At the end of 2020, another online education company will fall.
According to AI financial news agency, a xuebajun educational administration director said in a circle of friends that he was informed on the afternoon of December 26 that part of xuebajun had been acquired, which was equivalent to bankruptcy, and all teachers, head teachers and planners had been dismissed. Xuebajun asked employees to return their mobile phones to the company. The education director said the company’s move was intended to prevent staff from continuing to contact parents and students.
According to the screenshot of nail group provided by a former employee of xuebajun to Caijing, Zhang Kailei, founder and CEO of xuebajun, issued three notices: 51talk will take over Xueguan and the office in Hefei, and pay the salary and social security in December (but another employee disclosed that the sales team in Hefei will be taken over by homework help); xuebajun will help employees find jobs with more similar schemes The company is trying its best to ensure the continuation of the course and needs two weeks to coordinate resources. He also suggested asking employees to help stabilize parents, or asking parents to wait for the company’s announcement, “we’re trying our best to solve the problem.”
According to Netease education, on the evening of December 27, Zhang Kailei appeared in the “education venture capital bullshit group”, saying that he has not lost contact and is still working hard. At present, xuebajun has evacuated the vast majority of its employees, and the 1200 employees in Hefei have arranged their salaries and their families in December, he said.
Caijing asked xuebajun, 51talk and homework help about this matter. As of press time, no official response has been received from xuebajun. 51talk related personnel said that they had not received the company’s notice, but the person in charge of the operation group told Caijing that they did not take over the whole job. Instead, they learned from Bajun to apply for a job, and the operation group was recruiting normally.
The reporter of Caijing also learned that xuebajun, on December 25, the day before xuebajun’s internal notice of possible bankruptcy, was still using promotional means to induce parents to buy classes in advance. At present, the owed parents have united to negotiate with xuebajun and relevant authorities.
Two signs of tight funding
The break of xuebajun’s capital chain did not happen overnight. As early as April this year, a number of xuebajun students reported to the reporter of Caijing that they had been granted a “training loan” without knowing it, and they encountered difficulties in refund. A senior high school student said that at first he didn’t know that it was a loan. The relevant staff said that it was a monthly payment, and they were dissatisfied with it and would refund it at any time. “It wasn’t until the bank asked us for money after applying for refund that they realized they had applied for a loan.” He said.
An employee of xuebajun told Caijing that some sales staff do this under the pressure of performance. There are two key points in this matter: one is to apply for loans without informing consumers; the other is to promise to refund at any time once it is found, but in fact “it may not be able to refund for three months”.
The phenomenon of installment loan is common in the education industry. After introducing the third-party financial platform, some training institutions will induce students to apply for loans with vague words such as “installment payment”. Once there is a refund dispute, students often have to repay the loan in full to avoid affecting personal credit.
The difficulty of refund is one of the early signs of xuebajun’s tight capital chain this year. A former xuebajun employee who left in March this year, who did not want to be named, told Caijing that his salary in February has not been received. Later, after many negotiations, he and some people who left in the same period only got the base salary, and the larger Commission has not been paid yet.
Caijing reporter learned from xuebajun’s insiders that in April this year, Zhang Kailei publicly said in the internal group that the epidemic had caused a great blow to xuebajun’s business, “choose priority to ensure that the wages and bonuses of the small partners on board will not be delayed or reduced. At the same time, the management paid half a salary from the beginning of the epidemic to the end of the epidemic. ”
In that internal exchange, Zhang Kailei encouraged everyone. He told the staff that xuebajun had signed a new round of investment agreement at that time and was waiting for the funds to arrive. After the funds arrived, the problems of refund and salary would be solved.
However, up to now, xuebajun has not updated its financing progress, and the latest round of public financing is still in 2016. In the one-to-one track of online education, which is generally at a loss and relies on capital transfusion, xuebajun, who has no new financing for blood transfusion for four years, has shown signs of falling behind.
Urging the renewal of insurance and increasing preferential policies are often another sign of the shortage of funds for education companies.
“Xuebajun is a company with the nature of tiger and wolf, and the normal work is to urge parents to continue to report.” The former staff of xuebajun commented. According to her introduction, a class in high school costs more than 200 yuan, and parents buy more than 100 classes. Some parents also buy 300-400 classes at a time, which is very expensive.
“Parents have more than 100 classes left, so they have to talk about the continuation report. Some parents have more classes. At the beginning, 120 classes were reported, and there were more than 400 classes left. ” In the recent double 11 and double 12 middle schools, xuebajun put forward the slogan of “once hoarding lessons, one year not to worry”. As a result of the preferential treatment, many parents have saved a lot of class hours.
On December 25, the day before xuebajun’s internal notice of possible bankruptcy, a xuebajun sales person issued a notice in his circle of friends saying that the company would comprehensively increase the price of courses from January 1 next year. According to the chat records provided by a xuebajun’s parents to the reporter of Caijing, it was just these two days that the course consultant was still urging her to renew the fee, “the later class is going to be expensive.”.
In a group of parents’ rights groups where Caijing reporter works, parents’ spontaneous statistics show that the remaining class fees are mostly between 10000 and 30000 yuan, with the highest reaching more than 60000 yuan. Because the amount of tuition is too high, some parents choose to pay by instalments and take training loans.