Puxin
- 🦄Became a unicorn2018
- 📈Peak valuation$1.7 Billion ’18
- 💔Became a Unitard2021
- 💸Last valuationWiped out
How it happened
Puxin was a Beijing-based tutoring roll-up that grew by acquiring scores of smaller after-school education businesses, becoming China's third-largest tutoring provider by enrollment. It listed on the NYSE in June 2018 at a fully diluted valuation of about $1.7B. China's July 2021 'Double Reduction' policy, which banned for-profit tutoring on core school subjects, wiped out the economics of its business along with billions of dollars of value across the sector. Puxin was delisted from the New York Stock Exchange in May 2022.
Source: Nasdaq / Xinhua / Reuters (China's third-largest tutoring provider by enrollment; June 2018 NYSE IPO at $17/ADS for an ~$1.7B fully diluted value; 2021 'Double Reduction' crackdown banned for-profit subject tutoring; delisted from NYSE May 2022)
