17 Education & Technology
EdtechChina
New to Unitard
📉 Public < $1B
Peak $2.5 BillionRecorded estimate
~-97%
from peak
- 🦄Became a unicorn2020
- 📈Peak valuation$2.5 Billion ’21
- 💔Became a Unitard2021
- 💸Last valuation estimate~$75M
Current status
Public (NYSE: YQ); the 2021 crackdown gutted its K-12 tutoring business
The rise & fall
5 moments · 2011–2021The key moments.
2011
2011
Founded as 17zuoye
Online homework tools that hooked into Chinese classrooms, later layered with live-streaming K-12 classes and AI grading.
Wikipedia
Dec 2020
Dec 2020
Lists on the NYSE at the edtech boom's height
ADSs price around $10.50, valuing the company near $2.5B.
TechNode
2021
2021
The peak: $2.5B$2.5B
China's online-education mania crests just after the debut — and Beijing is already drafting the rules that will end it.
SCMP
Jul 2021
Jul 2021
'Double reduction' bans its core business
Beijing outlaws for-profit tutoring in core school subjects — the heart of the company — overnight, gutting it alongside Yuanfudao, Zuoyebang and Gaotu.
SCMP
2021
2021
Slips out of the club
The stock collapses to around $2, leaving the market cap a tiny fraction of the IPO valuation.
SCMP
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)
Founder
- Andy Chang LiuFounder & CEONo public profile matched
