Tencent has shelved plans to invest about $150 million to lead a fresh...
) has shelved plans to invest about $150 million to lead a fresh fundraising round for a Chinese education firm VIPKid, two people familiar with the matter said, as Beijing moved to tighten oversight of online education platforms.
VIPKid had initially wanted to raise $500 million but later lowered its target to more than $150 million, the people added. 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. It was set up in 2013 and employs more than 70,000 teachers.
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