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Vision Knight teams up with strategics to tap China online education

  • Andrew Woodman
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Vision Knight Capital - the private equity firm set up by former Alibaba CEO David Wei - has partnered with games developer NetDragon Websoft and a unit of electronics maker Hon Hai Precision Industry to launch a $33 million online education venture.

According to a regulatory filing, the three parties signed a memorandum of understanding to jointly invest in the venture yesterday. Vision Knight will hold a 6% stake, with NetDragon subsidiary NetDragon BVI owning 49% and Hon Hai unit Foxteq on 45%. Hon Hai is widely known by its trading name, Foxconn.

The filing adds that cooperation is intended to explore "the online education and related application market" with NetDragon leveraging the strengths and synergies of its co-investors.

In August, NetDragon announced that it would sell 91 Wireless, China's biggest mobile app store and game operator, to search engine provider Baidu for $1.85 billion.

There has been increasing activity in China's online education space in recent months. In June, Qualcomm Ventures led a Series C round of funding for Shanghai-based online education company Alo7, while in August Beijing-based online education platform Fenbi.com closed its second round of VC funding.

 

 

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