TAL Education Group Invests $30M in Phoenix E-Learning Corporation

TAL Education Group
today announced a strategic investment of US$30 million in Phoenix E-Learning Corporation ("Phoenix E-Learning"), which operates zxxk.com, the largest online educational platform serving the public school system in China. Founded in 2003, Phoenix E-Learning has built an national online education services network serving mostly primary and middle schools and their teachers and students. It offers a full range of online educational products and services to support an information-based educational environment, including databases for teaching and learning materials and data and software and cloud platforms. Zxxk.com is used in over 30,000 public schools and has accumulated more than 15 million registered users, 80% of whom are teachers. Upon completion of the investment, which is subject to filing with the relevant government authorities, TAL will hold 32% equity interest in Phoenix E-Learning. "TAL's investment in Phoenix E-Learning is an important step to enter the market of digitalizing public schools. We have achieved strong organic growth in our own business while proactively building an ecosystem for education through strategic investments and acquisitions. Through our direct investment in Phoenix E-Learning, we
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