Big bucks for company that pairs American teachers and Chinese students online – China’s latest business and technology news

Business & Technology

A summary of the top news in Chinese business and technology for August 25, 2017. Part of the daily SupChina newsletter, a convenient package of China’s business, political, and cultural news delivered to your inbox for free. Subscribe here.

VIP Kid is an online education company that streams live one-on-one English lessons from American teachers to Chinese students — whose parents are happy to pay a premium for educational services they can’t get locally.

Last year, Jack Ma’s Yunfeng Capital invested in VIP Kid. Now, Bloomberg reports that the company was valued at more than $1.5 billion in a recent “round of funding from investors including Sequoia Capital China and Tencent.” Some of the funds will be used to launch a Mandarin teaching service aimed at the U.S. and other foreign countries. Founder Cindy Mi 米雯娟 is featured in a video interview you can see at the Bloomberg link above. She says the company anticipates revenue to reach 5 billion yuan ($750 million) this year, and hopes to reach one million students around the world by 2019.