17 Education & Technology
EdtechChina
📉 Public < $1B
Peak $2.5 BillionToday
~-97%
from peak
- 🦄Became a unicorn2020
- 📈Peak valuation$2.5 Billion ’21
- 💔Became a Unitard2021
- 💸Last valuation~$75M
Current status
Public (NYSE: YQ); market cap collapsed to a tiny fraction after the 2021 crackdown gutted its K-12 tutoring business.
How it happened
17 Education & Technology (known in China as Yiqi/17zuoye) ran live-streaming K-12 classes and AI-powered homework tools, and listed on the NYSE in December 2020 near a $2.5B valuation at the height of the edtech boom. Months later, China's July 2021 'double reduction' policy banned for-profit tutoring in core school subjects — the heart of its business — and the stock collapsed to around $2. Like peers Yuanfudao, Zuoyebang and Gaotu, 17 Education was gutted by the crackdown, its market value falling to a tiny fraction of its peak.
Source: TechNode / SCMP / Verdict (Dec 2020 NYSE IPO ~$2.5B, ADSs ~$10.50; July 2021 'double reduction' crackdown banned for-profit K-12 tutoring; stock fell to ~$2, market cap a tiny fraction)
