OneSmart International Education
- 🦄Became a unicorn2018
- 📈Peak valuation$1.8 Billion ’18
- 💔Became a Unitard2021
- 💸Last valuationWiped out
How it happened
OneSmart International Education was one of China's largest premium K-12 after-school tutoring companies, running hundreds of learning centers under brands like OneSmart and Only Education. It listed on the NYSE in March 2018 at an ~$1.8B valuation. China's July 2021 'Double Reduction' policy, which barred for-profit curriculum tutoring, destroyed its core business almost overnight: OneSmart suspended all of its education programs and learning centers in October 2021 — triggering refund demands from parents — saw its stock collapse to pennies, and was delisted from the NYSE in 2022, wiping out shareholders.
Source: GlobeNewswire / SCMP / Renaissance Capital (premium K-12 after-school tutoring chain; March 2018 NYSE IPO at $11/ADS for an ~$1.8B valuation, raised $180M; China's 2021 'Double Reduction' crackdown crushed the stock ~92%; suspended all education programs Oct 2021; delisted from NYSE 2022)
