China online education companies are seeking more capital support. The latest is the establishment of nearly 5 years of 51talk worry free English, the company has just submitted a listing of F-1 prospectus in the United states. However, from its prospectus exposed problems, 51talk worry about the future of English may not be so wonderful.
interface news inquiries the U.S. Securities and Exchange Commission (SEC) uploaded on the F-1 file, 51talk worry free English listing prospectus with the name of China Online Education Group. The company has completed several rounds of financing before.
speaking of 51talk free English investors, including the famous Zhenge fund, togetherness era (YY) etc.. In November 2011 officially launched, in December of the same year to obtain real angel investment fund $200 thousand. Then 51Talk free English for three rounds of financing, foreign propaganda were A round of $2 million investment in DCM, DCM and B round for the fund, togetherness era (YY) with an investment of $12 million, $55 million C round.
But according to
F-1 documents, 51Talk free English so far actually conducted a total of four rounds of financing, respectively, in June 28, 2013, the $2 million A round of financing; in December 9th of the same year, the $7 million 740 thousand B round of financing; in July 21, 2014, the $28 million 200 thousand C round of financing; in August 31, 2015, the $20 million D round of financing.
, 51Talk B, C free English round exaggerated the amount of financing in That’s final.
source: network, 51talk F-1 file, interface news research department
since last year, a large number of stocks have removed the VIE architecture to seek when the A shares listed, 51Talk free English but give up in the domestic market for the valuation is significantly lower than the domestic U.S. stock market, the meaning of which is also quite interesting.
one investment community to interface news said, in the current node still choose overseas listing, the possible reason may only investors eager to quit, and the company needed funds two possible. 51Talk news interface access to the F-1 file in the English book cash and cash flow, found that its operating conditions are not satisfactory.
51Talk worry free book cash shows that in 2013, in 2014 and in 2015 the carrying cash were 61 million 500 thousand, 209 million and 46 million 870 thousand, respectively, by the year of March 31, 2016, the carrying amount of funds is only about $76 million 830 thousand. In addition, the cash flow statement shows that in the past three years the operating cash flow of net outflows, it also shows that after three years the company’s "burn" extraordinary ability.