Xuebajun'S Youxue Small Class Or Being Caught By The Explosion Of Thunder

On January 26, the official wechat account of Youxue small class under xuebajun was transferred. The account subject was changed from Suzhou qianwenwandaba Education Technology Co., Ltd. (hereinafter referred to as "Suzhou qianwenwandaba") to Shenzhen parallel Online Education Technology Co., Ltd. (hereinafter referred to as "Shenzhen parallel line").

Shenzhen parallel line insiders told the 21st century economic report that Shenzhen parallel line is negotiating to acquire the excellent school class, or merge it with the parallel line online school of Shenzhen parallel line. Some excellent teachers have already joined the parallel education.

In the early morning of January 2, Zhang Kailei, the founder of xuebajun, published an article in his circle of personal friends entitled "to all the people who xuebajun owes", saying that xuebajun 1-1 and Youxue small class would be closed.

According to the official website information of Youxue small class, the main body of its operation is still Suzhou qianqwana. The customer service personnel said that the Youxue small class is currently in normal operation and has been merged by parallel line education.

Carefully selected investment projects

"Zhang Kailei is no longer optimistic about online one-to-one business, and is going to do online small class classes in Suzhou." A franchisee of xuebajun told reporters.

This is an ambitious investment project. The investment attraction is located in Suzhou Zhangjiagang High Speed Rail New Town Industrial Park, which is located in Tangqiao town, Zhangjiagang City.

According to local official reports, the first phase of the project plans to build a 50000 square meter "xuebajun" headquarters, comprehensive teaching and training building in three years, with more than 5000 management staff, 5 billion sales and 100 million yuan tax payment.

According to reports, the letter of intent signed by both sides shows that the first phase of the project will use 80 mu of land to build xuebajun headquarters Industrial Park. According to the official website of Zhangjiagang municipal government, until August 2020, the local Tangqiao town is still planning the project approval, filing and construction procedures approval.

After signing the contract on March 20, 2020, a series of xuebajun companies will be established in Suzhou. First, Suzhou Wenba Education Technology Co., Ltd. (hereinafter referred to as "Suzhou Wenba") was established on March 26, with a registered capital of 720 million yuan. Its shareholders are xuebajun's 1-to-1 operating entity and Shanghai Qianwen wandaba Cloud Computing Technology Co., Ltd.

Zhangjiagang industrial capital center is particularly important. Qixinbao data shows that on May 29, 2020, the equity of Suzhou Wenba was pledged to Zhangjiagang huangsipu network technology partnership (limited partnership), which is a limited partnership established by the government emerging industry guidance fund of Zhangjiagang industrial capital center and the high-speed rail new city urban investment company. Zhao Haifeng, its representative, is appointed as the director of Suzhou Wenba.

According to the website information of Zhangjiagang municipal government, the Vice Minister of Investment Promotion Department of Zhangjiagang High Speed Rail New Town Development Zone Management Committee is also named Zhao Haifeng.

A more intriguing official news is that in May 2020, the local government is promoting the convertible bond investment of SPV company (limited partnership) of xuebajun digital education industrial base project. In other words, the equity pledge loan of Suzhou Wenba may become debt to equity swap.

Zhangjiagang industrial capital center official micro article also said that xuebajun project has a clear listing expectation in the future. Local official reports also said, "in the future, it will be listed on the domestic science and technology innovation board or US stocks."

The fact is moving in this direction. On May 11, 2020, qianwenyun Education Technology (Suzhou) Co., Ltd. (hereinafter referred to as "qianwenyun (Suzhou) Company") was established, which means that the vie structure of xuebajun Suzhou project is established.

The shareholder of qianwenyun (Suzhou) company is Wenba Technology Limited registered in Hong Kong, which is the shell company of B.V.I offshore company which is finally listed in the vie structure, while qianwenyun (Suzhou) company is WFOE company (wholly foreign-owned enterprise) wholly controlled by qianwenyun (Suzhou). In the vie framework, WFOE obtains the income of domestic business entity through a series of agreements, and transfers it to B.V.I offshore company through the shell company in Hong Kong.

