(Bloomberg) -- Fenbi.com, a Chinese education platform for aspiring civil servants, is considering filing for a Hong Kong initial public offering, according to people familiar with the matter, after a crackdown on tutoring wiped out billions in market value.
The Beijing-based company is working with financial advisers and could raise about $300 million in an offering, the people said, asking not to be identified as the information is confidential.
Deliberations are ongoing and details of the offering such as size and timing could change, the people said. A representative for Fenbi declined to comment.
Fenbi, whose name means “chalk” in Chinese, offers courses for adults who need to take exams to become civil servants or teachers, according to its website. Founded in 2015, it has operations in 30 provinces across China, offering both online and offline lessons.
The first-time share sale would come after China's government introduced a sweeping regulatory overhaul banning online tutoring firms teaching the school curriculum from making profits, raising capital or going public. The crackdown was introduced in 2021 and recently expanded to include high-school classes.
Read More: China's Edutech Crackdown Expands to High-School Tutoring
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