Delisted from the NYSE in May 2022 after China's tutoring crackdown gutted its business
The rise & fall
5 moments · 2014–2022
The key moments.
Sep 2014
🌱
Sep 2014
Founded as a tutoring roll-up
Beijing-based Puxin grows by buying up scores of smaller after-school education businesses, becoming China's third-largest tutoring provider by enrollment.
Reuters
Jun 2018
📈
Jun 2018
The peak: a $1.7B NYSE IPO$1.7B
Prices at $17 per ADS in June 2018, four years after founding — a roll-up built at deal speed reaches Wall Street.
Nasdaq
Jul 2021
Jul 2021
'Double Reduction' outlaws the model
Beijing bans for-profit tutoring on core school subjects, erasing billions of dollars of value across the entire sector.
Reuters
2021
🪦
2021
Banned out of business — joins the Unitard Club 💔
The crackdown wipes out the economics of the business almost overnight; the stock collapses.
Xinhua
May 2022
May 2022
Delisted from the NYSE
Removed from the exchange less than four years after the $1.7B debut.
Reuters
$1.7Bof peak value erased · 7 years
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)
