Not long ago, word that Yuanfudao, once the world’s most valuable edtech startup, had turned to selling down coats set the Internet abuzz in China. The company had posted job openings for fashion designers on recruitment portals viewed by many. In response, Yuanfudao clarified it was indeed staging a pivot – but only to B2B education. The garment gig was a small investment as part of diversification, it said. Ever since the Chinese authorities banned companies from making money tutoring students in national curriculum subjects in late July, Yuanfudao accelerated its business transformatio...
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