Photo: IC Photo
Chinese insurance giant Ping An has acquired an interest in online tutoring company iTutorGroup as part of its push into education, the company said Friday.
Ping An, a major player in the financial industry, has a smaller presence in the online education sector, where competition is fierce and many companies struggle to make profits. Ping An said it’s been developing artificial intelligence technology for projects including a remote professional skill training app.
Ping An, which is listed in Shanghai and Hong Kong, said a subsidiary and an affiliate will complete the deal with iTutorGroup by injecting capital and resources, without providing more details.
iTutorGroup is the parent company of TutorABC, which allows learners in China to practice English with online tutors. Ping An said iTutorGroup’s latest valuation after four rounds of investment was $1.6 billion, and that iTutorGroup will soon offer new programs including coding, mathematics and Chinese.