shareholders

Yunxuetang has received multiple rounds of financing, including a RMB 40 million angel round of financing from the founder, team, and Wu Bin of Daosheng Capital, an RMB 80 million Series A round of financing led by Everest Ventures in 2014, and a USD 22 million Series B round of financing led by SIG (Senec Asia) in April 2017.

In November 2017, Yunxuetang received a RMB 70 million B+ round of financing led by Himalaya, and in 2018 it received a US$50 million C round of financing led by Yunfeng Capital.

In early 2020, Yunxuetang announced the completion of a US$100 million Series D financing round, led by Hillhouse Capital, with participation from old shareholders Yunfeng Capital and SIG.

In March 2021, Yunxuetang announced the completion of its E2 round of financing. The E1 round was exclusively invested by Tencent, and the E2 round was led by Matrix Partners China, followed by Sequoia China and Hongzhuo Capital.

Yunxuetang said that it completed two rounds of financing, E1+E2, totaling US$190 million within six months (including some exit transactions of old equity). After the financing was completed, the company's valuation exceeded US$1 billion.

Before the IPO, Yunxuetang founder and chairman Xiaoyan Lu held 16.9% of the shares, co-founder and CEO Teng Zu held 2.4% of the shares, and co-founder Jie Ding held 1.6% of the shares.

In addition, Jump Shot Holdings Limited holds 20.1% of the shares, Yunfeng Fund holds 15.1% through YF Elite Alliance Limited, Tencent holds 13.2% through Image Frame Investment, and SIG China holds 7.1%;

Matrix Partners China VI, a subsidiary of Matrix Partners China, holds a 5.6% stake, and Langmafeng Holdings Limited holds a 5.3% stake.

LeiDi was founded by media person Lei Jianping. Please indicate the source if reprinting.