Qinhan Hutong announces today its Series B round of financing with 150 million yuan led by MDCC Group(明德传承集团), the fund will be used to accelerate combining the online and offline business, as well as to expand its adult education business Haoyanshe(好研社), a club for people to engage in traditional Chinese cultures.
Established in 2002, the company serves teenagers from 4 to 12-year-old with almost 20 products covering art, poetry, and general education. Meanwhile, Haoyanshe was launched in January 2019 focusing on female group from 22 to 45-year-old. The self-development demand of Chinese female groups is stimulating a learning ecosystem with increasingly enriched contents, and the revenue of Qinhan Hutong’s female education business has reached tens of millions yuan, which is expected to witness a double growth this year.
“It is not a sure-fire way to separate online education from offline space, and we’re always exploring the combination of online and offline business,” said Wang Shuangqiang, the founder of Qinhan Hutong. As of now, the company has more than 70 offline teaching centers across the country, covering over 50,000 families renewing the courses. And the online content provided has gained more than 20 million clicks with a revenue of nearly 400 million yuan.
In 2020, Qinhan Hutong will take adult education as its core business from two aspects.On the one hand, the company will recruit more teachers. On the other hand, Qinhan Hutong will develop its e-commerce platform to tap into the business model of providing long-tail goods like Four Treasures of the Study.