These domestic business entities include not only Suzhou Wenba, but also Suzhou Qianwen wandaba Education Technology Co., Ltd. established on July 1, 2020 and its three wholly-owned subsidiaries.

The registered capital of qianwenyun (Suzhou) company is 40 million US dollars. According to the website of Zhangjiagang municipal government, 12 million US dollars have been paid in May 2020. Qixinbao information shows that several other Suzhou xuebajun companies have paid in 7 million yuan of registered capital. In addition, according to the public bid winning announcement, Suzhou Wenba spent 2.55 million yuan to decorate the office, and the project was completed in September 2020. In other words, nearly 100 million yuan has been invested in the xuebajun Suzhou project.

According to a public report in July 2020, Tangqiao Central Branch of Zhangjiagang rural commercial bank has granted a credit of 49 million yuan to Suzhou Wenba, and has completed the payment of wages to 1300 employees of the company, with an amount of more than 12 million yuan. In the next stage, it will also provide corresponding services such as employee mortgage loans.

On December 28, 2020, the official wechat of Tangqiao town government deleted the information about the Bajun project in historical articles. Many people from Tangqiao town and high-speed rail new town urban investment company kept a secret from reporters' interviews and said they did not know about it. The relevant information of xuebajun can not be retrieved from the official website of Zhangjiagang municipal government.

The official micro article of Zhangjiagang industrial capital center once wrote: in December 2019, after careful selection, the industrial capital center recommended the "xuebajun" project to the high-speed rail new city. During this period, the industrial capital center and the high-speed rail new city visited Shanghai for many times to investigate the "xuebajun" project, and participated in several rounds of discussions on the project.

Power line of traditional mechanism

In a long article released in the early morning of January 2, Zhang Kailei responded to the Suzhou project.

He wrote: the Suzhou company was originally set up as a teacher base similar to Hefei. It is a company wholly owned by xuebajun and has not yet started business. Later, when the funds were tight, I wanted to sell small classes for money to save one-on-one, so I put the small classes in the company in Suzhou as the main body of the sale. Originally, the sale was about to be completed, so I could get back the money to pay the salary and attend the class. As a result, the late payment of teachers' salaries triggered media follow-up. Now investors feel that there is a risk, so they simply do not buy small classes, and the transaction is yellow. In this way, the money that can save one-on-one will be gone.

Before xuebajun exploded, the legal representatives of several companies in Suzhou were changed from Zhang Kailei to others. According to qixinbao information, now the legal representatives of these companies have been replaced by Zhang Kailei.

Shenzhen parallel line, which may take over the pan Youxue small class, was established in October 2019. It is an online school brand of parallel line education, a traditional offline training institution.

Parallel line education was founded in 2009. It was first started in Zhengzhou, and then distributed in Henan Province, and entered Shenzhen, Hangzhou, Xi'an, Hefei, Shijiazhuang and other cities.

According to a report in March 2017, Liu Yutao, founder of parallel line education, said that at that time, parallel line had already reached a cooperation with xuebajun, and planned to go online in the future.

Liu Yutao also wrote in a 2021 New Year's speech that in 2021, parallel line education will carry out regional layout at a faster pace, deeply plough the original plate, broaden business boundaries, encourage operational innovation, and more actively participate in full market competition.

Although the problem of small class of excellent students has been solved, xuebajun, who has been trapped in the vortex of debt, has not yet been freed.

According to reports, on January 10, xuebajun founder Zhang Kailei disclosed in an internal staff live group that xuebajun owed 54000 students about 500 million yuan for tuition, 30 million yuan for wages, 30 million yuan for suppliers and 20 million yuan for bank funds, totaling about 580 million yuan. At present, xuebajun's account has been frozen due to the supplier's lawsuit.

In the above live broadcast, Zhang Kailei said as if nothing had happened. He did not know whether he would go to prison or not, "I am not legally responsible.".